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Like many brands dealing with COVID-19, DTC jewelry brand Mejuri was forced to focus intently on its online operations this year. The company decided to invest in technology that would help it harness the power of data to improve its customer insights and the shopper experience. “At
Think of your cashwrap as another important display area and tastefully load it up with candles, accessories, jewelry – anything that will appeal to an impulse shopper. Be prepared for markdowns and returns. Remember that the first markdown is always the cheapest one to take, so take a deep breath and price to sell.
And at the end of the sales season (or at the end of a product’s lifecycle), markdowns you set to clear out excess inventory can easily wipe out the product’s lifecycle profitability. They quickly learn to time their purchases for the inevitable markdowns rather than buying products during the main lifecycle.
the largest privately owned jewelry retailer in America, has implemented Retalon’s Inventory and Assortment Management solution to maintain product assortment and inventory levels across all channels. We have thousands of jewelry products and loose gemstones that all have a unique SKU number,” said Tom Shane, the Chairman of Shane Co. .”
the largest privately owned jewelry retailer in America, has implemented Retalon’s Inventory and Assortment Management solution to maintain product assortment and inventory levels across all channels. We have thousands of jewelry products and loose gemstones that all have a unique SKU number,” said Tom Shane, the Chairman of Shane Co. .”
Jewelry retailers need to determine the right assortment mix that offers a good selection while having the right depth of inventory for each SKU. Retalon automatically suggests the optimal size distribution for all fashion products to make sure they are not left with fringe sizes at the end of the season significantly reducing markdowns.
Think of your cashwrap as another important display area and tastefully load it up with candles, accessories, jewelry – anything that will appeal to an impulse shopper. Be prepared for markdowns and returns. Remember that the first markdown is always the cheapest one to take, so take a deep breath and price to sell.
Choose impulse items like candles, costume jewelry, and body lotions. Don’t wait too long to take a markdown. becomes customer-friendly when changed to “We gladly accept returns and exchanges within days. Your receipt guarantees it.” Place a variety of impulse items at the cashwrap. High margin, inexpensive items work best.
It’s been almost a joke what has happened in retail business for years where retailers will declare a promotion or announce a markdown, 20 percent off, and the stores will not have any additional inventory to support it. Bob Johns: Interesting. The very first report had suggested to move a sufficiently large diamond to a new location.
Retailers must maintain a healthy In-Stock Percentage for every product at every store, in order to avoid out-of-stocks, lost sales, failed promotions, and costly markdowns. This avoids markdowns that cut into profit margins. In particular, effective promotion planning depends on having accurate measurements of In-Stock Percentages.
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