CAMPBELL, Calif. (January 25, 2024) – RetailNext, the leading in-store traffic analytics provider used by 450+ of the world’s most loved retail brands, today unveiled its strategic partnership with one of the fastest-growing jewellery companies in the U.S., Daniel’s Jewelers. Boosting digital advertising in the last five years, the family-run jeweller turned to RetailNext to analyse the impact of digital solutions and support its bricks-and-mortar expansion.
Remaining agile to changes in consumer preferences has been key to the jeweller's 76-year history—whether that be advertising across new mediums or catering to shifting preferences for offerings like lab-grown diamonds, which are now responsible for 17% of the total diamond market. Acknowledging these evolving preferences, Daniel's Jewelers intensified its digital advertising efforts to reach younger audiences online, inviting them to learn more about their wide array of products and try them on in-store.
“The jewellery sector is incredibly competitive, so access to reliable and comprehensive data is crucial to our business. We appreciate the econometrics side of the RetailNext business in the form of industry traffic indexes,” said David Sherwood, CEO of Daniel’s Retailers. “The RetailNext weekly analysis is helpful, especially from a board perspective where third-party data is highly valued. Partnering with a vendor that has a pulse on all parts of retail, but specifically in the jewellery industry, is something that I have come to rely on a lot over the last few years.”
Diamonds Are Forever and So Are Happy Customers ~ Here’s How RetailNext Became an Indispensable In-Store Data and Insights Solution for the Storied Jeweller
Prior to RetailNext, Daniel’s Jewelers relied on various sources of store data that were manually collated and then piped through the PoS (point of sale) system to measure performance. Unsurprisingly, these data sources did not provide the level of insights needed to measure the impact of evolving digital strategies on in-store footfall. The retailer’s camera system was also outdated and failed to allow instant access to more remote environments, especially following incidents of theft or vandalism.
That changed when Daniel’s Jewelers implemented RetailNext’s Traffic 2.0 solution across its 100+ locations nationwide. The solution, powered by RetailNext’s AI IoT device, Aurora, allows instant access to high-resolution recorded video by fusing 3D imagery and deep learning technology. Aurora enabled Daniel’s Jewelers to visualise and analyse traffic trends, perform self-audits, bolster its asset protection applications, and glean new insights into key performance metrics, including occupancy, conversion, and average transaction value.
The metrics allowed Daniel’s Jewelers to better understand its digital campaign performance regionally, and at individual stores, offering crucial KPIs that tracked footfall trends on a day-over-day, week-over-week, and year-over-year basis. By equipping stores with Aurora, Daniel’s Jewelers was able to ensure the active engagement of security guards, assist law enforcement with HD images and manager statements for incidents, and collaborate with security experts to enhance store security against thefts and vandalism.
"Stores don’t have time to manually sift through data to figure out what’s working and what’s not,” said Alexei Agratchev, CEO and Co-Founder, of RetailNext. “Our partnership will continue to support Daniel’s Jewelers with real-time, AI-powered analytics as they expand their bricks-and-mortar presence in this increasingly competitive market.”
With RetailNext’s Traffic 2.0 installed in its stores, Daniel’s Jewelers could also analyse traffic trends with a focus on “power hours.” This helped to clarify previous assumptions about when footfall was up or down, and when to staff its best performers. For example, the brand found footfall increased on Sundays in almost one-third of its stores compared to the rest of the week. In response, Daniel’s Jewelers revamped its shift schedules for store managers at its so-called “Sunday Stores” to ensure managers worked on Sundays in those stores.
“We've seen a definitive increase of in-store productivity as a result of reviewing our staff schedules,” said David Sherwood, CEO of Daniel’s Jewelers. “You always want your best store colleagues to be on the floor when the most customers are there. And by realigning our Sunday shift schedule, we've been able to do that in a third of the chain, where Sunday volumes have increased.”
To learn more about RetailNext’s partnership with Daniel’s Jewelers, read the Daniel’s Jewelers case study.
About RetailNext
The first retail vertical IoT platform to bring e-commerce style shopper analytics to bricks-and-mortar stores, brands, and malls, RetailNext is a pioneer in focusing entirely on optimising the shopper experience. Through its centralised SaaS platform, RetailNext automatically collects and analyses shopper behaviour data, providing retailers with insight to improve the shopper experience in real-time.
More than 450 retailers in over 95 countries have adopted RetailNext's analytics software and retail expertise to better understand the shopper journey in order to increase same-store sales, reduce theft and eliminate unnecessary costs. RetailNext is headquartered in Campbell, California.
Learn more at retailnext.net.
About Daniel’s Jewelers
Since 1948, Daniel's Jewelers has been one of the fastest-growing jewellery companies in the country. With 100+ stores nationwide and best-in-class e-commerce site, Daniel’s Jewelers takes pride in offering an amazing customer experience with fine jewellery products and service.
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