The Randolph, N.J.-based LGI will supply a portion of its monthly market data from its online Time Tracker and Branded Jewelry Tracker services, which gives information about watch and jewelry retail sales by price point, gender, and material. Information will be presented via monthly data releases and other articles in JCK, designed to help retail jewelers gauge sales performance and adjust buying and merchandising plans to improve profitability and inventory turns, especially in the face of a weakening economy.
“Retailers and major buying groups across the country have approached LGI and encouraged us to enable every retailer to access our information about market trends and what consumers are buying,” says Fred Levin, CEO of LGI Network. “It’s critical any time, but especially so during this economic downturn. Thanks to the support of JCK magazine, every jeweler can access monthly retailer sales information on the jewelry and watch categories, benchmark their sales against the broader market, and identify opportunities to improve sales or lower inventory.”
As a member of LGI’s panel, a retailer gains access to detailed information on market trends, and what brands and models consumers are buying. Over 7,000 leading independent, chain, and department store locations across the US participate in the service today. Retailers can become part of LGI Network’s panel by implementing a simple procedure already embodied into select leading point-of-sale systems, including Abbott-the Edge, ASC-Craftsman, Compulink-Jewelry Shopkeeper, DCIT-Business Mind, JCS-Jewelry Computer Systems, and Logicmate-Jewels 2000. In addition, said Levin, for retailers using these systems, LGI has dramatically streamlined the process, and, for qualifying systems, will temporarily waive the one-time set-up fee.
For more information on the upcoming articles or becoming part of the LGI Network’s retailer panel, please go to: www.lginetwork.com/JCK, or call 978-468-1383.