The Latest Trends in Jewelry Data Analytics
Everyone in jewelry retail, from small to large, is talking about jewelry data analytics. While endless data is available for online store operators, this kind of tracking information has not, until now, been trackable in the offline/in-store experience. Until now, that is.
Technology in the jewelry store
Despite all the concerns about physical retail – there is still plenty of good news for retail. Online operators are opening physical locations and surveys show that millennials prefer the physical store shopping experience.
However, as per Forbes: ‘In order to survive, stores retailers are going to have to change their operating philosophy. They can no longer be ‘glorified warehouses’, wasting their precious retail space on piles of inventory that no one is sure anybody is going to want.’ It's time to say hello to RFID-powered technology custom-made for jewelry retailers to monitor inventory and its popularity among actual customers.
Real-time inventory insights
Breakthroughs in technology have facilitated new retail solutions including JewelTrace which captures jewelry data analytics covering the live movement of merchandise and customer behavior from right inside the store. It is now possible to see exactly what merchandise is being moved & viewed and what is not. How often are items being viewed and by whom?
JewelTrace technology delivers this data in dashboards showing views and sales by item, customer or salesperson, in-store movement of items and their conversions. This data gives jewelers in-depth business intelligence to facilitate savvy and meaningful business decisions such as:
- Types of inventory your store should showcase, promote or discontinue
- Understanding how to manage inventory choices better
- Monitor display changes of stock around the store floor
- See seasonal, annual or monthly customer trends
In-store customer data is also available to understand and track exactly what your customers looking at. What are they looking at and not buying? What aren’t they looking at? Items your customers shared with family and friends? Final purchase decisions? Sounds good right…we are going to talk about that in our next blog. Or you can find out today by scheduling a consultation with a JewelTrace expert and find out how our jewelry data analytics can help you.