12192018Wed
Last updateTue, 18 Dec 2018 9pm

David Brown

The trends that will affect retail over the coming few years

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There is no doubt the retail game has undergone some massive changes in the last few years and the pace of change will only continue to grow as technological developments continue and customers demand more and more. Recently I took some time to do a little research online in this area and discovered a few different opinions on what the future trends of retail will be. I have summarized the ones I agree with below, adding in my own beliefs on what retailers can expect to see over the next couple of years.


Protecting your business for the future

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It’s very easy to get caught up in the day-to-day running and drama of your business. Often it can feel as though you spend all your time fire fighting and never get the chance to look at the bigger picture. Yet long term strategizing is what differentiates the average business from the good ones. All the best managers take time to focus on the future of their business - to protect it from the ever changing business environment in which they must operate. Those who don’t will suffer. (Anyone remember Kodak?)

Your diamond business - The Edge Retail Academy discusses 3 focal points

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EdgeHow does your percentage of diamond sales compare to where it used to be? Jewelers need to focus on their primary point of difference - the ability to sell diamond product. This is an area where there is relatively little competition from non jewelry retailers compared to other product lines such as silver and watches. Furthermore this area offers a high average sale and good profit margins when executed correctly.

Your diamond business - The Edge Retail Academy discusses thes 3 focal point

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EdgeHow does your percentage of diamond sales compare to where it used to be? Jewelers need to focus on their primary point of difference - the ability to sell diamond product. This is an area where there is relatively little competition from non jewelry retailers compared to other product lines such as silver and watches. Furthermore this area offers a high average sale and good profit margins when executed correctly.

Is the day getting away from you?

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Edge Retail Academy’s 13 Time Management Tips

No one ever has enough time. Whether rich or poor, famous or infamous, we all have the same amount of time in a day to use as we wish. Those who are successful have mastered the art of managing their time effectively. They have learned to use their time to its maximum value, from both a personal and professional point of view.

Mark up and your dated product strategy

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To the uninitiated there would seem to be little correlation between the age of your product and the margin you achieve. Yet as business owners we all know that the older our selection becomes the more pressure on our margin to get rid of it.

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