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The Benchmarking Survey for Jewelers Is Back
The study formerly known as The Cost of Doing Business is back and is now called the Retail Jewelers Benchmarking Study.
Jewelers of America and the Jewelers Board of Trade are now conducting the Retail Jewelers Benchmarking Study, an update to the popular Cost of Doing Business Survey that JA used to conduct. A sample report from the study is seen here.
New York—Remember the Cost of Doing Business Survey?
Well, it’s back, and it has a new name.
Jewelers of America and the Jewelers Board of Trade announced Tuesday they are teaming up to launch the Retail Jewelers Benchmarking Study.
Using an online platform powered by Dynamic Benchmarking, the study allows retailers to input key data and run dynamic reports.
It is designed to bring retail jewelers the information they need to make informed decisions about their businesses that can improve profitability by allowing them to see how their performance compares with that of their peers.
“Benchmarking shows not only what we’re really good at, but also where there’s room for improvement to help the bottom line,” Jeff Corey, Day’s Jewelers owner and JBT board member, said in a press release. “I’m thrilled that JBT has partnered with JA to produce this valuable tool and encourage all retailers to participate.”
JA and JBT are asking retailers to complete the survey by Oct. 1. Those who complete it by Sept. 17 will be entered to win one of five $100 gift cards.
Once the data collection period ends, participants who complete all the required questions will have access to aggregated data, as well as the ability to compare their financials and key performance indicators (KPIs) using dynamic filters based on demographics of their choice (e.g., location, store size, etc.)
Examples of KPIs include: merchandise units sold, inventory turn, net sales per square foot, employee expenses, cost of goods sold, gross profit and gross profit margin.
In addition, the study includes questions about lab-grown diamonds for the first time.
JA used to publish the Cost of Doing Report; the last one came out in 2015, based on 2014 data.
JA President and CEO David J. Bonaparte said the organization is “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,” he said.
The study is live now and can be completed online at Benchmarking.Jewelers.org.
Only companies that complete the survey will have free access to the interactive and customizable comparative data tables, charts and reports.
All participant information is confidential; reporting is only presented as aggregated results with a minimum of 10 respondents.
Following the data collection period, non-participants can purchase access to the data for $295.
National Jeweler is a for-profit subsidiary of Jewelers of
America, which purchased the publication in 2015. The two organizations act independently of each other.
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