He went on to say that BIG tracks over $2.5 billion in aggregated annual sales, with aged inventory levels currently at 45%. “When you consider the U.S. jewelry industry is 30 or 40 times the size of our (current) database, we’re talking about tens of billions of dollars of aged inventory industry-wide.”
He points to the automotive industry as an example of how inventory exchange benefits everyone. “Auto manufacturers spend millions of dollars building systems to allow their dealers to trade inventory amongst themselves, giving them the ability to see where every make and model car is in stock, and encouraging dealers to swap cars. They do this to maximize sell-through of their inventory.
“No one in the jewelry industry has ever had the guts to do this, until now.” He expressed hope that HOF’s program will be the start of similar programs for other companies.
“Can’t you imagine that someone across the country needs an item that you’ve had in stock for two years, but instead of making it, your supplier sends you an email to return it to them for credit so they can ship it right out to another jeweler? Everyone wins!” he wrote.