02122016Fri
Last updateTue, 09 Feb 2016 8pm
Darling Imports helps you keep up with the trends

Darling Imports helps you keep up with the trends

Every year consumers concern themselves with fashi...

South Carolina jeweler re-opens after second theft

South Carolina jeweler re-opens after second theft

“But those who suffer he delivers in their sufferi...

Jewelers for Children announces 2016 Rings of Strength Tour

Jewelers for Children announces 2016 Rings of Strength Tour

Bike, run or walk to help children in need

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10 Diamond Encrusted Items

10 Diamond Encrusted Items

Here are 10 items that probably don’t need diamonds. Also included: diamond-like encrusted objects, because they too can be shiny and cost an absurd amount of money, apparently.

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Industry Events

Midwest Jewelers Conference & Show - A new show with a history

Midwest Jewelers Conference & Show - A new show with a history

 

The 2016 Midwest Jewelers Conference & Show (MJC) is the “new” Jewelers Educational Conference, a regional jewelry conference and show that has been held biannually in suburban Kansas City, Missouri for 16 years. The name change, along with a mo...

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On The Move

Texas Institute of Jewelry Technology awards outstanding students

Texas Institute of Jewelry Technology awards outstanding students

An awards ceremony was held for students attending the Texas Institute of Jewelry Technology (TIJT) at Paris Junior College at the end of the fall semester.

Winners of a student design contest were: Jonathan Martin in CAD/CAM, Tony Henderson in Wax Ca...

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What's New

ASHI Diamonds launches Bridal 2016 marketing program

ASHI Diamonds launches Bridal 2016 marketing program

(NEW YORK) - ASHI Diamonds is excited to unveil its New 2016 Bridal Book - “The Perfect ONE for Her.” Every bride experiences the trials and tribulations of finding the perfect bridal ring. In showcasing proven evergreen designs as well as the latest ...

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Featured Articles

Esperanza Diamond Tour starts in Arkansas

Esperanza Diamond Tour starts in Arkansas

Hailed as most valuable diamond ever found in U.S.

There are events that happen with such incredible timing and good fortune it almost seems like divine intervention is at work. Such is the case with the 8.52-carat Esperanza Diamond rough. From its se...

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Latest News

10 Diamond Encrusted Items

2 DAYS AGO
10 Diamond Encrusted Items

Here are 10 items that probably don’t need diamonds. Also included: diamond-like encrusted objects, because they too can be shiny and cost an absurd amount of money, apparently.

Readmore

Teenager gets to keep $20,000 gold bar found in German lake

2 DAYS AGO
Teenager gets to keep $20,000 gold bar found in German lake

Gold prices up 5% since start of year

Swimming in an Alpine lake on a warm August day has many allures, but for a German teenager it fortuitously became the best investment decision in her young life.

The teenage girl from Germany, who remains anonymous, last summer found a gold bar at the bottom of t...

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Jewelers for Children announces 2016 Rings of Strength Tour

11 DAYS AGO
Jewelers for Children announces 2016 Rings of Strength Tour

Bike, run or walk to help children in need

Jewelers for Children (JFC) will hold the fourth installment of the very popular Rings of Strength on Thursday, June 2 in Las Vegas. Start time will be at 5:30 a.m. outside the tour bus entrance at the Mandalay Bay Resort Casino. Participants will be able to...

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Midwest Jewelers Conference & Show - A new show with a history

11 DAYS AGO
Midwest Jewelers Conference & Show - A new show with a history

 

The 2016 Midwest Jewelers Conference & Show (MJC) is the “new” Jewelers Educational Conference, a regional jewelry conference and show that has been held biannually in suburban Kansas City, Missouri for 16 years. The name change, along with a move to Kansas City’s downtown Power & Light Ent...

Readmore

Texas Institute of Jewelry Technology awards outstanding students

11 DAYS AGO
Texas Institute of Jewelry Technology awards outstanding students

An awards ceremony was held for students attending the Texas Institute of Jewelry Technology (TIJT) at Paris Junior College at the end of the fall semester.

Winners of a student design contest were: Jonathan Martin in CAD/CAM, Tony Henderson in Wax Carving and Andrew Ferguson in Fabrication and Desig...

Readmore

Industry veteran Michael Haider joins Taché USA as VP of Sales

16 DAYS AGO
Industry veteran Michael Haider joins Taché USA as VP of Sales

(NEW YORK) – Taché USA, a leading manufacturer of fine diamond jewelry, from bridal to fashion, is pleased to announce that industry veteran Michael Haider has joined the company as Vice President of Sales.

Michael will have the responsibility of working with existing customers as well as developing n...

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ASHI Diamonds launches Bridal 2016 marketing program

2 DAYS AGO
ASHI Diamonds launches Bridal 2016 marketing program

(NEW YORK) - ASHI Diamonds is excited to unveil its New 2016 Bridal Book - “The Perfect ONE for Her.” Every bride experiences the trials and tribulations of finding the perfect bridal ring. In showcasing proven evergreen designs as well as the latest trends to hit the bridal market, ASHI’s Bridal lin...

Readmore

Jewelry Website Designers rolls out exciting new website

11 DAYS AGO
Jewelry Website Designers rolls out exciting new website

Jewelry Website Designers (JWD), a leading designer of websites for the jewelry industry, has announced the launch of a completely new website ( www.jewelrywebsitedesigners.com ) for 2016 that includes more intuitive navigation, and a line up of valuable add-on services enabling independent jewelers t...

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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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