Buyers International Group has created a new retail software system to help jewelers better manage their inventory.
The system, called Balance to Buy, uses data from any point-of-sale program to point out aged inventory, fast selling merchandise, best selling price points, and other data in what the company calls a “an understandable, succinct, and logical format.”
Abe Sherman, chief executive officer of BIG said that open to buy isn’t really useful for retailers—the issue is to understand the balance of inventory before buying. Finding that balance in their product mix, ridding themselves of aged inventory, and quickly reordering items that are fast sellers are the real issues. According to Sherman, increased inventory turns, higher gross margins, and balanced inventory levels are the natural by-products of the system.
“The beauty of the reporting from this system is its versatility and its simplicity,” Sherman said. “We have already spoken to buyers who are attending shows with a few sheets of very concise information rather than the reams of reports they used to drag around and sort through.”
Live, interactive demonstrations of the system are available on a regular basis on the Internet so that retailers can ask questions and judge for themselves the value of the concept. Retailers who are interested in participating can call Ellen Falcinelli (707-257-1456), vice president of Operations at BIG to schedule a time.
Buyers International Group, established in 2000, provides merchandising, marketing, and consulting services to independent retailer jewelers.