Track Watch Sales by Region, Brand, Category
New management service will serve as a model for benchmarking jewelry sales too
When it comes to tracking and measuring sales at the retail level, the jewelry industry is well behind nearly every other industry, says Fred Levin, president of LGI Networks.
Levin, formerly president at Concord, a division of the Movado Group, has teamed with Steven Kaiser and his company, Kaiser Time, to introduce sophisticated management information to the fine jewelry and watch industry.
Levins company developed the Network Time Tracker, a service that integrates information from 3,000 jewelry stores across the country. This comprises more than three-fourths of the leading jewelry chains in the U.S.
LGI applies sophisticated economic modeling techniques to create usable market intelligence, says Levin. Users of the Time Tracker service will be able to take the guesswork out of the equation for retailers and their brands.
Were first working with watch brands and retailers to really see what is selling, and then offering that specific data to each, says Kaiser. The country will be divided into nine regions and retailers will be able to track how they compare with peers in their regions. Sales can be tracked by categories such as brand, watch type, metal, price and style.
Retailers can use this information to:
- Highlight opportunities to improve inventory turnover.
- Identify product trends and flag slow-turning items.
- Benchmark performance to other retailers.
- Make big investment decisions, such as taking on a new line or building and renovation programs.
Manufacturers and distributors may use LGI Networks information to improve performance in new product development, sales and distribution, forecasting and production planning. In addition, they can better establish the cost-effectiveness of advertising and promotion expenditures.
Kaiser says the models will be used first for the watch industry and then expanded to jewelry categories.
LGI Networks, Randolph, NJ; (973) 659-0333.
by Michael Thompson