The results of a collaborative poll hosted by International Jewellery London and retail technology specialist, Pursuit Software, reveals how the jewellery industry is divided when it comes to data.
A two-question poll was launched on the IJL blog in August, designed to discover how active businesses in the IJL community and wider trade are when it comes to monitoring, tracking and using data to improve their bottom line.
Both questions were designed by Pursuit to analyse how easily brands and retailers could look up crucial figures and assess the products that are dragging their businesses down. Although not exhaustive, the results show a clear split between those using and not using data within their businesses, while hinting at a possible north/south divide in terms of capabilities.
In response to question one about identifying best-sellers easily and efficiently, respondents were split 50-50 across the ‘Yes, easily via our EPoS system’ and ‘No, we have no records’ answers. This suggests a clear differentiation between those adopting technology and using it to their advantage, compared to those who are still using outdated stock management methods.
Interestingly, of those who commented they have ‘no records’, 50% showed locations in the north of England, suggesting there could be a north-south divide worth exploring through further surveys.
The second question posed by Pursuit focused on knowing the value of under-performing stock with no sales. According to the the results, 50% said they are ‘absolutely monitoring’ this facet of their business, compared to 20% responding ‘Maybe, but I can’t be certain’ and 30% giving a clear ‘No, we don’t have an aged analysis of our stock’.
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These initial indications suggest that many retailers could be burdened with unsold ranges, or could be continuing to buy lines that are unlikely to pay dividends in their particular retail environment. Understanding these factors can support decisions made at buying events like IJL.
By asking these kinds of simple questions, Pursuit Software can discover how your business can benefit from easily accessible data – generated from your own business activities – and use this to improve your efficiency, buying choices and sales.
Plus, its software can compare these data snapshots to key indicators, ensuring your business is hitting key targets. Make sure to say hello to Pursuit at IJL 2017 on Stand B71.