INCREASE PROFIT FOR JEWELERS
Jewelers - Increase Profit without the need to increase traffic or prices
JewelTrace provides jewelers with digital tools that will increase sales and drive costs down. The result is a high ROI with a significant increase in profit.
INCREASE PROFIT WITH JEWELTRACE DIGITAL TOOLS
Business Insights Into..
Dead Stock, Customer Trends, Sales Team Efficiency and Stock Accounting
JewelTrace provides jewelers valuable data through it's RFID powered inventory management solution, by capturing merchandise movement, sales staff performance, customer and sales conversions from right inside your store
Covert deadstock into fast-moving stock
For the majority of all jewelers, the theory of 80% of your revenue comes from 20% of your inventory, very much applies.
Using this theory you can sort your inventory into three groups:
- Group A: 20% of SKUs that generate 80% of revenue (will be sold four times or more in one year)
- Group B: 30% of SKUs that generate 15% of revenue (will be sold one and half times in two years)
- Group C: 50% of SKUs that generate 5% of revenue (will be sold once every five years on average)
So why are Jewelers holding on to so much dead and slow-moving stock?
Deadstock is a serious problem to your cash flow and profit margins. It just takes up space on shelves displaying items that your customers don’t want. For every shelf dedicated to deadstock (Group C), that’s a lost opportunity to stock up on more of your top-selling products, (Group A). Are the benefits of choosing to hold onto dead stock enough to outweigh the potential of freeing up that space to increase revenue? Absolutely not.
Slow-moving stock (Group B), still brings in a profit, but slowly. You can eventually replace it with new stock because it’s still bringing in cash flow, but it’s in danger of becoming dead stock if customers stop resonating with it altogether.
With JEWELTRACE, jewelers, can catch slow-moving stock before it becomes deadstock.
That means with the correct data you can reduce your dead stock and increase profit, year on year.
Do you have data on what items people are viewing inside your store?
Using data from an existing POS is often incomplete or inaccurate. And that’s why, you're stocking the wrong items, profits are too low, employee performance isn’t high enough, and you're working too hard with manual, non-productive and time-consuming processes.
"you can’t manage what you can’t measure." – Peter Drucker.
Without the proper data, it is impossible to manage your inventory efficiently and effectively. Without visibility, you will be unable to allocate your time effectively to accomplish your business objectives and grow your business. JEWELTRACE enables you to gain visibility and control over your inventory, enabling you to overcome your inventory blindspot.
Only JewelTrace can give you this type of in-store data:
- What items were viewed and sold
- What items were viewed but not sold
- What items were not viewed at all
This vital data can be sorted and filtered by date, time, branch, section, category of goods, customer, salesperson, etc.
Lacking real-time visibility results in costly deadstock, recurring losses and low profit.
Digital tools that automate manual and time-consuming processes while increasing revenue and lowering costs.
JewelTrace provides a variety of tools to assist sales teams in converting more traffic into sales, improve the customer experience to the point where they prefer to buy from you rather than your competitors, reduce the time required to complete a lengthy and laborious process to a fraction of the time, and provide management with 360-degree visibility into their inventory, sales performance, and customer trends.
There are multiple features and tools on the JewelTrace app that will dramatically increase a jewelers profit:
- Count 10,000 items in less than 30 minutes with only one person using RFID. (decrease cost)
- Find missing items and prevent theft with the use of RFID (decrease losses)
- Detailed data on each SKU is readily available to assist the sales team in converting a sale. (increase sales)
- Customer history pertaining to all items viewed and quoted during their most recent visit. (increase sales)
- All items viewed by each customer are captured in real time. (increase sales + decrease costs)
- Compare and share feature increases the customer experience (increase sales)
- Quote, memo, sale and order ability directly from the app (increase sales)
- Seamlessly capture customer data for targeted marketing (increase sales)
- Virtual inventory allows you to sell items that are not physically present in your store. (increase sales). This is a very effective feature to increase profit.
- Predict future inventory sales and customer behaviour (increase sales)
All data collected within your store is viewable in real-time via the web management tool. This easily understood data will provide a jeweler with a clear picture of customer trends, inventory popularity, sales team efficiency, and will aid in streamlining operations by automating manual processes.