Columnists

On Data: Get Your Bestsellers In Stock Now

ColumnistsNov 11, 2020

On Data: Get Your Bestsellers In Stock Now

Sherry Smith says things are looking up for independent jewelers, but waiting to replenish top sellers could be a costly misstep this holiday season.

sherry-smith.jpg
Sherry Smith is director of business development for data and consulting company The Edge Retail Academy. She can be reached at sherry@edgeretailacademy.com.
Steve Dennis wrote in “Remarkable Retail” that: “Historically, many retailers have been intuition rich and data poor. Or even if a decent amount of data was compiled, it was hard to work with or was ignored. For the merchant princes, more times than not, their mantra was, ‘In gut we trust.’” 

I confess to having an insatiable curiosity when it comes to watching data; monthly, weekly, even daily. 

This is especially so when it comes to how our independent retailers are faring during the pandemic, and more specifically, how they might perform during the holiday season.

Despite the crazy challenges of this year, independent retailers continue to overcome almost every obstacle thrown at them and are delivering exceptional performances. 

For most retailers, June was the first month they fully reopened for business. 

From June on, each subsequent month has seen sales performance top the same period from the previous year. 

This impressive trend continued in October, which showed a 17 percent increase in gross sales. 

And, as has been the case for quite some time, while the number of overall units sold continues a downward trend, average retail ticket keeps climbing. 

The average retail sale for October was up 30 percent.

With respect to specific products, loose diamonds showed a 16 percent increase in gross sales in October, representing 15 percent of total gross sales for the month.

Diamond bands also showed solid performance and represented a 25 percent increase in gross sales in October when compared to the same period last year. 

Interestingly, diamond bands are in fact one of the few categories that show an increase in all key performance indicators. 

Beyond gross sales, bands were also up in units (+17 percent), average retail (+7 percent), and gross margin (+3 percent).

Historically, retailers have mostly viewed diamond bands as a wedding product. 

However, this category has evolved to include right-hand rings, occasion bands (birthdays, anniversaries, etc.), and a variety of stackable designs, opening up far more opportunities for retailers to grow that category.

While there are some outliers, the sweet spot for most units sold in this particular category seems to be $300 to $1,500 according to our $2 billion of aggregated sales.

One of the best-selling SKUs we see in the diamond band category happens to be a price-point rose gold ring. However, the vast majority of bands are white gold prong-set with round brilliant diamonds.

Understandably, the disruptions of 
April and May had an adverse effect on retail performance, but the subsequent string of positive months has recovered much of the lost ground going into these remaining important weeks.

For the 12-month period ending July, we saw a 5 percent decline in overall sales year-over-year.

By August, the 12-month decline was 4.4 percent, and by September the decline was down to 3.4 percent.

While the data for October trailing 12 months is not yet available, it is anticipated that we will see further erosion of the trailing deficit.

So, what does this all mean for the important holiday period?

Retailers should continue with their COVID-19 initiatives such as curbside delivery, one-on-one appointments, virtual trunk shows and contactless payments.

Most importantly, they should continue to follow best practices around inventory management, especially, and most importantly, replenishing bestsellers as quickly as possible. Not doing so might just be the single greatest source of lost sales in the season.

If they’re not already doing so, retailers should review last year’s holiday performance to identify bestsellers and get them in immediately.

Vendors have had to manage their inventories tightly in what has been a very difficult year for them, and it could be a costly miss to assume that bestsellers will be available as the season develops.

Check your numbers, be proactive, and have a great holiday season!

Sherry Smith is director of business development for data and consulting company The Edge Retail Academy. In her role, Smith works with wholesalers, brands and retail stores on business mentoring, and data analysis and aggregation. Reach her at sherry@edgeretailacademy.com.
Sherry Smithis director of business development at Edge Retail Academy, the leading jewelry business consulting and data aggregation firm.
tags:

The Latest

Cast Issa Rae
MajorsJul 01, 2025
Cast Closes Business, Plans for Relaunch

The jewelry company has closed its three California brick-and-mortar stores, as well as its online shop, for now.

Eve Goldberg, Matthew Denatale, Willie Lopez, Benjamin Goldberg
Events & AwardsJul 01, 2025
William Goldberg Diamonds, FIT Partner for Apprenticeship Program

The company is providing the opportunity for an FIT student to work alongside master diamond cutter Willie Lopez in its workshop.

Elie Hannoush
IndependentsJul 01, 2025
Elie Hannoush, Founder of Hannoush Jewelers, Dies at 73

He is remembered for his successful entrepreneurship, generosity, and dedication to his family.

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Claire’s store
MajorsJul 01, 2025
Claire’s Is Looking for a Buyer, Report Says

The jewelry store chain has reportedly been struggling with costs related to tariffs as well as tough retail competition.

Weekly QuizJun 26, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Mindi Mond Spike Earrings
TrendsJul 01, 2025
Amanda’s Style File: Red Hot Rubies

Welcome warm summer days with red hot rubies perfectly chosen as July’s birthstone.

