eBay has made quite a few changes to their site in the last few months. Stricter standards, fee changes, new eBay advertising, and most especially the removal of Active Content from item descriptions. This was the hardest hitting of the updates because it forced so many sellers to change the look, feel, and mechanics of their listings’ descriptions. It was a difficult update to comply with but, in the end, it will make eBay a much better selling platform.
In the jewelry industry, keeping track of product is essential. Since most pieces are more costly and require more time to produce relative to other industries, jewelers have a heightened need for accurate inventory and product information.
For a busy pawnshop, the speed at the counter directly translates to dollars earned. Customers expect to walk in with an item of value and walk out with cash in the absolute minimum amount of time. The faster the shop can write loans, take payments and make sales, the more customers they will be able to serve per day.
Lately, it seems like pawn software companies have been putting hurdles in place to slow you and your employees down when writing a loan only to benefit themselves. They make you enter information for items that isn’t needed. You have to describe every item as if it is expected to default and be posted to an online auction.
Markets for gold and silver are crazy as of late. $25 x 2 day swings up and down. As I've said before, it's like an elevator but there is no "definitely"... Especially when you're ready to settle a lot or hedge when shipping.
Keep an eye on the US dollar, stock markets, job markets, fed talks (interest), President Trump, Democratic Party, unruly activity both overseas and in the US. They will all have an impact on where metals will move -- up, down or remain flat. It's a Friday, as I'm writing this and markets are up $5 - used to be a "profit taking day" for traders for their weekend ca$h. It doesn't roll like that any longer.
When viewing the Inventory Turns and Inventory Yield in the Management Dashboard Report, it is very important to note the use of the word “Annualized”.
There are multiple methods for calculating turns that are acceptable for accounting. Two of the most common are Sales Divided by Average Inventory and COGS Divided by Average Inventory.
Join us at the NPA Pawn Expo for our presentation offering you ideas you can take back and use in your shop right away -- most of which WON'T COST YOU ANYTHING!
Over the years Data Age/PawnMaster has grown our business because we have helped our customers grow theirs by listening to them. We don’t force you into operating your shops to fit our software. Our software is highly configurable to meet your specific needs and can be customized as well.
Here at Data Age we have a true understanding of what it means to be in need of help. We know the struggles that the shop owners and employees are going through on a day to day basis, so we make ourselves available to any and all questions or concerns. We’ve found that limiting ourselves to only one form of support just doesn’t allow us to reach every shop… For that reason we have multiple avenues to get your issues or questions handled.