Analytics for Jewelry Retailers

Predictive Analytics Solutions for Jewelry Retailers.

Jewelry retailing is unique and challenging for several reasons that make traditional demand forecasting, and merchandising systems fall short when it comes to optimizing the planning, inventory management and promotions. Determining the right assortment mix across multiple channels is challenging enough, maintaining In-Stock % throughout a volatile season while running hundreds of promotions can appear impossible. While these problems exist in other verticals as well, the product mix jewelry retailers offer consists of an especially sizable investment.

 

Retalon’s predictive analytics and machine learning platform identifies the optimal assortment mix across the business while accounting for dozens of critical factors such as seasonality, forecasted demand, events, promotions, competition, new product introductions, and much more.

 

Designed for the Jewelry business, our solutions will provide you with significantly improved forecast accuracy, reduced out-of-stocks and lost sales, a boost in sales and turnover, and improved customer experience across your brand.

Jewelry Retailer Testimonial:

 

Retailer: Shane Co

 

Tom Shane, Founder, and Executive Chairman at Shane Co. (the largest privately owned jewelry retailer in America) talks about Retalon Predictive Analytics. “Using Retalon were able to reduce one of our main product lines by 40%, and increase sales in that same product line by 20%.”

Demand Forecast & Planning:

Creating a plan for a jewelry business based on last year’s data can be highly misleading. Retalon’s predictive analytics and machine learning technology accounts for dozens of critical factors that affect your business to generate a highly accurate demand forecast. All Retalon plans are based on this accurate forecast and are based on a “single version of truth.” Jewelry retailers will find Retalon’s Planning solution highly flexible, allowing to plan by any attributes that go beyond restrictive ERP systems. Planners will also save a lot of time with Retalon’s smart suggestions and automation features. Our plan types include Financial, Merchandise, Assortment, Store-Level, Pre-Season, In-Season, and Open-to-Buy.

Purchasing, Allocation, and Inventory Optimization:

An optimal product mix at the right channel/location is paramount when it comes to Jewelry retailers. Retalon’s Inventory Management solutions determine the optimal assortment mix for each individual store and channel, enabling retailers to offer a strong assortment variety, while optimizing assortment depth based on a predictive analytics engine. This results in significant reduction of inventory costs, out-of-stocks, and lost sales, and a boost in sales. Retalon’s solutions automatically suggest purchase order quantities and smart allocation & replenishment schedules to manage your inventory proactively.

Predictive Analytics for Jewelry Retailers with a Variety of Lines:

Not all Jewelry products behave the same. Retalon’s solutions are designed to work with the different type of product lines that Jewelers may be carrying including loose stones, fashion costume jewelry, bridal, watches, cufflinks, and more. Some products may be a unique SKU of their own, some categories will have frequent new product introductions, many products will be seasonal, while others are running products that are replenishable. Whatever product mix a Jewelry retailer carries, Retalon generates a demand forecast for every location/SKU combination. Furthermore, the system allows retailers to easily work with multiple product groups, location clusters, and product families to support the different processes, promotion types, and even the cannibalization effect of substitute products.

Optimizing Promotions for Jewelry Retailers:

Jewelry retailer run thousands of promotions each year. Many of these promotions run simultaneously through various channels and media types, some are personalized/targeted while others have a wider reach. Retalon recommends promotions down to store/SKU level that result in maximized ROI. The system accounts for multiple factors (price-elasticity, seasonality, base-line forecast, etc.), and support many different promotional goals (maximized revenue, traffic generator etc.) Moreover, Retalon intelligently connects the Promotions solution with the Inventory Management solution through our unified predictive analytics platform. This allows Jewelry retailers to proactively adjust purchase orders, allocation and replenishment schedules to ensure the right additional inventory comes in to the right store in time to support the promotional uplifts.

Localized, Personalized Assortment & Improved Customer Service:

Savvy customers have more access to brands and products than ever before. The retail landscape has changed, as so have consumer expectations. Customers now expect to find localized and personalized assortment, and yet also get a consistent experience with your brand across all channels and devices. Retalon’s agility and flexibility allows retailers to stay ahead of the consumer in the highly dynamic jewelry retailing environment. Our Inter-Store Inventory & Assortment Balancing tool proactively identifies opportunities to move inventory from slow selling locations to locations that are in demand and forecasted to run out of stock. This unique approach ensures high In-Stock percent, reduces markdowns, and is the ideal support mechanism for retailers looking to offer customers flexible fulfillment options.

One Unified Predictive Analytics Platform

All Retalon solutions are built on one unified predictive analytics platform that can account for all influencing factors in a jewelry retail business and their interrelations. As a result, our machine learning (AI) engine builds a highly accurate and dynamic forecast and intelligently connects the planning, inventory optimization, and promotions/markdowns. Unlike function-specific solutions, Retalon’s approach provides superior accuracy, flexibility, scalability, consistently and higher ROI. Our clients typically see a significant reduction in inventory, labor and resource costs, a healthy boost in sales and turnovers.

Get a Personalized Demo of Retalon’s Solution for Jewelry Retailers!