In recent weeks, in preparation for an upcoming special issue of Jeweller, I have been reading some of the most popular and well-read business columns published over the past decade.
First, allow me to explain — unlike most trade media, Jeweller doesn’t produce a lacklustre December magazine to end the year. Instead, surprising readers with a ‘special’ issue is a tradition.
By way of example, over the past two years, we’ve published What Do Jewellers Think? and the 2024 State of the Industry Report.
During my researchI I stumbled across an article I found particularly interesting. 12 words for 12 months was published in early 2012; however, it could have been written yesterday – and it’s become somewhat of a guide for our next special issue.
More than a decade ago, the jewellery industry was lamenting a challenging year for suppliers and retailers alike. Retail was undergoing significant industry change at the time, and this challenge to the status quo was being met with resistance from some.
When confronted with these circumstances, the natural reaction is to blame external factors.
The state of the economy, interest rates, inflation, cost-of-living pressures, the internet and social media were all blamed for the struggles of retailers back in 2012.
The article suggested that these problems were quickly raised when speaking with retailers. It soon became apparent that someone or something else was always to blame for people's problems!
Conversely, the virtues of personal responsibility and accountability were seldom uttered.
The column leaves readers with a simple question: "When was the last time you did something for the first time?"
The question comes from an Emirates Airlines television commercial. As if the question were not inspiring enough, it ends with a two-word statement that has always been the basis for business success.
Fast forward to 2024
Teleporting back to the present, it’s remarkable how relevant this column — and its simple question — is today.
During my recent research, an August news report caught my eye. Retailers were asked about their outlook in the second half of this year, and they quickly raised many familiar concerns.
Consumer spending, wage costs, costs of goods and services, and cash flow management were all highlighted as critical concerns. Nearly 90 per cent of retailers said they incurred higher costs this year.
Many jewellers feel as if they are ‘under siege’ as the retail landscape rapidly evolves before their eyes. As I discussed in-depth in a recent editorial, the traditional ‘sales cycle’ has changed.
Simply put, once upon a time, sales peaked in December before Christmas and other gift-giving traditions. This was followed by the New Year’s sales programs, usually starting on Boxing Day.
This cycle has changed significantly over the past five years with the adoption of Black Friday sales. Experts have suggested that Black Friday is now a more significant sales event than Boxing Day.
The traditional ‘cycle’ has changed from November through January, and these sales events usually come with reduced margins.
While the other issues retailers raised are familiar headaches, the changing sales cycle is a new phenomenon. With that said, why are some retailers reluctant to accept these dramatic changes in consumer purchasing patterns?
What’s holding you back?
For some, it’s likely a broader fear of change and a tendency towards risk-averse behaviour. Many businesses, especially well-established ones, quickly become too comfortable with routines, processes, and products.
Change inevitably brings uncertainty! The fear of ‘getting it wrong’ can drive reluctance. Other jewellers may fear that changing direction could alienate loyal customers. It’s an attitude that encourages inaction.
The original article also discussed ‘legacy businesses’ — traditional business models that failed to embrace or accept the influence of the Internet. It was raised as a reminder to readers that they must adapt to survive.
Indeed, older businesses may be constrained by inflexible or difficult-to-modernise routines and strategies. Businesses that rely too heavily on past success face similar challenges.
Success can breed complacency, as some businesses feel they are immune to disruptions. They ignore the signs of change until it’s too late or overestimate their ability to find success with tried-and-true strategies that have aged out.
The good news
I doubt anyone reading this would argue that routinely evaluating your business – and questioning if you’re doing enough to stay competitive – is a waste of time.
While the current concerns about the economy and consumer confidence are valid, it’s important to remember the value of self-reflection and accountability.
Around 12 years ago, jewellers were asked an important question: “When was the last time you did something for the first time?"
It was a non-confrontational question designed to inspire readers to consider a new direction. After all, how often do we catch ourselves saying: “Now, why didn’t I think of that?”
More than a decade later, allow me to ask you a far more direct question: “In 2025, are you going to take a risk and try something new for the first time?”
While you consider the answer to that question, I’ll remind you of the closing statement to that Emirates Airlines television advert. It was ‘Keep Discovering’ – which is the secret to success in all walks of life, professional and personal.
Success is often the result of a significant discovery, and such discoveries frequently start with a bold guess and uncharted risks which can often lead to breakthroughs and achievements.
With that said, keep an eye out for Jeweller’s special December issue – we hope it inspires you to be more audacious in 2025.
More reading
12 words for 12 months
Chaos: Jewellers thriving when the heat is on
2024 State of the Industry Report
What Do Jewellers Think?