04272017Thu
Last updateTue, 25 Apr 2017 11pm
Voyager Brands up and running with bright ideas, creative new brands

Voyager Brands up and running with bright ideas, creative new brands

When Shreyansh Shah arrived from India, he was loo...

Libby Brown named new Executive Director of Atlanta Jewelry Show

Libby Brown named new Executive Director of Atlanta Jewelry Show

Carol Young steps down after 20 years  

(ATLANTA) - T...

Retailer Roundtable: What was your most successful Mother’s Day promotion?

Retailer Roundtable: What was your most successful Mother’s Day promotion?

Q: What was your most successful Mother’s Day prom...

GA jeweler fosters, develops jewelry designing talent

GA jeweler fosters, develops jewelry designing talent

When Douglas Meadows was looking to phase out PAND...

Other News

PGI takes a look at breathtaking and iconic platinum engagement rings

PGI takes a look at breathtaking and iconic platinum engagement rings

Royalty and Hollywood celebrities are known for gifting their betrothed with the most opulent and exquisite platinum engagement rings. From Queen Elizabeth’s solitaire diamond to Elizabeth Taylor’s 29.4-carat diamond, these baubles were all set in pl...

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Industry Events

Jewelers for Children to celebrate 5th annual Rings of Strength

Jewelers for Children to celebrate 5th annual Rings of Strength

The fifth edition of the popular Jewelers for Children Rings of Strength will be held on Sunday, June 4, at Mandalay Bay Resort Casino in Las Vegas, NV.  The very popular event includes options for a 5K walk or run, a 50K challenging bike ride in the...

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On The Move

Kim International appoints new Sales Manager for Midwest region

Kim International appoints new Sales Manager for Midwest region

Kim International Manufacturing, L.P. is pleased to announce that Bill Reilly has been appointed as their new Upper-Midwest Region Sales Manager. He will be covering the states of Minnesota, Iowa, Wisconsin, North and South Dakota. Bill brings 30 plu...

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What's New

Gesswein introduces the PUK4c welder with SM03 Scope

Gesswein introduces the PUK4c welder with SM03 Scope

The PUK4c precision welder is a compact and versatile TIG impulse welder. Fine and minute welds are carried out under a 10x welding microscope (SM03 Microscope). Very close to laser welding, the PUK4c allows the exact positioning of small, stable spo...

Readmore

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Featured Articles

Stuller, Inc. wraps up annual Bench Jeweler Workshop

Stuller, Inc. wraps up annual Bench Jeweler Workshop

Jyothi Forman walks away with overall win

(LAFAYETTE, La.) - Stuller hosted their annual Bench Jeweler Workshop this past weekend welcoming more than 200 jewelers from across the country to its global headquarters in Lafayette, Louisiana.

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Latest News

PGI takes a look at breathtaking and iconic platinum engagement rings

1 DAY AGO
PGI takes a look at breathtaking and iconic platinum engagement rings

Royalty and Hollywood celebrities are known for gifting their betrothed with the most opulent and exquisite platinum engagement rings. From Queen Elizabeth’s solitaire diamond to Elizabeth Taylor’s 29.4-carat diamond, these baubles were all set in platinum, a highly secure setting for their valuable...

Readmore

Origin of gold stash found in piano remains a mystery

1 DAY AGO
Origin of gold stash found in piano remains a mystery

LONDON (AP) —  British officials say they've been unable to trace the rightful heirs to a trove of gold coins found stashed inside a piano and worth a "life-changing" amount of money.

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Jewelers for Children to celebrate 5th annual Rings of Strength

1 DAY AGO
Jewelers for Children to celebrate 5th annual Rings of Strength

The fifth edition of the popular Jewelers for Children Rings of Strength will be held on Sunday, June 4, at Mandalay Bay Resort Casino in Las Vegas, NV.  The very popular event includes options for a 5K walk or run, a 50K challenging bike ride in the scenic foothills of Red Rock Valley, or a street ...

Readmore

New jewelry show planned for Midwest

15 DAYS AGO
New jewelry show planned for Midwest

New Horizons Jewelry Show to be held August 19-21

Jewelry manufacturers, retailers and other industry professionals will come together for the launch of a new event this August in Columbus, Ohio. “The New Horizons Jewelry Show is the only show serving the Midwest and will feature more than 250 booths...

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Kim International appoints new Sales Manager for Midwest region

1 DAY AGO
Kim International appoints new Sales Manager for Midwest region

Kim International Manufacturing, L.P. is pleased to announce that Bill Reilly has been appointed as their new Upper-Midwest Region Sales Manager. He will be covering the states of Minnesota, Iowa, Wisconsin, North and South Dakota. Bill brings 30 plus years of experience calling on the independent j...

