By now you have received two emails from me spotlighting some very important Edge Pulse features. What have you implemented? Have you shared these features with your team? Are you hooked yet? This is only the beginning of the exciting features found in Edge Pulse!
This week we’re spotlighting the Benchmarking reports. With AdvantEdge, Super Store, Market Trends and Loose Diamond analysis, you can identify fast selling design numbers, up and coming designers and categories, as well as learn what is selling in loose diamonds broken down by the 4 C’s.
- AdvantEdge is The Edge Retail Academy Fast Seller report. Here we combine data from close to 700 stores to give you top selling design numbers and vendors. You just might be able to find a new item or a new vendor that will catapult your 4th quarter success!
- Super Store and Market Trending will show you a 3-year comparison using data from all of our clients to compare with your own store in important Key Performance Indicators (KPI’s) such as Volume, Qty Sold, Avg Sale, Mark Up & Gross Profit. How is your store doing with that new line compared to other stores? Are you achieving the same Mark Up as other stores in diamond or colored gem jewelry? How is that designer you’ve been thinking about adding, performing for others? These are important pieces of information and can help you determine where it might be best to invest in your inventory or even possibly change the way you look at your mark ups.
- Finally, the Loose Diamond report is excellent in being able to analyze loose diamond sales in key areas such as Cost per Carat and Sell Price per Carat. Along with reporting over $96m in total loose diamond sales, you’re able to change the graphs to reflect a specific shape of diamond (click a shape in the pie charts at the top) and as always, you’re able to compare your store to our entire Superstore of clients. Do you see a trend in a specific fancy shape?
The loose diamond report also provides you with a detailed “heat map” that shows you, by the 4 C’s, where the hottest sales of loose diamonds are coming from. Does the desired color and clarity of a diamond change with its shape and its size? There’s only one way to find out!
The Edge Pulse Benchmarking reports have so many incredible features that can help take the guess work out of some of those everyday business decisions.