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Edge Pulse and Aggregated Data

At The Edge Retail Academy, we aggregate data from close to 850 stores, through Edge Pulse.  This allows us to give you up-to-date and meaningful reports and stats.  Take a look at some of these stats below…

Loose Diamond Sales for 12 months to Oct. 2017

$115.2M in Sales

20,855 diamonds sold

H: SI2 was the most sold in the color and clarity for All diamond sizes and shapes

Loose Round Diamond Sales for 12 months to Oct. 2017

$20.2M in Sales

3,397 diamonds sold in the 1.00 – 1.49ct range

H: SI2 was the most sold in the color and clarity for round diamonds

Loose Princess Diamond Sales for 12 months to Oct. 2017

$2.8M in Sales

566 diamonds sold in the 1.00 – 1.49ct range

F: SI1 was the most sold in the color and clarity for princess diamonds

Loose Oval Diamond Sales for 12 months to Oct. 2017

$2.4M in Sales

437 diamonds sold in the 1.00 – 1.49ct range

G: SI2 was the most sold in the color and clarity for oval diamonds

Loose Cushion Diamond Sales for 12 months to Oct. 2017

$1,636K in Sales

318 diamonds sold in the 1.00 – 1.49ct range

G: SI2 was the most sold in the color and clarity for cushion diamonds

Loose Pear Diamond Sales for 12 months to Oct. 2017

$934K in Sales

183 diamonds sold in the 1.00 – 1.49ct range

G: SI1 was the most sold in the color and clarity for Pear diamonds

After Holiday Tips

  • OBJECTIVES & STRATEGIC PLANNING – It’s time to set your bold 2018 objectives.
    • Take time out of the store to review what worked last year and what didn’t.
    • Review your ‘2017 Holiday’ journal.  What did you do, when and how did you do it, how did it work?
    • Review what your opposition did and what impact it had on your business?
    • Review your Staff performance.  Who gets to stay …
    • Review your Vendor performance.
  • FINANCIAL – Chances are you will have more money in your bank account after the holidays so you need to make sure you spend it wisely.
    • Set aside enough money for sales tax, federal and state income tax.
    • Set aside funds for vendor payables that will come due in January.
    • Pay off debt – credit cards, and interest-bearing loans.
    • Start an emergency fund for 2018 worth 3 times your monthly expenses.
    • Invest your money:
      • Max out your 401K
        • Under 50, $18,000
        • Over 50, $24,000
      • IRS limits
        • Under 50, $5,500
        • Over 50, $6,500
    • Take a distribution or bonus from the company after the first 4 above have been accomplished

2017 Holiday Tips – Part 8 of 8

  • OBJECTIVES & PLAN OF ACTION – Timing is everything.  Check progress throughout the day and make adjustments as required.  It’s time to ‘bring it home’.
  • SALES – It’s the last week – have fun.
  • Initiate contests (largest sale, largest ticket, most units, best increase, most add-on’s, etc., to keep things fun and exciting for the staff.
  • MARKETING – Last chance for an email blast.
  • Feature in store items.
  • Make sure it has a sense of urgency and a call to action.
  • Schedule your last week of posts for your social media such as last-minute gift ideas.
    • Again, feature in-stock items.
  • STAFF – Have your last team meeting. Share your month to date figures.
  • Celebrate all wins!
  • Schedule food deliveries for your team.
  • Affirmation & recognition – continue to high five your team in the last few days.

2017 Holiday Tips – Part 7 of 8

  • OBJECTIVES & PLAN OF ACTION – Never lose sight of the prize and ask yourself often – “Is what I’m doing now directly helping me achieve my goals?” If not, stop doing it.
  • MARKETING – Recognize your faithful customers by sending out small holiday gifts to them.
    • Keep a supply on hand in your store to give away to your regular customers.
      • FYI People often want to reciprocate so this can lead to more sales.
  • SALES – At your team meeting, review your turnover strategies and role-play to make the most of every opportunity. 
    • EVERY person that walks into your store is a possible sale!
    • Ask ALL repair customers about their holiday shopping and who is on their gift list.
  • INVENTORY –Make sure you’ve remerchandised to fill any holes and to refresh your cases.
    • Replenish fast sellers daily!

2017 Holiday Tips – Part 6 of 8

  • OBJECTIVES & PLAN OF ACTION – Are you on track or off track.  Become inquisitive – what’s working and why.  What isn’t and what are you going to change.
  • STORE – Make sure store is free of clutter and fully stocked every morning.
  • SALES – Focus on upselling and add-ons with your staff.
    • Never pull out more than 3 items.
    • Make sure staff is asking open-ended questions.
    • Suggest complementary pieces.
    • Ask your customer who else is on their gift-giving list.
      • FYI – you’re offering great service by helping your customers shop in one place.
  • MARKETING – Edge users – review your “Why In” report frequently to track your marketing. 
    • This allows you to identify what marketing is effectively driving in customers.
    • And may uncover advertising that isn’t working allowing you to tweak your marketing as necessary.

