(PRESS RELEASE) NEW YORK – Jewelers of America (JA), the national trade association for businesses serving the fine jewelry marketplace, and Jewelers Board of Trade (JBT), the member-owned association that delivers commercial credit information and unbiased data on thousands of jewelers, have partnered to launch the Retail Jewelers Benchmarking Study. The Retail Jewelers Benchmarking Study, formerly known as the Cost of Doing Business Survey, is a financial benchmarking tool that allows retail jewelers to easily input their key data and run dynamic reports in an online platform powered by Dynamic Benchmarking.
This comprehensive study is designed to bring retail jewelers the information they need to make informed decisions about their businesses that can improve profitability. The Retail Jewelers Benchmarking Report will provide comparative information an organization can use to assist in making crucial business decisions.
“Benchmarking shows not only what we’re really good at, but also where there’s room for improvement to help the bottom line. I’m thrilled that JBT has partnered with JA to produce this valuable tool and encourage all retailers to participate,” says Day’s Jewelers Owner and JBT Board Member Jeff Corey.
JA and JBT are asking retailers to complete the survey by October 1, 2019. Retailers who complete the survey by September 17, 2019, will be entered to win one of five $100 gift cards.
Once the data collection period ends, participants who complete all of the required questions will not only have access to aggregated data, but will have the ability to compare their financials and key performance indicators (KPIs) using dynamic filters based on demographics of their choice (location, store size, etc.). Some of the KPIs include: merchandise units sold, inventory turn, net sales per square foot, employee expenses, cost of goods sold, gross profit and gross profit margin. Questions about lab-grown diamond sales have also been added to the survey for the first time.
Jewelers of America previously published the Cost of Doing Business Report – the last year the report was published was 2015 based on 2014 data. “We are thrilled to be working with JBT to bring back a benchmarking study. We know it will be a valuable tool for participants and the industry at large,” says JA President & CEO David J. Bonaparte
Retailers can complete the Retail Jewelers Benchmarking Study here: http://benchmarking.jewelers.org. Only companies that complete the survey will have access to the valuable interactive and customizable comparative data tables, charts and reports that will assist them in having a clear picture of their organization’s operational and financial performance. All participant information is confidential; reporting is only presented as aggregated results with a minimum of ten respondents. Following the data collection period, non-participants can purchase access to the aggregated industry data for $295.