Our Marketplace is Changing

by Abe Sherman – CEO, BIG – Buyers Intelligence Group

November 16, 2021

It took a few years, but our marketplace is beginning to change at a rapid rate. Of course, there will always be change within the industry landscape – aesthetics change, prices change, priorities change. But the change I’m writing about is a fundamental shift in Business-to-Business dynamics. Brands and retailers alike are not only embracing the use of data in their business relationships, but they are also insisting that their partners work with them in this endeavor.

Less than a decade ago, the resistance from retailers to sharing data with their suppliers was the norm. For their part, brands had little interest in doing the extra work required to help their retailers in analysis and inventory planning. But that has all changed; and changed very quickly. What began with a slow and steady stream of data-sharing has become a Tsunami.

During the fall jewelry shows, suppliers were coming to US, letting us know that their best retail partners have told them, in no uncertain terms, that if they don’t start helping them by doing the work before their appointment, that there would be no appointment. Retailers echoed the sentiment, recounting conversations with their various vendor partners that left no room for anything less than transparency and partnership. No data sharing, no memo goods. There are several triggers involved in this change in attitude.

Retailers are busier than ever but finding and training staff has been a challenge. This has left many in a deficit of time and energy, both of which are necessary for the labor that in-depth analysis and inventory management requires. These retailers have had to relinquish some of that previously tightly-clutched management to the vendors, who now have the tools, training and information to help those retailers run their mutual business.

Sales reps who have embraced these resources and are showing up to appointments with a plan and a proposal are the ones sending us new retailers, getting their existing customers to turn on permission to share data and who stop us at tradeshows to let us know how this has completely changed the relationships with their retailers. The ones who don’t are losing market-share. For our part, we do most of the heavy lifting, of gathering, mapping and normalizing the vendor’s data, as well as providing access to and ongoing training on the platform for the brand and all of their staff!

Selling jewelry at wholesale AND at retail is as much about relationships as it is about the merchandise itself. Whichever side of the case you’re facing, an important part of those relationships is to be a merchandising consultant and not just someone hawking their wares. Good quality, collaborative interaction has become the solid foundation of a significant sale, replacing the flimsy cards of schmooze and shlepp. Within the 60 or so brands we are currently working with in the BIG Network, there are more and more reps who use Balance to Buy to do the inventory management for their retail-partners. And within the 1,000 or so retailer doors from which we are receiving data, there are more and more buyers who are letting them do so.

The marketplace is speaking. Loudly. An ever growing number of retailers are insisting that their suppliers help them, or they will find other suppliers. Brands, for their part, are insisting that retailers participate in data-sharing so they can do their inventory planning better too – or similarly, they will find other retailers to work with.

There is no reason to expect that this trend will not just continue but will be even more self-reinforcing. The Tsunami of retailers, suppliers and sales reps who embrace the simple yet powerful concept of collaboration and a win-win game plan are going to be the only ones left standing. I applaud the retailers, brands and sales reps who realize that their futures rely on this collaboration and who are all in. But more than anything, I applaud the two dozen people we have here at BIG, who work tirelessly to make sure it all works! Our Marketplace is Changing – Finally!