Be Smart About Sourcing Inventory

According to National Retail Federation’s “Challenges of the Future” report, building an inventory of “differentiated products in appropriate quantities, at competitive prices, is an increasing challenge for many small independent retailers.” According to the report, one solution is for smaller jewelers to source from up-and-coming designers, manufacturers and suppliers who are looking to establish themselves with new jewelry products.

The NRF report offers additional tips to stay competitive and build an effective inventory in 2010:

• Join: Get involved with an industry buying group to access a larger variety of product and achieve better competitive pricing.
• Share: Establish share groups with other non-competitive small independents in your community to find new product.
• Explore: Even when times are tight, NRF stresses the importance of investing in trade show attendance – to find new merchandise sources and build relationships with your suppliers.
• Brand Online: Communicate your unique value and differentiate through your website, as a way to remind consumers what you can give them – customer-centric attention -- that other jewelry outlets cannot.
• Think Small: Seek out smaller designers or manufacturers who need distribution for new, fashionable jewelry.