Connect with us

Readers Weigh In on Sharing Information with Vendors

do you don't you: Almost 60 percent say they don’t.

mm

Published

on

question:

Do you share sales/inventory figures with your vendors?

Yes: 42%

  • The more they know, the more we can work together to make both parties successful. — Holly McHone, Holly McHone Jewelers, Astoria, OR
  • Yes, because I’m always looking for a fresh perspective. The vendors see the business from a different angle. — Krystal Shiklanian, Radiant Fine Jewelry, Plymouth, MI
  • It helps them help me. They see what my markup and inventory is and give me insight from other businesses in their territory and about my size. If I do good, they do good. — Valerie Goodwin, Vaughan’s Jewelry, Edenton, NC
  • To help facilitate stock balances or re-orders. — Kim Hatchell, Galloway & Moseley, Sumter, SC
  • If I can’t partner with a vendor, I do not want to do business with them. — Alexander Rysman, Romm Diamonds, Brockton, MA
  • I share only information directly related to the specific company, not other vendor info to a different vendor. I share it in order to be honest and transparent. If something is or isn’t working, I let them know. — Michelle Thompson, Craig Husar Fine Diamonds & Jewelry Designs, Brookfield, WI
  • We share through BIG with participating vendors, as well as our key lines. — Michael Rumanoff, Rumanoff’s Fine Jewelry and Design, Hamden, CT
  • Not with all vendors, but with some, so they can see how their line is performing and can help us keep good sellers in stock. Or it helps if it shows their line is not doing well. — Georgie Gleim, Gleim the Jeweler, Palo Alto, CA
  • Majority of our vendors we see as our partners. I’m sharing sales data we can work together for a better turn on inventory, which makes us as well as them much more profitable. Every company that we do this with, we have continued to grow our sales with them year over year. — Joel Wiland, J. David’s Jewelry, Broken Arrow, OK
  • For perfect stock balancing and to keep fast sellers in stock. — Cindi Haddad-Drew, Cindi’s Diamond & Jewelry Gallery, Foxboro, MA
  • We are a partnership, and I think it’s important that we both fully understand both sides of the relationship. I share all information … it helps us both to make more informed decisions. — Daniela Balzano, Water Street Jewelers, Guilford, CT
  • I want to let them know what we are doing with their lines compared to others. — Christine Graichen, Malloves Jewelers, Middletown, CT
  • For spiffs and consultation on what styles are selling through and where holes might be. — Rebecca Larson, Barry Peterson Jewelers, Ketchum, ID

No: 58%

  • They don’t ask. — Louis Michelson, Michelson Jewelers, Paducah, KY
  • Because to me it is confidential and they need to worry about selling me product that moves, which is more important! Steven Reiner, Houston Jewelry, Houston, TX
  • Nobody’s business, how would it help me. — Todd R. Tinder, Tinder’s Jewelry, Bowling Green, VA
  • Can’t take the time. — Cathy Calhoun, Calhoun Jewelers, Royersford, PA
  • Not their concern. — Jim Saylor, Jim Saylor Jewelers, Kapaa, HI
  • Depending on the vendor, I would supply certain information. I have shared confidential information to sales reps in the past only to find out that the information was shared with a competitor. — Eric Stevens, Stevens Diamond Jewelers, West Springfield, MA
  • I’ll let them know generally whether it’s up or down, but I don’t think they need details. — Peter Tims, White Mountain Jewelers, Show Low, AZ
  • Why would anyone share that info with anyone outside the store? — Gary Youngberg, Ames Silversmithing, Ames, IA
  • It is none of their business; vendors just want to sell you more goods. — Barry Fixler, Barry’s Estate Jewelry, Bardonia, NY
  • In limited amounts with very select vendors. I really see no way that it has ever helped us. Just seems like a one-way street for gathering our sales information. — David Blitt, Troy Shoppe Jewellers, Calgary, AB
  • I don’t want to give any vendor an incentive to raise the price of a hot-selling item. — David Abrams, Grand Jewelers, Rancho Cucamonga, CA

What’s the Brain Squad?

If you’re the owner or top manager of a U.S. jewelry store, you’re invited to join the INSTORE Brain Squad. By taking one five-minute quiz a month, you can get a free t-shirt, be featured prominently in this magazine, and make your voice heard on key issues affecting the jewelry industry. Good deal, right? Sign up here.

Over the years, INSTORE has won 80 international journalism awards for its publication and website. Contact INSTORE's editors at [email protected].

Advertisement

SPONSORED VIDEO

Thinking of Liquidating? Wilkerson’s Got You Covered

Bil Holehan, the manager of Julianna’s Fine Jewelry in Corte Madera, Calif., decided to go on to the next chapter of his life when the store’s owner and namesake told him she was set to retire. Before they left, Holehan says they decided to liquidate some of the store’s aging inventory. They chose Wilkerson for the sale. Why? “Friends had done their sales with Wilkerson and they were very satisfied,” says Holehan. He’d enthusiastically recommend Wilkerson to anyone looking to stage a liquidation or going-out-of-business sale. “There were no surprises,” he says. “They were very professional in their assessment of our store, what we could expect from the sale and they were very detailed in their projections. They were pretty much on the money.”

Promoted Headlines

Most Popular