Think of all the places where you buy milk, shoes, or white electronics. Such products are sold almost exclusively at large chains. These are consolidated sectors. But unlike most other sectors, the US jewelry retail sector is unusual in that it is highly fragmented.
On Being a Chain
Most consumer products are sold in the US by chain stores that have a large, centralized support infrastructure. They are often owned by larger firms that typically have a stable of similar retail brands.
This centralized structure offers great advantages, including the ability to keep a marketing team in place, as well as a crew that measures, tests, and evaluates the market. Having such ability allows these companies to understand the changing needs, tastes, and desires of their client base and adjust accordingly.
Thus, the retailer can communicate on a deep level with its vendors, and they can tailor their supplies, timing, and quality to the market. More importantly, they can provide their vendors with a deeper understanding of the consumer landscape.
A vendor will know what this large client needs, has, sells, and holds in inventory.
The US Jewelry Sector is Different
In contrast to other retailers, most jewelry sellers in the US own only one or two stores. Small companies also have advantages. They are, for example, nimble and can easily change many aspects of their business quickly.
Unfortunately, being small also has many disadvantages. For instance, it is difficult to closely track sales and inventory and to form a long-term view of the broader landscape of the sector, along with difficulties in understanding what is truly in demand by consumers.
If you understand this, you know that small jewelry retailers therefore are limited in their ability to clearly communicate what their true needs are. How can you if you don’t know what is selling down the street from you?
Because of this lack of retail trend analytics, vendors end up with a limited and possibly erroneous description of their clients’ needs.
There is no way to get a full, robust, and detailed picture of what precisely is sold. For example, what is the fastest selling diamond engagement ring by metal, color, diamond 4Cs, price point, and design. Until now, such a jewelry retail trend analytics drill down did not exist in the market*.
And even if retailers had this information, would they know what the inventory levels of such a ring are? Or turn? There are many such parameters, and without diamond and jewelry manufacturers having this data on hand in a timely fashion, they are unable to plan their own offerings accurately.
The result is plenty of waste: in labor, material, and finances.
Luckily, that is why we are here: to close that gap.
Retail Trend Analytics for The Global Jewelry Industry
Tenoris is an analytics company supplying retail and consumer trend data. We take highly granular data collected from some 900 jewelry stores across the US and analyze every part of it. We slice it and cross reference it to serve the fine jewelry and gemstone industries with the kind of data not available till now.
Our goal is to increase manufacturer and supplier profitability through alignment with current consumer demand. We will show you what consumers are buying, when they are buying it, and how these purchases have changed over time. It is a powerful service designed to save money and improve profitability.
Tenoris focuses on all aspects of the US jewelry and gemstone retail activity with an emphasis on diamonds – to respond to client needs.
* To get the diamond engagement ring drill down contact us here.
If you are frustrated by the thick fog surrounding retail and consumer activities, get in touch to learn how we create clarity, so you view the horizon for your business.