Maginus Customer Signet Achieves Major Growth Online

According to Essential Retail, Maginus customer, H Samuel and Ernest Jones’ parent company Signet has reported 26.4% online growth over the last twelve months.

Signet who use a Microsoft Dynamics AX back office solution, implemented by Maginus, to fulfill their online business and in-store special orders delivered $164.1 million in online revenues last year.  The Dynamics platform is fully integrated into the Signet IT landscape and gives them a single view of stock across their estate.

H Samuel and Ernest Jones’ parent company Signet has reported significant growth in eCommerce sales over the last 12 months. Jewellery retailer Signet has reported that eCommerce sales totalled $164.1 million in the 12 months to 2 February 2014 – up 26.4% year on year.

The group, which operates Kay and Jared in the US and H Samuel and Ernest Jones in the UK, said that its American business saw eCommerce sales rise by 27.2% to $129 million, while online retail in the UK generated $35.1 million in revenue.

 

Overall sales in the UK were down 3.4% to $685.6 million, which was primarily attributed to the ongoing reduction in store numbers at H Samuel. Group sales for the full year totalled $4.2 billion, which was up 5.7% on last year and driven by growth in the US.

Mike Barnes, CEO of Signet, said: "Signet performed well during the year delivering a 4.4% increase in same store sales and a 4.8% increase in EPS.

"We are pleased with our progress in the current quarter-to-date and expect to achieve our goals for the first quarter. Our priorities remain focused on delivering an outstanding experience to all our customers.

"We will continue to execute on our multichannel growth initiatives and expand our store base."

Signet will be looking to capitalise on a growing online retail market in both the US and UK. Figures from the IMRG-Capgemini e-retail Sales Index suggest that £107 billion will be spent online in the UK in 2014, while eMarketer estimates the US online retail market will be worth $296 billion this year.

Although these figures from Signet suggest that online sales of jewellery continue to grow, there is a feeling within the sector that stores continue to play a central part in the industry's success.

Speaking to Essential Retail earlier this year, Ivar Campbell Cole, operations and project manager at jeweller Thomas Sabo, said that the physical retailing experience is crucial in the jewellery business:

"A lot of our managers are reporting back this year that people have found the product online but have actually entered the shop to buy it," he explained.

"Yes, we have lost some sales through showrooming, but the internet is helping us the other way as well. Buying jewellery is such an emotional process – you want to try it and touch it – so for us, all channels are supporting each other."

Click here to read the original article from Essential Retail.