LGI offers jewelry, watch sales data to retailers
July 22, 2008
Randolph, N.J.—LGI Network has developed two new initiatives designed to provide retailers and the industry with timely sell-through information to help them better understand consumer demand for watches and jewelry.
As part of the new program, LGI will provide this retail sales information to the industry's major trade organizations, including
National Jeweler Network (NJN). The information will appear in NJN's print and online publications, and on its various Web sites.
This information will include monthly market sales data by price point, gender and watch case material, which will be developed into monthly data releases and news articles.
These articles and releases will help retailers monitor sales performance to adjust merchandise plans to improve profitability and merchandise turns.
In addition to the data being provided to the trade organizations, LGI also has an online Time Tracker and Branded Jewelry Tracker services.
And, as a second part of the program, LGI is developing arrangements with the leading point-of-sale providers to enable qualifying retailers previously unable to participate in LGI Network to gain access to LGI's performance-tracking information.
To qualify, retailers must use one of the select point-of-sale systems, which include Abbott-the Edge, ASC-Craftsman, Compulink-Jewelry Shopkeeper, DCIT-Business Mind, JCS-Jewelry Computer Systems and Logicmate-Jewels 2000.
These systems and LGI have agreed to temporarily waive the one-time implementation cost associated with joining the LGI Network program.
More than 7,000 independent, chain and department store locations participate in the program today.
"Retailers and major buying groups across the country have approached LGI and encouraged us to find ways to enable every retailer to access LGI's information ...during this economic downturn," LGI Network CEO Fred Levin said in a media release. "In response, we've introduced key initiatives to make it easier for any retailer to benefit from LGI's information. Every retailer will be able to access monthly retailer sales information on the jewelry and watch category through NJN so each can benchmark their sales against the broader market to highlight opportunities to improve sales or lower inventory. In addition, qualifying retailers using select leading point-of-sale systems can now join LGI's panel of participating retailers at no cost by implementing a simple procedure already embodied into select leading point-of-sale system."
For more information on becoming part of the LGI Network's retailer panel, go to
LGINetwork.com/NJN.
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