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David Brown

5 Key Actions to Making More Profit on Your Bridal Sales

Just because it’s the most competitive category doesn’t mean you can’t make money.

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LET’S FACE IT — bridal is the most important part of any jewelry business. It can also be one of the most competitive areas thanks to its stellar status. Everyone wants a piece of the action and sometimes it feels as though you are almost giving the product away just to get a sale.

So how can you make this part of your business more profitable? Here are our best tips to get the most from this important part of your store.

1 Review your margin policy. Are you achieving the best margin you can on your product? Fast sellers in particular need to be fully priced. Our KPI reports allow you to determine not only what items are selling well across the industry but the price points they are selling for. Are you underpricing a proven seller compared to the competition? Do you re-price fast sellers upwards once they prove themselves?

2 Develop a strategy to combat discounting. Many retailers are frustrated by requests for discount but few have a strategy to deal with it. Instead of becoming frustrated, see it as a plus: the customer has just given you a buying signal — they want the item. You don’t need to roll over at this point. Test how serious they are about wanting a price reduction with an initial “no.” If they insist, ensure they are ready to commit before going any further.

3 Use technology to customize and personalize. CAD design technology and prototype models can help you offer a larger range of merchandise without the heavy price tag. Allowing customers the opportunity to create their own unique piece or to customize an existing item (which can often be delivered to you within 48 hours) is a cost-effective way to cater to a wider buying audience at an improved margin.

4 Establish added value and a point of difference. You need to give customers a reason to buy from you. Having the “best service” is not an answer. Create more value for your customer so their focus is less on price and more on how they stand to benefit.

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5 Restock proven winners. Whether you sell “off the shelf” or focus more on custom, certain styles, sizes and cuts will be the proven winners. Make sure you have these in stock. Don’t be afraid to continue stocking proven winners — with only 20 percent of your inventory being profitable, they are hard to find, so don’t abandon them once they are bringing results for you.

David Brown is the President of The Edge Retail Academy (sister company of The Edge), who provide expert consulting services to help with all facets of your business including inventory management, staffing, sales techniques, financial growth and retirement planning...All custom-tailored to your store’s needs. By utilizing the power of The Edge, we analyze major Key Performance Indicators that point to your store’s current challenges and future opportunities. Edge Pulse is the ideal add-on to the Edge, to better understand critical sales and inventory data to improve business profitability. It benchmarks your store against 1100+ other Edge Users and ensures you stay on top of market trends. 877-569-8657, Ext. 001 or [email protected] or www.EdgeRetailAcademy.com

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For 25 years, Stafford Jewelers of Cincinnati, Ohio, was THE place to go for special gifts, engagement diamonds, high-end Swiss watch brands — in other words, the crème de la crème of fine jewelry. But this summer, the Stafford family was ready to retire. So, they chose Wilkerson to help them close up shop. “One of the biggest concerns was having the sale in the middle of COVID,” says Director of Stores Michelle Randle. Wilkerson gave the Stafford team plenty of ideas as well as safety guidelines, which they closely followed. “All of the employees felt safe, the customers coming in the door felt safe and we did a lot of business,” says Randle. How much business? “The inventory flew,” she says. Translation: They sold millions and millions of dollars-worth of merchandise. Randle calls it, “an incredible experience.” Would she recommend Wilkerson to other retailers who are thinking of thinning their inventories or retiring? “Everyone got more than what they expected out of the sale. You have to hire Wilkerson. They’re amazing.”

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