2017 Holiday Tips – Part 5 of 8

  • OBJECTIVES & PLANS – Know what you’re aiming for and how you’re going to hit it.
  • STAFF – Remember your Daily team meetings (10 mins. max.) to discuss today’s daily target; how your trending MTD and one or two actionable items the staff can do that week to help drive revenue.
  • INVENTORY – Start replenishing your fast selling product daily.
    • The average fast seller turns 5 times a year.
    • Dedicate case space to 12 Holiday Gift Options in a variety of price points.
      • This creates a great go to place for salespeople.
      • Feature the most desired pieces in prominent positions.
      • Group collections together to provide customer solutions.
  • SALES – Continue to have weekly meetings and daily huddles with your team! 
    • Share month to date figures!
    • Celebrate wins and high five team members who have excelled in average retail sale, most add-ons, lowest discounting, etc.
    • Communication is key during this busy season!
    • Stay positive and focused.
      • FYI – praise in public, discipline in private.
  • MARKETING – Make sure your digital presence is strong.
    • Consider a Facebook sponsored story ad since they receive 52% more clicks than the standard Facebook ads.
    • Post reviews in your store, website and all social media.
      • FYI – 80% of consumers state they’re more likely to try new things because of a suggestion from a friend through social media.

2017 Holiday Tips – Part 4 of 8

  • OBJECTIVES & PLANS – Review what’s working and what isn’t?  If you’re ahead, adjust your goal.  If you’re behind, adjust your strategy.
  • SALES – Break December’s goal into a daily goal.
    • Share individual goals with each salesperson one-on-one.
    • Utilize Edge Pulse to track your sales, hourly, daily and month to date!
      • FYI – Salespeople can track their individual sales through The Edge Pulse dashboard as well.
  • INVENTORY – Don’t match online pricing; a sure-fire way to kill your profits.
    • Instead, consider adding freebies, promotional products, warranties, free sizing, etc., that add value.
      • FYI – remember, customers don’t get the service and human touch online that they get in a brick & mortar store.
  • STORE – Be fully prepared.
    • Make sure appropriate areas are fully stocked.
    • Your store should be clean, attractive, brightly lit & smelling good.
    • Add Holiday sounds and decorations!

2017 Holiday Tips – Part 3 of 8

  • OBJECTIVES & PLANS – Share how you’re trending and revise as necessary.
  • MANAGEMENT – Create your schedule through Christmas in advance to assess payroll demands.
    • Increase staff level to allow for crunch times and to accommodate lunches/breaks.
    • FYI – order lunch on your busiest days for your team as a morale booster.
  • SALES TEAM – Make sure your top salespeople are always available to sell first.
    • Review strategies on how to sell to different customer types.
    • Review product knowledge. Make sure your team is well versed on the features and benefits.
  • INVENTORY – Remember to replenish your fast sellers.

2017 Holiday Tips – Part 2 of 8

  • OBJECTIVES & PLANS – Review and refine your objectives and required strategies and activities.
  • SUPPLIES – Make sure you are well stocked with boxes, wrap, ribbons, bows, bags, sales receipts and other supplies you will need through the season. FYI – offer to email receipt to customers allowing you to capture their emails while being environmentally friendly.
  • MARKETING – Your marketing plan should be in place with key dates on your calendar.
    • Create your “Must Do” list for your holiday events.
    • Assign each item to a staff member.
    • Plan your direct mail pieces to arrive at least 7-9 days prior to your event.
      • (FYI – Marketers find the end of the week to be the most effective time for arrival).
    • Schedule your social media posts and email blasts.
      • (Tuesday afternoons have the best open rate for emails), in advance to save you time.
  • INVENTORY – Ensure you have sufficient stock levels of product you are advertising.
    • Replenish fast sellers daily if economical to do so or at least weekly!

2017 Holiday Tips – Part 1 of 8

  • OBJECTIVES & PLANS – Share your monthly Sales & Profit targets for each month (Oct-Dec).
    • Layout how you’re going to get there with your team!
  • SALES – Print lists of all your wish list items and contact customers to create holiday sales.  Clean up the wish lists as you go removing dated items and/or adding new items.
  • STAFF – Have Daily meetings with your team (10 mins. max.) to discuss today’s daily target; how your trending MTD and one or two actionable items the staff can do that week to help drive revenue.
    Set up a login on Edge Pulse (www.edgepulse.biz) for each salesperson to give them 24/7 access to the Edge Retail Academy webinars.  Review the most pertinent ones in your weekly store meetings to hone their selling skills.
  • INVENTORY – Make sure you are current with ALL of your fast sellers, specifically for your top vendors as you enter 4th quarter.
    • Weekly replenishment a must!
    • Stock balance as much as possible.