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By the Numbers: Diamond Ring Sales Shine

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David Brown sales data diamond ring sales results

Published in the October 2014 edition of INSTORE.

Diamond ring sales rose above their long-term trend line in June and July, accounting for more than 9 percent of total store sales compared to their historical average of 8 percent. The higher diamond ring sales contributed to much improved sales figures in July 2014 over July 2013, with overall store revenue increasing from an average of $90,145 to $101,901, up 13 percent on a year-on-year basis.

If you’re not seeing such a strong performance from diamond rings at your store, we suggest you do the following:

Take a good look at your selection. Run a price-point report from within your system, which will allow you to see any obvious holes in your inventory. If you’ve been making sales in the $3,000-$3,500 range but have only two rings in this price point, then it’s an indication of where you need to restock. Similarly, if your system shows most of your diamond rings are over 12 months old, then you have a problem; it’s time to move those pieces on.

Review your staff sales reports. Chances are, the 80/20 rule is in action, with a small number of staff making the most diamond ring sales. Not everyone is a natural at selling diamonds, and there is no point giving your less-experienced staff a $4,000 sale to practice on. Make sure your best sellers get every opportunity to make the big sales.

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By the Numbers: Diamond Ring Sales Shine

Data gathered from the POS systems of more than 250 stores by the Edge Retail Academy (edgeretailacademy.com).

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Wilkerson Testimonials

If It’s Time to Consolidate, It’s Time to Call Wilkerson

When Tom Moses decided to close one of the two Moses Jewelers stores in western Pennsylvania, it was time to call in the experts. After reviewing two candidates, Moses, a co-owner of the 72 year-old business, decided to go with Wilkerson. The sale went better than expected. Concerned about running it during the pandemic, Moses says it might have helped the sale. “People wanted to get out, so there was pent-up demand,” he says. “Folks were not traveling so there was disposable income, and we don’t recall a single client commenting to us, feeling uncomfortable. It was busy in here!” And perhaps most importantly, Wilkerson was easy to deal with, he says, and Susan, their personal Wilkerson consultant, was knowledgeable, organized and “really good.” Now, the company can focus on their remaining location — without the hassle of carrying over merchandise that either wouldn’t fit or hadn’t sold. “The decision to hire Wilkerson was a good one,” says Moses.

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David Brown

By the Numbers: Diamond Ring Sales Shine

Published

on

David Brown sales data diamond ring sales results

Published in the October 2014 edition of INSTORE.

Diamond ring sales rose above their long-term trend line in June and July, accounting for more than 9 percent of total store sales compared to their historical average of 8 percent. The higher diamond ring sales contributed to much improved sales figures in July 2014 over July 2013, with overall store revenue increasing from an average of $90,145 to $101,901, up 13 percent on a year-on-year basis.

If you’re not seeing such a strong performance from diamond rings at your store, we suggest you do the following:

Take a good look at your selection. Run a price-point report from within your system, which will allow you to see any obvious holes in your inventory. If you’ve been making sales in the $3,000-$3,500 range but have only two rings in this price point, then it’s an indication of where you need to restock. Similarly, if your system shows most of your diamond rings are over 12 months old, then you have a problem; it’s time to move those pieces on.

Advertisement

Review your staff sales reports. Chances are, the 80/20 rule is in action, with a small number of staff making the most diamond ring sales. Not everyone is a natural at selling diamonds, and there is no point giving your less-experienced staff a $4,000 sale to practice on. Make sure your best sellers get every opportunity to make the big sales.

By the Numbers: Diamond Ring Sales Shine

Data gathered from the POS systems of more than 250 stores by the Edge Retail Academy (edgeretailacademy.com).

Advertisement

SPONSORED VIDEO

Wilkerson Testimonials

If It’s Time to Consolidate, It’s Time to Call Wilkerson

When Tom Moses decided to close one of the two Moses Jewelers stores in western Pennsylvania, it was time to call in the experts. After reviewing two candidates, Moses, a co-owner of the 72 year-old business, decided to go with Wilkerson. The sale went better than expected. Concerned about running it during the pandemic, Moses says it might have helped the sale. “People wanted to get out, so there was pent-up demand,” he says. “Folks were not traveling so there was disposable income, and we don’t recall a single client commenting to us, feeling uncomfortable. It was busy in here!” And perhaps most importantly, Wilkerson was easy to deal with, he says, and Susan, their personal Wilkerson consultant, was knowledgeable, organized and “really good.” Now, the company can focus on their remaining location — without the hassle of carrying over merchandise that either wouldn’t fit or hadn’t sold. “The decision to hire Wilkerson was a good one,” says Moses.

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Most Popular