The bad news is 'it' isn't here and might not be for some years yet, technology is developing at an ever-increasing rate but a big breakthrough isn't knocking on our doors this year. The good news is we know where we are at and we know retail has and is changing so we can start looking forward to what we might need.
If you agree with me that gold buying, Pandora and Brands helped save the trade then you'll be searching for what is going to help retailers and suppliers get through the next 10 years, and it isn't going to be any of the above. I suspect there will not be another Pandora, so we need to rethink and the existing stock holding and the management of it could be where it is at.
I'm aware that some retailers can carry up to 35% of stock that is dead, but this doesn't mean some of it is slow moving, it means 35% of your stock is dead not going to sell, and if 80% of your revenue comes from 20% of your stock the picture just gets worse.
Just think what you can do with £35,000 or even £70,000 in your bank! As retailers you spend a lot of time speculating to accumulate but in today's climate, opportunities are somewhat limited so we need to rethink and adapt to the current situation.
The really good news is your stock could be what saves you. The Jewellery App has been busy creating a number of tools to help dispose of dead or unwanted stock, and shortly you will be able to choose whether to sell your unwanted things via a business to business site (thejewelleryapp.co.uk) or business to consumer site (jewelleryandwatchmarket.co.uk).
Not only is The Jewellery App helping create capital from your unwanted stock but is also giving you a platform to find new suppliers and source new product ranges. A recent update now gives suppliers a cost-effective way of promoting and marketing themselves to the trade, and, unlike the trade shows or magazines, the sponsorship and marketing is 365 days a year and on a low cost monthly subscription.
The Jewellery App could be the next big thing for the trade, with one cloud-based multi-vendor e-commerce platform to sell and buy old and new stock. We will end up connecting the trade for the_ benefit_ of the trade, so join this new and exciting jewellery trade service whilst it's still absolutely free.