Frequently Asked Questions: 

1. What is Balance to Buy™?

Balance to Buy™ is a performance based merchandising system that is designed to facilitate the process of determining where there are opportunities for sales growth in your jewelry store.  Balance to Buy™ accomplishes this by helping you examine your consumer behavior in the form of sales history and compare it with your store’s behavior in the form of your current stock on hand – highlighting imbalances between the two. The system can be accessed and used independently on in conjunction with professional consulting services from BIG.

2. What are some of the benefits of Balance to Buy™?

Sales growth, freeing up cash, giving you better understanding of your consumer’s behavior, facilitating the process of merchandise planning, turning reams of paperwork into easy to understand visual displays of your stock distribution, ease of accessing and interacting with the information, time-saving and facilitation of communications with your vendors are some of the many benefits of the system.

How does BIG’s consulting service differ from others in the industry?

Many services have a “philosophy” of business management.  BIG has a process for merchandising a store effectively.  No amount of goal setting, budgeting, understanding of the P&L, macro views of the store’s performance, marketing planning, or staff training can be effective if the store’s merchandise structure is out of balance with your marketplace and the desires of your consumers. 

Can I get these same reports from my Point of Sale?

No.  Balance to Buy™ presents the information in a format that is not produced in any current industry Point of Sale.  These are not just reports.  The information is presented in an interactive system that allows you to drill into, sort, filter, and examine the data in an intuitive way – the same way you think through the process of merchandising.   

Is there a big learning curve in order to use the system?

The system is very easy to use and very intuitive.  Most people find that an hour or two of training is all it takes to confidently use the system. The BIG team is always available for additional questions, training and guidance after the initial training period and we have ongoing training session on basic system use as well as specific merchandising related topics.  

How do you get my data in the Balance to Buy™?

You will run one or two reports and email them to BIG approximately once a month.  We will upload the information into the Balance to Buy™ system, which you can access from any computer with internet access – anywhere – anytime.   

Do I have to join the Buyers International Group to take advantage of Balance to Buy™?

Membership in the buying group is not required to use the Balance to Buy™ system.  However, many of our clients find there are opportunities for sales growth that can be fulfilled by the vendor members of the Buyers International Group. 

I’m already a member of a different buying group.  Will this service be in conflict with that group?

Absolutely not.  In fact, several of the other buying groups have asked BIG to be a part of their education programs and work with their members on the process of merchandising their stores more effectively. 

How do the vendors respond to the information from Balance to Buy™?

BIG has made a profound effort to impact the process of partnering between vendors and retailers in the jewelry industry.  This service is part of that process.  Transparency of sell-through information and open communication about what is and is not working on the retail level is essential to the success of all parties.  Vendors have found the information extremely useful in helping them advise the retail client on the types of merchandise available to meet the consumer needs.  Vendors have universally responded to Balance to Buy™ as a welcome addition to the process of effective merchandising. 

How does Balance to Buy™ handle multi-store operations?

The system is flexible enough to allow all stores or one store to be examined at a time.  So those operations where merchandising is handled separately can allow individual store managers access to only their own information, but a head office buyer to see all stores together.  The system also helps facilitate the process of balancing stock between multiple stores. 

Can highly branded stores benefit from Balance to Buy™?

Definitely.  The information is just as useful for branded lines as non-branded and can facilitate the process of communication about sell-through patterns and overall performance.

 

If you have additional questions, please email us at info@BalanceToBuy.com.  Thank you!