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BIG Launches New Buying Tool for Jewelers
MAPS analyzes store data and goals to take the work out of figuring out what they should buy.
Napa, Calif.—Buyers Intelligence Group, LLC is launching a tool to help jewelers figure out exactly what they should be buying.
Coming out just ahead of the Las Vegas jewelry trade shows, MAPS—an acronym for Merchandise Analysis and Planning System—promises to analyze a retailer’s specific budget and goals to create the most appropriate buying plan.
Buyers Intelligence Group said it works in partnership with another of its cloud-based platforms, Balance to Buy, using the latter’s real-time data coupled with retailers’ inventory goals to instantly create a customized buying plan.
Plans can be created for specific vendors, categories, or a combination of these needs.
Key to the creation of MAPS was Buyers Intelligence Group staffer Denise Sober, who is also buyer and accountant at Occasions Fine Jewelers; collaborating with jewelers helped to make sure the program fits their real-life needs.
Sober said, “MAPS is based off a set of spreadsheets that I have personally used for Occasions over the last two years that Abe Sherman, my brother Mike Fleck and I worked on together. It allowed us to increase our sales significantly while reducing our inventory by $1 million.
“MAPS uses real-time data from Balance to Buy along with the turn goal, gross profit, and/or inventory goals you set to print out exactly what you need to purchase. I implemented and used MAPS this January and my preparation time to go to the buying shows was cut from two weeks to 48 hours. And the best part was that just prior to leaving for the show, I was able to update all my plans to reflect current inventory levels and sales.”
Buyers Intelligence Group is offering MAPS as a stand-alone product, even for retailers who aren’t Balance to Buy clients.
The group will have appointments and demonstrations at JCK Luxury, Booth L-109. To make an appointment contact info@bigjewelers.com.
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