Sales Strategy

How Ben Bridge’s Subscription Approach to Diamond Inventory Management Propels Growth September 25, 2023 (0 comments)

Seattle, WA--Maintaining an extensive diamond collection for expansive jewelry chains can be financially challenging. Although there are options to get consigned diamond stocks from vendors, these often need to align with a store's specific needs and target audience.

[Photo by Tahlia Doyle on Unsplash]

An article in TotalRetail talks about Ben Bridge, a luxury brand under Berkshire Hathaway, and how they've adopted a subscription-based approach to address this inventory dilemma, ensuring the ideal diamonds are displayed throughout the year.

This diamond inventory subscription system is the brainchild of a Canadian firm named Dialog.

Ben Bridge tailors its subscription, ranging from $50,000 to $5 million per outlet. Dialog, using its algorithms, tailors the inventory to match the specific needs of each Ben Bridge store. The company also assumes all inventory and financial risks, freeing up capital for Ben Bridge.

Dialog incorporated a data scientist into its ranks in 2022. This addition aimed to offer in-depth insights to retailers, helping them fine-tune their diamond inventory. The outcome? A whopping 88% of retailers saw year-on-year growth in turnover with their Dialog-assisted inventory, with an average turnover spike of 27%, per the report.

Thanks to Dialog's platform, retailers, including Ben Bridge, can seamlessly manage their inventory online. If a particular diamond isn't selling, it can be replaced swiftly. Some retailers have even seen their diamond stock turnover rates jump from under 1x annually to between 1.5 and 2x.

Learn more in the entire report on TotalRetail.