Readmore

Jewelers of America expands IDEX partnership

8 DAYS AGO
Jewelers of America expands IDEX partnership

(NEW YORK) - Jewelers of America (JA), the national trade association for businesses serving the fine jewelry marketplace, has expanded its partnership with IDEX, the International Diamond Exchange.

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Gesswein introduces the PUK4c welder with SM03 Scope

1 DAY AGO
Gesswein introduces the PUK4c welder with SM03 Scope

The PUK4c precision welder is a compact and versatile TIG impulse welder. Fine and minute welds are carried out under a 10x welding microscope (SM03 Microscope). Very close to laser welding, the PUK4c allows the exact positioning of small, stable spot-welds or welds in hard-to-get-to or deep lying p...

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Ed Levin Jewelry introduces Summer Dance Collection

1 DAY AGO
Ed Levin Jewelry introduces Summer Dance Collection

(CAMBRIDGE, N.Y.) - Ed Levin Jewelry, shaping American design since 1950®, invites you to get in a summer mood with Summer Dance, Ed Levin Jewelry’s latest collection of new designs.

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Dealing with vendors in-store

The phone is ringing. A battery needs to be put into a watch for a customer and there is another repair to be done to a chain for a lady who will be back in five minutes. The insurance broker is due this afternoon, the registration is due to be paid on the car and the computer system hasn’t been updated from last week’s stock take. Then a diamond vendor that had called yesterday and said he was coming at 10:30 has arrived ten minutes early.

Sound familiar? Welcome to the real world for most jewelry store owners. For those who have systemized enough to avoid these sorts of situations then congratulations. For the rest, it’s time to take a deep breath, and start some planning.

Let’s talk about these encounters. When a vendor arrives, you wander out, have a look through the bags and spend more money than was intended to be spent. Buying a few items that look nice and will possibly sell. The retailer then receives the items a week later – and wonders why there is no money left at the end of the month. This may be a little simplistic, but hands up for those who admit they have had an encounter with a vendor that went like this at some point.

Failing to plan your buying is the single biggest contributor to the overstocked situation that most jewelry stores find themselves in. Trade fairs are a place of danger for those who can’t control their spending, but the silent assassin is the regular vendor visits where a few dollars spent here and there soon start to add up. The risk of this can be eliminated though with some sound planning prior to the visit and some good habits while the vendor is in-store (not to mention a couple of steps to follow up after they’ve gone).

Follow these steps to a more controlled buying experience:

1. Insist that the vendor makes an appointment. Time is precious for both parties. Vendors who arrive without an appointment need to be politely told that unless an appointment is made there will be no looking at the product.

2. The day the vendor comes, print a stock list of all products carried for this vendor including items no longer in stock. Determine the buying budget and STICK TO IT.

3. Using a highlighter mark those items which have sold in less than six months from date of purchase that haven’t been ordered back in. Ask why they didn’t get reordered. Remember an item that has sold quickly has four to five times the chance of selling again than an unproven item. These should be reconsidered first when looking for new inventory.

4. Now highlight those items that are aged inventory and have not moved off the shelf. These are stumbling blocks that are tying up cash that could be spent on new or proven items. Make a note to discuss these with the vendor.

5. If there is access to the AdvantEdge software program print a list of good sellers for this particular vendor. This will provide a list of this vendor’s inventory items that are selling well in other stores. This is the perfect starting point for choosing new product. If these items are selling well elsewhere there is a good chance they may sell well in your store.

6. When the vendor arrives, ask first what they can do to help clear the old product. If the items aren’t too old, many vendors will consider exchanging them for other pieces. Take the dollar value of what can be exchanged and add this amount to the existing budget to determine what can now be spent.

7. The AdvantEdge reports and list of previous fast sellers that haven’t been reordered should be the basis for choosing new pieces. Once they have been covered then its time to look at what else new is available.

8. Always ask if the items being bought are exchangeable and if anyone else in the area will be stocking them. Now is the time to set the ground rules.

9. Arrange delivery date for when the stock is needed. Deferring delivery to the first of the following month or the completion of a sale will provide an extra months credit to pay. Now is the time to negotiate any deferred settlement terms.

10. Get the  new items on the shelves as soon as they arrive and make sure items that are being exchanged are returned promptly.

So that’s it! The 10 simple steps to dealing with a vendor in-store. Follow these simple rules and much of that frustration of carrying too much inventory will start to disappear.

If you need help with your inventory control or would like to know more about the AdvantEdge system contact Carol Druan at This email address is being protected from spambots. You need JavaScript enabled to view it., Darci Aselage at This email address is being protected from spambots. You need JavaScript enabled to view it. or Lynn Baldwin at This email address is being protected from spambots. You need JavaScript enabled to view it..


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