06242017Sat
Last updateTue, 20 Jun 2017 6pm
Georgia Jewelers Association announces scholarship winners

Georgia Jewelers Association announces scholarship winners

For the sixth year, Georgia Jewelers Association (...

GIA’s M2M app helps retailers tell a diamond’s story

GIA’s M2M app helps retailers tell a diamond’s story

As the creator of the 4Cs, GIA (Gemological Instit...

Retailer Roundtable: What jewelry trends are you seeing leading up to Vegas?

Retailer Roundtable: What jewelry trends are you seeing leading up to Vegas?

Q: What jewelry trends are you seeing leading up to...

Masters of Marketing - A century of sparkling insight (Part 1)

Masters of Marketing - A century of sparkling insight (Part 1)

Schnack’s Fine Jewelry, Alexandria, LA     

There is ...

Other News

De Beers sends mining ship to explore Namibian coast

De Beers sends mining ship to explore Namibian coast

The $157 million vessel can accommodate a crew of 80 and has a helicopter deck suitable for Sikorsky S61s.

De Beers, the world's No.1 diamond miner by value, unveiled last Thursday the world's largest diamond exploration vessel, which will search for ...

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Industry Events

Charles Stanley and Yancy Weinrich honored at Jewelers for Children Facets of Hope

Charles Stanley and Yancy Weinrich honored at Jewelers for Children Facets of Hope

(NEW YORK) - Jewelers for Children (JFC) held the 19th edition of the Facets of Hope event on June 7, in Las Vegas at the Mandalay Bay Resort and Casino. The charity announced that $2.2 million had been raised to support their charity partners in the ...

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On The Move

JA announces 2018 GEM Award for Lifetime Achievement recipient

JA announces 2018 GEM Award for Lifetime Achievement recipient

Sally Morrison of Gemfields to receive the prestigious award

(NEW YORK) - Jewelers of America (JA) and the GEM Awards Committee have announced that Sally Morrison, Director of Sales and Marketing, Americas, of Gemfields, will receive the GEM Award for ...

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What's New

Rembrandt Charms introduces Bridal Party Program

Rembrandt Charms introduces Bridal Party Program

(WILLIAMSVILLE, N.Y.) - Rembrandt Charms Bridal Party Expansion Program creates an omni-channel experience for the bridal shopper, and cultivates new and repeat business for the retail jeweler. The Program is a low-cost investment of $170 and can gene...

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Featured Articles

With more growth in the works, LaserStar celebrates 60 years of an evolving, dynamic business

With more growth in the works, LaserStar celebrates 60 years of an evolving, dynamic business

LaserStar Technologies is celebrating 60 years in business the perfect way: The leading manufacturer of jewelry laser systems is doubling the size of its facility in Orlando, FL, putting its Southern operations on par with its flagship facility in Pr...

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Latest News

De Beers sends mining ship to explore Namibian coast

4 DAYS AGO
De Beers sends mining ship to explore Namibian coast

The $157 million vessel can accommodate a crew of 80 and has a helicopter deck suitable for Sikorsky S61s.

De Beers, the world's No.1 diamond miner by value, unveiled last Thursday the world's largest diamond exploration vessel, which will search for the coveted stones on the seabed off the coast of ...

Readmore

Are American malls dead?

4 DAYS AGO
Are American malls dead?

With All the Bankruptcies and Closings, How Will the Mall Survive?

My first retail job in 1983 was at a RadioShack store in a small Indiana town. We had no POS system or any other technology to help us outside of the calculator we used to add up the numbers on the invoices. Our best-selling item was ...

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Charles Stanley and Yancy Weinrich honored at Jewelers for Children Facets of Hope

4 DAYS AGO
Charles Stanley and Yancy Weinrich honored at Jewelers for Children Facets of Hope

(NEW YORK) - Jewelers for Children (JFC) held the 19th edition of the Facets of Hope event on June 7, in Las Vegas at the Mandalay Bay Resort and Casino. The charity announced that $2.2 million had been raised to support their charity partners in the year ahead bringing the cumulative total since 199...

Readmore

Registration open for GIA’s New York Jewelry Career Fair

4 DAYS AGO
Registration open for GIA’s New York Jewelry Career Fair

Industry’s largest recruiting event returns to the Javits Center July 24

(NEW YORK) - Recruiters and aspiring job seekers can now register online for GIA’s Jewelry Career Fair to be held in New York on Monday, July 24. The leading gem and jewelry industry recruiting event will feature one-on-one caree...

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JA announces 2018 GEM Award for Lifetime Achievement recipient

10 DAYS AGO
JA announces 2018 GEM Award for Lifetime Achievement recipient

Sally Morrison of Gemfields to receive the prestigious award

(NEW YORK) - Jewelers of America (JA) and the GEM Awards Committee have announced that Sally Morrison, Director of Sales and Marketing, Americas, of Gemfields, will receive the GEM Award for Lifetime Achievement at the 16th annual GEM Awards...

Readmore

Georgia Jewelers Association announces scholarship winners

26 DAYS AGO
Georgia Jewelers Association announces scholarship winners

For the sixth year, Georgia Jewelers Association (GJA) has awarded scholarships to member stores and their employees. Scholarship chair, Jan Fergerson of Ford, Gittings and Kane in Rome, Georgia, announced the winners at the annual GJA Convention held at the Marriott Grand National Resort in Opelika...

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Rembrandt Charms introduces Bridal Party Program

10 DAYS AGO
Rembrandt Charms introduces Bridal Party Program

(WILLIAMSVILLE, N.Y.) - Rembrandt Charms Bridal Party Expansion Program creates an omni-channel experience for the bridal shopper, and cultivates new and repeat business for the retail jeweler. The Program is a low-cost investment of $170 and can generate over $1,500 in sales from one wedding party. ...

Readmore

Jayden Star celebrates 10-year anniversary with new product roll-out

24 DAYS AGO
Jayden Star celebrates 10-year anniversary with new product roll-out

(NEW YORK) - Celebrating with style, Jayden Star marks it’s 10-year anniversary with the biggest new product roll-out in company history during the JCK Las Vegas 2017 show. “With wholesale price points from $3 to $300, it’s hard to go wrong,” says Patrick Retzer, VP of Sales for Jayden Star. “All our...

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Furry Friends: Buffy the Shitzu

4 DAYS AGO
Furry Friends: Buffy the Shitzu

Buffy the shitzu recently celebrated her 10-year anniversary at Carl’s Fine Jewelry in Covington, LA. She’s quite stylish and the customers just love her.

Do you have a furry friend that helps out in your store? Tell us about it and send a picture to bill@southernjewelrynews.com.

 

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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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