Achieving success in jewellery retail hinges on finding the delicate balance between profitability and competitiveness through an optimised cost-plus pricing strategy.
By carefully considering material costs, labour expenses, design complexity, and market demand, retailers can determine the ideal markup for their products.
Leveraging assortment planning, retail merchandise planning, merchandise financial planning, and other strategic initiatives is essential for maximising profitability.
By utilising data-driven insights and aligning pricing strategies with market trends and customer preferences
, jewellery retailers can navigate the competitive landscape and achieve sustainable success.