The Story of Everything Campaign, Toadstool Mushroom and Cosmic Egg
CollectionsJun 30, 2025
State Property’s New Jewelry Tells ‘The Story of Everything’

Co-founders Afzal Imram and Lin Ruiyin brought their son’s story of a cosmic egg, toadstool, and railroad to life in their new collection.

Jewelers of America logo with meetup, State of the Majors, giveaway and massages
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025

The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.

Morgan Keefe
Events & AwardsJun 30, 2025
AGA Names Recipient of 2025 Gemological Education Scholarship

This year’s winner is Morgan Keefe, who is currently studying at GIA to be a gemologist.

The Jewelry Book
IndependentsJun 30, 2025
Melanie Grant’s New Book Explores 200 Years of Jewelry

“The Jewelry Book” comes out this September.

Gemist
TechnologyJun 27, 2025
Gemist Raises $6M in Funding to Scale Jewelry Tech Platform

The company is focused on modernizing the custom jewelry buying experience with e-commerce tools like product visualization and 3D styling.

Jeff Preolo, David Stout, Levi Higgs, David Benavides
IndependentsJun 27, 2025
David Webb Announces New Hires, Promotions

Following its recent acquisition, the storied brand has updated its leadership team and regional managers.

Blake Graham and Jessica Kohoutek
Events & AwardsJun 27, 2025
AGS, GIA Announce Beatrice Shipley Scholarship Winner

AGS also named the recipient of its “Women in Leadership” scholarship.

Buddha Mama Monstera Ring
CollectionsJun 27, 2025
Piece of the Week: Buddha Mama’s ‘Monstera’ Wrap Ring

The 20-karat yellow gold and diamond wrap ring is modeled after the Monstera plants in the garden of the brand’s Miami villa.

Cashier handing Rocksbox bag to customer
MajorsJun 26, 2025
Why Rocksbox Is Opening Stores As Signet Jewelers Downsizes

Rocksbox President Allison Vigil shared the retailer’s expansion plans, and her thoughts on opening stores in malls.

Penny Ruston
IndependentsJun 26, 2025
Penny Ruston Dies at 80

The creator of the WJA Chicago chapter is remembered as a champion for women in the jewelry industry and a loving grandmother.

Stock image of woman shopping
SurveysJun 26, 2025
After Recovering in May, Consumer Confidence Dips in June

The decline was consistent across age groups and almost all income groups, with tariffs and inflation still top of mind.

Sorellina Playlist: Electric Dreams Campaign
CollectionsJun 26, 2025
Jam Out With Sorellina’s Jimi Hendrix-Inspired Jewels

The “Playlist: Electric Dreams” collection brings lyrics from the musician’s song, “Little Wing,” to life through fine jewelry.

The Jewelry Symposium event
Events & AwardsJun 26, 2025
The Jewelry Symposium Is Looking for Speakers for 2026 Event

The event is set for May 16-19 in Detroit, Michigan.

Exterior of Marissa Collections’ new store in Nantucket, Massachusetts
IndependentsJun 25, 2025
Marissa Collections Opens in Nantucket as Legal Fight Continues

The Vault’s Katherine Jetter is accusing the retailer of using info she shared for a potential partnership to move into Nantucket.

Counterfeit Cartier “Juste Un Clou” bracelet
CrimeJun 25, 2025
Customs Nabs Another Big Shipment of Fake Cartier, Van Cleef Jewelry

Agents seized 2,193 pieces, a mix of counterfeit Cartier “Love” and “Juste Un Clou” bracelets, and Van Cleef & Arpels’ “Alhambra” design.

Karine Choudhrie Big Splash Circus Starfish and Lantern Fish
CollectionsJun 25, 2025
Splash into Karina Choudhrie’s Collection of Underwater Circus Performers

The designer brought her children’s book, “The Big Splash Circus,” to life through a collection of playful fine jewelry characters.

Jewelers of America
Events & AwardsJun 25, 2025
JA Announces Impact Initiative Fund Recipients

The trade association has chosen the recipients of the funding initiative it formed to foster the growth and sustainability of the industry.

John Dyer Montana Sun Sapphire
SourcingJun 25, 2025
2025 AGTA Spectrum Awards Open for Entries

The organization has also announced this year’s slate of judges.

Khepri Jewels Luna collection fancy color fringe multi-shape drop diamond earrings
EditorsJun 24, 2025
The Best New Jewelry from Couture 2025, Part 2

Associate Editor Natalie Francisco shares 20 additional pieces that stood out to her at the Couture show.

Lori Tucker
IndependentsJun 24, 2025
Colorado Bench Jeweler Celebrates 50 Years With Local Retailer

Lori Tucker started at Williams Jewelers when she was 18 years old.

“Marvel | Citizen Zenshin” watch for the new The Fantastic Four movie
WatchesJun 24, 2025
Citizen’s New ‘Fantastic Four’ Watch Is Literally Super

The “Marvel | Citizen Zenshin” watch is crafted in Super Titanium and has subtle nods to all four “Fantastic Four” superheroes on the dial.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy