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Berkshire Hathaway Retail Uses Netflix Model to Solve Inventory Paradox
News provided byEIN Presswire
Jun 08, 2023, 5:38 PM ET
Subscriptions now keep the world’s most valuable inventory in stock
Today, one of Berkshire Hathaway’s premier jewelry retail brands, Ben Bridge, is using a Netflix type subscription model to solve this paradox, and guarantee they have the optimum diamond inventory on their shelves, in each store, every day of the year.
The new diamond subscription inventory technology, keeping jewelry retailers focused on this objective, was developed by a Canadian company called Dialog. Who simply asked their retailer customers:
“What if diamond inventory was a service?”
“We really try to have the inventory on hand that our customers want to see. Dialog helps us always have our ideal inventory in the stores all the time, which is a wonderful service we can offer our customers.” notes Angela Hope from Ben Bridge Jewelers.
Engagement ring spending in the USA rose 9.2% in 2022 over 2021, according to the latest data from The Wedding Report, and another 2 million plus weddings are likely for 2023. There are going to be lots of young couples walking into jewelry stores, with that gleam in their eyes, ready to buy.
As a result, the fundamental objective of every jewelry retailer must be to have the right inventory in the right store at the right time.
“We are the world’s first diamond subscription service,” says Reut Rothstein, Dialog Vice President.
“Retailers subscribe to their ideal inventory amount, anywhere from $50,000 to $5 million. Dialog’s experts and proprietary algorithms analyze sales and inventory levels to curate the exact merchandising mix for each specific retailer’s customers. Retailers pay 1% a month of the inventory value. Dialog takes on all the inventory and capital risk, allowing retailers to use their funds elsewhere.”
Additionally, Dialog retailers have access to a unique, online portal to select or change any inventory in real time.
So, when that next young couple walks into a jewelry store, there’s a high probability they’re going to be walking out with a bit more than just love in their hearts.
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