Edge Pulse is a cloud-based application created by Retail Edge Consultants that streams live store data every 20 to 30 minutes, allowing retailers to remotely manage their businesses via a tablet, smartphone or computer.
Retail Edge sales manager Michael Dyer explained that the jewellery-specific software – developed in Australia over about eight months – was based on another program called Store Monitor.
“Store Monitor allowed the head office of multi-store clients to see activity levels at the stores, but only on a computer. We have expanded and built on that with Edge Pulse,” Dyer said.
“We are in a visual industry and we felt that there was probably going to be better uptake and better understanding if we could present some of the Store Monitor information in a visual analytical type form through graphs and displays. The new application has replaced Store Monitor and is accessible on any device that has internet access.”
In addition to offering the features from Store Monitor in a more user-friendly and accessible format – including a performance summary of each store that details sales, highest receipting staff and banking – Edge Pulse is said to incorporate a number of useful graphing tools that allow users to compare data on a selected day, across a month, or against the same period in the previous year.
Important information on different salespeople, suppliers and product categories can also be broken down and analysed.
“By seeing in real-time how the day’s trading is going, you can make decisions to ensure you meet budget,” Dyer commented, adding that the information could be used to better train staff as well.
Jewellers can also use the software to view discount details, create analyses by services and special orders, compare their store against the “average store”, and view the performance of best-selling products in their buying group.
“Buying other people’s proven fast-sellers does work!” Dyer attested.
He added that an important feature included in the application was a tool that allowed jewellers to see how the market had been trending in the last 28 days compared with the same period (day adjusted) for the previous two years for all participating stores in the user’s buying group. The tool would then graph a similar comparison for the following 14 days.
“Millions of dollars of sales from many stores means you know what is happening, and if you are negative trending, you need to make some decisions,” Dyer said.
Retail Edge’s presence at the fair
Although the official Edge Pulse launch will take place during the upcoming JAA International Jewellery Fair, the software is already being used by more than 200 stores across Australasia, as well as more than 100 stores in the US.
In addition to releasing Edge Pulse, Retail Edge will be hosting Spotlight Learning Exchange sessions during the Sydney jewellery fair.
Dyer will present on Sunday at 10:30am about how to boost profits using technology while Retail Edge president David Brown will be offering advice at 10:30am on Monday about succession planning.
The fair will be held from Sunday 31 August to Tuesday 2 September at the Sydney Exhibition Centre @ Glebe Island.
More reading
How to increase jewellery sales and boost profits
-