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CRAIG’S SUCCESS HINGES ON SMART INVENTORY MANAGEMENT AND “FAMILY” STAFF | October 31, 2012 (0 comments)
Smart Inventory Management and His "Family" Staff Ensure Success at Craig's Fine Jewelry
Ridgefield, CT—Billy Craig, Craig's Fine Jewelry, credits smart buying/inventory management and his staff with his success.
"We've used The Edge software since 2008," says Craig. "We're getting more sophisticated in how we buy and restock. We do rapid reorders every Tuesday, and rapid, rapid reorders daily. If we sell an item on Monday, we order and can sell it again that weekend."
In the past few years, only one or two employees at Craig's Fine Jewelry knew how to use the software and generate the inventory reports. Recently, Craig himself has been to training seminars and learned how to be more hands-on with the software.
"Inventory wise, it works great," says Craig. "Before the economic downturn in 2008 we didn't need software like that. Since then, it's worked for us." Craig says business is good, but that "Everyone is waiting for the election," before they spend money - or not.
Craig's Fine Jewelry has started its 62nd year in business. Craig's is a third generation, family-owned operation as well as being one of the oldest businesses in Ridgefield. Craig got his start in the family business as a teenager, repairing jewelry with his uncle. Recently, his daughter came to work at the store, starting off the 4th generation at Craig's. "She's doing some display and selling," says Craig. "A little bit of everything."
Two showcases at Craig's Jewelry
Craig's sales floor is 1,000 square feet. "The bulk of our business is fashion diamond, color stones and pearls," says Craig, looking at one of his inventory reports for the data as he speaks to The Centurion. "We're not an engagement ring store, but we are putting a lot of emphasis into the category this year. We're putting in bigger diamonds and more engagement rings."
Craig's core customer is a woman self-purchaser who also creates a wish list at the store, allowing her husband to easily purchase for gift-giving occasions. Craig's also buys gold from customers, offering fair-market price for cash or 25% more if the seller chooses to take a store credit.
Craig reaches his customers through various social media, on his website and through local newspapers. "We don't do a lot of business on the website; it's all about planting seeds," says Craig. "It acquaints people with who and what we are." Craig's site covers a lot of ground even from just their homepage, with rotating images lining to various areas of the site. The homepage also offers links to Facebook and Twitter and an email drop to sign up for the store's newsletter. The store also posts on Pintrest. Craig works with an independent contractor who comes in four times a week to do marketing.
"We do run an ad in our local newspaper and on our local newsletter's webpage," says Craig. "It keeps our name out there."
Craig's Fine Jewelry also regularly offers special events, often with a one day private showing for special customers. They bring in trunk shows and advertise via direct mail. "Our 62nd anniversary party was very successful," says Craig. "We do 4 or 5 special events each year. Our biggest event is the Holiday Stroll, held the first Friday after Thanksgiving. Last year, we had 1,500 people through our door from 6-10pm. It's a seed planting night, not a selling night."
Customers enjoy seeing old photos of Craig's on Facebook.
Craig's strategy seems to be working, if it's Facebook page is anything to go by. Craig's customers are active on Facebook and his staff his active on Twitter, listed @CraigsGirls. (The photo at right was shared on Craig's Facebook page, offering a glimpse of the past.)
Craig's has seven people on staff, the staff with which Craig credits the store's success. They are like family and are listed that way on the store's website. The 'About Us' link has a section titled 'Meet the Family.' Along with Craig, two employees are featured, the manager and assistant manager.
From the Craig's Fine Jewelry website: "Essential to Craig's continuing success is the "Craig's Family." They are store manager Laura Verses, now a 15-year veteran of the business; Marlene Langer, with the business for nine years and assistant manager; and an experienced attentive support team."
From left: Bill Craig, Laura Verses, and Marlene Langer.
As part of the routine at Craig's, there's a daily meeting each morning, often as jewelry is being placed in showcases. "Sometimes our meeting are 1, 5 or 10 minutes," says Craig. "We do lots of recap so everyone knows what's going on and what's upcoming."
Craig's Fine Jewelry puts its people first and follows that with some great inventory tracking to stay competitive in today's marketplace.