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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Data gathered from the POS systems of more than 250 stores by the Edge Retail Academy (edgeretailacademy.com).
Exceeding Every Expectation: How Wilkerson Helped d’Original Jewelers Achieve an Outstanding Retirement Sale
When David Rees decided to retire after 34 years of serving Bellevue, Washington’s Eastside, he and his wife knew their exit from d’Original Jewelers needed to honor their decades-long commitment to customers while meeting their financial goals. Since opening in 1990, David had built a reputation as one of the area’s most trusted names for diamonds, custom jewelry, and repairs.
Understanding that a successful retirement sale requires more than just discounting merchandise, David chose Wilkerson to manage his transition. What impressed him most was their attention to detail, particularly in accounting and sales projections. The results far exceeded his expectations — the sale significantly outperformed projections, delivering exceptional financial results that surpassed his retirement goals.
“They were always there for support. If we needed anything, they were able to accomplish that,” David shares. For jewelers contemplating retirement, David’s experience demonstrates Wilkerson’s proven ability to deliver outstanding results while providing comprehensive support throughout the entire process. His recommendation? “100% yes.”
