I was recently in a small town (population just one lakh) to meet a client of mine. It is a typical success story of “family run” jewellers of many generations. The store was doing well till a year ago. They were the no. 1 jeweller in town, had opened new[…]
This is a self-explanatory term. “Aged” Inventory means old. Old inventory is a silent killer for any Progressive Retailer. What is the current practice? Depending upon the industry you are in, the approach can vary! from “What can I do,” To “I have done everything what I can do” If[…]
How you measure profit will determine how much profit you “really” make? Last year’s Diwali was a blockbuster. Your jewellery showroom was flooded with customers. You ran several promotional campaigns which brought in good footfall into your store. Several designs sold like hotcakes. But at the end of the day,[…]
How can a store dashboard help you make more money? The dimensions of the retail landscape are changing. Data is quickly becoming the decisive factor for retail management. Analyzing customer persona and purchase behaviour has become absolutely essential for retailers to take decisions in pricing, marketing, inventory etc. All this[…]
As a jeweller, you must have your hands full. Overseeing store operations, assessing inventory, deciding purchase lists, fixing pricing, evolving promotional campaigns, managing staff- the list is endless. But of all these tasks, “careful” buying is the most important job of the store. Yes, purchasing the right jewellery items is[…]
“Change is inevitable,” said famous British PM Benjamin Disraeli and this is true of businesses too. Business enterprises are compelled to change to survive in the highly competitive market and to avoid being left behind. This change calls for continuous improvement of their thought processes, methods of functioning, technological upgrades,[…]
How can a small to Medium retail jeweller increase sales? It’s a big city and you are a small or medium-sized Retail Jeweler. So what? The size of your showroom does not matter in the jewellery trade but the strength of your business conviction does. Never feel inferior because your[…]
Are you looking for the latest market trends, designs, styles for your jewellery business? Your answer is Only at #GJIIE – Chennai Trade Exhibition– to be held at Chennai from 23rd – 25th March 2018. What is special about the #GJIIE Show? The three day GJIIE (March 23rd to 25th)[…]
In the previous article, our retail consultant covered four of the top ten reasons for needing a Business plan. Here are the next six reasons. 5. To attract new partners A business requires skill, expertise and efficient leadership apart from cash. Sometimes, you might be in need of collaboration or[…]
A Business is like clockwork; it must run smoothly and efficiently. Like the wheels of the Clock, your business must move noiselessly. To achieve this, what you need is a business plan. What is a Business Plan and why do you need it? Business Plans are documents which describe the[…]