Jewellery suppliers will need to support sell-out and demonstrate a collaborative approach with retailers if they really want to overcome the near-term economic challenges created by Covid-19.
That’s according to Houlden chief executive Helen Haddow, who suggests suppliers will need to take a considered approach when accounting for belt-tightening among their channel customers.
“I think the suppliers are facing a tougher challenge initially,” said Ms Haddow. “Retailers will not necessarily have the cash resources to invest in new lines and they will be focused on making every penny count.
“So, like the retailers, suppliers need to get close to their customers – understand what problems they have and work together to come to a solution. It’s not about selling into a retailer – it’s all about supporting that sell-out. I think they need to listen, empathise and work together with their retail partners, recognising that some creative and progressive thinking may be required.”
Ms Haddow said “patience and resilience” would be needed at this time, and the current climate means that many suppliers will almost certainly be thinking about how they can do business differently and more efficiently than before.
“My advice is that they should be progressive and think of new ways of being a true partner in business. As we are all in this together, together we will thrive,” she said.
The full interview with Helen Haddow can be read HERE.