Nowadays, we cannot underestimate the power of online shopping websites. With more people shopping from e-commerce stores to save energy and time, the interest of those who prefer to shop at physical stores has declined to some degree. At the same time, we can’t [...]
As consumers become more connected, the popularity of online shopping continues to increase. According to the U.S. Department of Commerce, sales from retail e-commerce in the United States exceeded $450 billion in 2017, an increase of more than 16 percent from 2016. However, shoppers [...]
In all industries and especially in retail jewelry, efficient Working Capital is essential. Working Capital is defined as the difference between Current Assets and Current Liabilities. One measurement of a Company’s health is the Current Ratio, or Ratio of Current Assets to Current Liabilities. [...]
“You have to do what others won’t, to achieve what others don’t” (Anonymous). This is a great quote…and one that we all really should think about. A company's ability to deliver an experience that sets it apart in the eyes of its customers ensures [...]
As a small business, you need every edge you can get to help your business perform well. You already have your product or service down, and you know that you have to deliver top class service if you want your business to do well. [...]
In Part 1 of this series, we talked about The GAP Analysis, calculating your Optimum Inventory Level (OIL), Memo Stock and your Action Plan. To start part 2 of this series, we will next explain GMROI and how to calculate your OIL for each [...]
Most retailers depend on a cost-plus mentality when it comes to setting their retail price on goods. Certainly, it can be a good starting point as without knowing your cost you won’t know what you need to achieve to make a profit...but is your [...]
When you ask an expert, what the top three considerations are, when purchasing real-estate, you always hear, “location, location, location”. In the same way, when asked “how can I increase my store’s sales volume?” the simple answer is “people, people, people”! And not just [...]
A guest post from our friends at Fit Small Business Pop-up stores are temporary retail establishments that are designed to reach and engage customers through a creative experience. The cost of opening a pop-up shop is much less than that of a brick-and-mortar [...]
February is the second strongest engagement month of the year, eclipsed only by December. While Valentine’s Day is one of the top events for most retail jewelers, the average sale tends to be lower than Christmas, as the other gifts men are contemplating are [...]