I recently read a blog and some comments about how the vendors need to be better partners for jewelers during these tough times. Things like: be more willing to take back product to pay for outstanding invoices; make more money available to the jeweler for local advertising; and don’t be so rigid on adhering to stock balancing policies.
All of those are great for the jeweler, but not great for the vendor. … This all comes down to each party getting better at what they do. Jewelers need to become more selective about the vendors with whom they choose to partner. And vendors must do the same while working harder to ensure the jeweler has every tool available from them to sell the product over the counter. This means helpful and effective inventory management, too, but that has to go both ways.
Yup, retailers need to buy less merchandise and buy from fewer vendors, but become more important to those vendors who can be real business partners for long-term growth and profitability.
—Jeffrey Skaret, “A Different Facet,” April 20, 2009