Here’s a quiz. It has but one question. I’m guessing you pass with colors of a flying nature.
As resident editor, I’ve given dozens, if not hundreds, of speeches over the past two decades, and the “Q” I’m asked most during the obligatory post-talk “Q &A” time is …
A. Has anyone ever told you that you look like Tom Cruise?
B. Do you know the way to San Jose?
C. How ‘bout them Cowboys?
D. What trends do you see affecting the industry this year?
If you answered (A), you are now my best friend for life. However, you are also probably both blind and not very bright, and I would suggest that the next time you take the quiz you either study with or copy off of the paper of the person who answered (D).
Indeed, trends – specifically, your ability to anticipate them, know them and adapt a business strategy for them – represent the trump card for most successful retail operations. Catch the wave early, and you become the Big Kahuna. Don’t, and you wind up doing a lot of dog paddling trying to keep your head above water.
Trend/wave catching is at the heart of a new project from Brandwise and the Gift & Home Trade Association, which have collaboratively launched an index that monitors statistically relevant industry trends based on aggregate sales information from vendors that attend the events.
Brandwise is an application service provider that delivers hosted and distributed software solutions to manufacturers and their sales channels within targeted industries. The GHTA is the gift and home industry’s non-profit trade association formed to help vendors, sales agencies and industry affiliates work together to improve relationships. In essence, Brandwise has the technology, while the GHTA has a market that can use it. Hence, a marriage that has “win/win” written all over it.
In a nutshell, the index gives subscribers pertinent trend patterns based on sales (and lack thereof) of various products lines at the various shows. Brandwise President Todd Litzman said the index was used most recently to monitor sales traffic at AmericasMart in Atlanta. Ultimate potential targets include the gift shows in Dallas, Los Angeles, New York, Chicago, Las Vegas, and the Highpoint furniture market in High Point, N.C.
“The whole concept is to give people something to judge their business on,” said Litzman. “What’s trending up? What’s trending down? We have hard information based on the dollars spent at the shows.”
While the system helps vendors know what to vend, it also could be a boon to buyers looking for “that special something” that their competitors might not carry. This is where the garden center operator comes in. If you do the home and gift thing, you can become an index subscriber and have at your fingertips, literally, information that can help you stock your shelves – with items that are “hot.”
And hot is good. Just ask my “twin,” Tom C.
-- Yale
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