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Buying & Selling: Outperformance Told in 5 Charts

More statistical evidence showing where the Thrivers are outperforming their peers.

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How long do you give a new line to perform in your store before you start marking it down or sending it back, consider scrapping it?

Buying & Selling: Outperformance Told in 5 Charts

Is your buying at trade shows …

Buying & Selling: Outperformance Told in 5 Charts

Do you offer in-store financing, either through a vendor or your own receivables program?

Buying & Selling: Outperformance Told in 5 Charts

When a trend takes off (think Pandora, stacking rings, and lab-grown diamonds), how quickly do you respond?

Buying & Selling: Outperformance Told in 5 Charts

How do you bring exclusivity — meaning unique or hard-to-acquire products — to your market?

Buying & Selling: Outperformance Told in 5 Charts

Here’s another collection of charts from the 2024 INSTORE Big Survey that shows the small but significant differences in in our Thrivers’ business management, this time with regard to their buying and selling practices.

While the differences weren’t dramatic, the Thrivers edged the Strugglers in almost every category: They were quicker to get rid of underperforming inventory, attended more trade shows, were more likely to offer in-store financing, and were more patient when it came to chasing the hot new thing.

They were also likely to be more active in offering exclusive goods to their marketplace rather than just relying on their custom design skills. The lesson? Be proactive in bringing the best possible shopping experience to your clients, whether that means exclusive products, a better selection or more purchasing options.

NOTE: The INSTORE 2024 Big Survey was conducted via an anonymous online form from mid-August to late September, attracting more than 700 responses from American jewelry-store owners and managers. The full results will be published in the November edition of INSTORE.

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