|While we often hear that the way we do business needs to change in order for us to remain competitive, few have offered viable solutions. One of the ways the industry can strengthen is through a closer collaboration between retailers and vendors.Through true partnerships, we believe we will be able to work together to:
- Track issues such as non-performing inventory
- Make better merchandising decisions
- Create better cash flow
- See less debt
- Result in more profitable businesses
The BIG Network™ creates a level of transparency by opening a communication channel with vendors allowing them to see which inventory is performing and which is not, in their retail-partner’s stores. This allows vendors to gain valuable insights into what’s selling and to proactively help manage non-performing items.
As vendors enroll in The BIG Network™, clients of Balance to Buy™ will be given the option to share their data (limited data will be shared) with that specific vendor. Permissions are not granted across the board, but we carefully designed it so they have to be granted for each and every retailer/vendor relationship: the retail jeweler controls the permission.
Retailers not enrolled in Balance to Buy™ can participate also and it’s free! BIG Network vendors will send invitations to retailers to participate.
The list of The BIG Network™ Vendors is growing weekly as we introduce the concept to new vendors. Here’s a list of Vendors we are actively setting up permissions for:
- Ashi Diamonds
- Viola Italia (Aston Luxury)
- Color Merchants
- Dora International
- GN Diamond
- Joseph Blank
- Ofer Mizrahi Diamonds
- Sandeep Diamond Corporation
Through your participation in The BIG Network™, Vendors will be able to:
- Obtain sales and inventory information
- Help replenish stock faster with your permission
- Invoice/bill for sold memo inventory
- Stock-balance non-performing items
- Vendors do not receive data pertaining to sales dollars or gross profit.
The vendor’s response to The BIG Network™ has been phenomenal. They are so excited about having the ability to work together and help their customers that many will be inviting their best customers to participate in the program as well – even if they are not current BIG clients.
Working together, perhaps, finally, we will be able to fix the non-performing inventory problem and provide the necessary transparency to the supply chain, so retailers and manufacturers can work with each other in a truly collaborative way.
Start taking advantage of The BIG Network™ today! Balance to Buy clients can follow these simple steps to set up your permissions or contact Nola Jackson Nola@bigjewelers.com.
Step 1: Log into Balance to Buy, click on Home to bring up the Partner Permissions and select Partner Management.
Step 2: From your Vendor List that appears, click the “Make Partner” button for those vendors you would like to give permission to receive reports of your sales and inventory data.
We will keep you informed as additional vendors join the Network.
Stay tuned for more updates!