August 5, 2025 • 23 mins
Michael dives into data pulled directly from the Punchmark E-Commerce platform for Q1 & Q2 of 2025. Punchmark services only the Jewelry industry, which means their platform data offers a unique insight into the e-commerce fluctuations and jewelry trends of the industry as it stands today.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:24):
Welcome to In every month and since Punchmark only
does jewelry stores retail,jewelry stores websites we kind
of have a very cultivated andspecific set of data and I think
it's really interesting.
I would love to share 10 keylittle takeaways that I had from
(00:45):
breaking down both June as wellas the first half of 2025.
So everybody enjoy.
Speaker 2 (00:55):
This episode is brought to you by Punchmark, the
jewelry industry's favoritewebsite platform and digital
growth agency.
Our mission reaches way beyondtechnology.
With decades of experience andlong-lasting industry
relationships, punchmark enablesjewelry businesses to flourish
in any marketplace.
We consider our clients ourfriends, as many of them have
(01:15):
been friends way before becomingclients.
Punchmark's own success comesfrom the fact that we have a
much deeper need and obligationto help our friends succeed.
Whether you're looking forbetter e-commerce performance,
business growth or campaignsthat drive traffic and sales,
punchmark's website andmarketing services were made
just for you.
It's never too late totransform your business and
(01:37):
stitch together your digital andphysical worlds in a way that
achieves tremendous growth andresults.
Schedule a guided demo today atpunchmarkcom.
Slash go.
Speaker 1 (01:49):
And now back to the show Okay, everybody.
So, like I was mentioning, I'mgoing to be breaking down the
first half of 2025 and also June2025.
This episode is going to becoming out in August, but my
reports lag a little bit andalso I didn't want to do July,
(02:12):
because July is just like aslightly weirder month.
I feel like it's not asindicative of how things are
going, you know, for the entireindustry, and I think that
looking at the first half sortof takes out some of those
outliers and starts to let usfocus on, you know, what's in
(02:33):
the immediate future.
So here is insight number one2025 is holding steady, so we
are slightly ahead of 2024 whenit comes to e-commerce numbers.
What that means is that we arebetter than a stinky 2024.
E-commerce in 2024 actually hada real cool off, at least in
(02:55):
jewelry.
There's a lot of reasons thatcould be.
Traditionally luxury, I think,does more poorly during election
years, at least in the US, andI think that 2024 had like a
little bit of a slower year and2025 is tracking ahead of that
at a pretty considerable amount.
It seems like it's trackingwith 2023.
(03:17):
But it's a little bit too earlyto say and I'll get into that
more later.
There's been no crash monthsand there's also been no
incredible months.
It's been pretty solid, whereas2024 had a couple of months
where it was a little bit stinkyand then a couple of months
that were really impressive.
So this year a little bit moresmooth.
(03:38):
Again, we talk about smoothMarch slump.
Each year.
March is definitely the worstmonth and I'm looking at the
chart right now and I saw everyyear I don't know if it's
related to post-Valentine's Daykind of slump or you know cool
offs, but it's also beforeMother's Day.
(04:00):
I think that if I could tellpeople to when to put their next
promotion, I'd target Marchbecause just looking at it it
definitely stands out.
My data that I've sort of beencollecting goes back to January
2021.
That's like when I startednormalizing some of this data
and I can say that every singlemonth, without fail, march is
(04:24):
the worst month.
Here's the next one.
Q4 is going to be make or breakand it's almost a little bit
generous to say Q4.
It's really November andDecember.
November has the biggest, Iguess, striation, the biggest
change as far as what some yearsdo, but December is just
(04:44):
consistently very, very, verygood.
So it kind of depends on.
I expect November to continueto be really good and I expect
December to also be reallyreally good.
We'll see about October.
There've been it's typicallypretty consistently middle, and
I think that Black Friday isstarting sooner and sooner,
(05:06):
which makes no sense when youthink about the words, but
whatever it's very much likeBlack Friday season starts
around Halloween, so it mighteven be even earlier.
All right, here's another one.
In 2021 through 2023, this is acrazy stat.
The first seven monthsaccounted for about 45% of
(05:30):
annual sales.
That means that the second whatis that?
Six months, five months accountfor 55% of sales 55% of sales.
And what that's even crazier isthat when you look at just
November and December, it'saccounting for like I wish I had
(05:54):
this stat already pulled, but39% or something like that.
So a lot is going to be ridingon this November and December.
I'm predicting that 2025 isgoing to outstrip 2024 last year
by considerable margin.
I don't think it's going tocatch up to 23.
23 was still pretty strong andit had a higher order value by
(06:15):
considerable margin.
I just don't think that we'regoing to see those heights at
the end of the year, especiallywith the way that diamonds and
gold are trending.
All right, now let's get that'sfour.
Let's get into June 2025.
So this is talking about thispast kind of most recent month
or so, and I'm sure this will betrue for July, but I don't have
(06:38):
the July report sent to me yet.
So I wanna talk about averageorders for clients and I pulled
this number and you're sayingit's like some of our clients
are getting, you know, 10 to 12orders a week and then some of
our clients are getting oneorder a month.
Some of them are trying harder.
(07:00):
But Ross brings up a reallygood point and when I was
breaking average orders perclient down, it's such a hard
number to convey without makingsomeone feel like they're way
overdoing it or they're wayunderperforming, because we also
(07:20):
have some clients that aredoing like 50 to 60 orders in a
month and they're doing reallywell.
So Ross makes a great point.
He talks about kinks in thehose and have you ever been like
watering your plants, like I'vebeen doing a lot of gardening
and you're watering and suddenly, like your hose is just like
you know, you think it's doingall right, but it's like, wow,
(07:40):
it's not reaching as far as Ithought it was, and then you
look back and you have like ahidden kink and then you unkink
it and then suddenly it operatesas it's supposed to.
That's kind of how I think ofyour e-commerce flow, as it's
going to be doing as well as itcan until you go back and just
inspect it and I recommend youinspect this thing every quarter
(08:02):
, at least every half, but everyquarter, maybe even every month
Just go through, add a productto your checkout, get all the
way to the last step.
You don't have to buy it, butjust go through and step it.
So we're saying that forqualified jewelers, average
orders are going to be 10-ishfor a month.
(08:23):
All right, everybody, we'regoing to take a quick break and
hear a word from our sponsor.
This episode is brought to youin part by Jewelcraft.
Running a jewelry store is nosmall feat.
That's where Jewelcraft comesin.
They're a fourth generationfamily-owned business based in
Kentucky that's built theirreputation on being the reliable
(08:44):
behind-the-scenes partner thatjewelers across the country
trust.
Whether it's jewelry repair,manufacturing, custom design or
appraisals, they can handleanything that your jewelers
don't have the time for and helpscale your projects.
And because their work is doneright here in the USA, you avoid
the hassle of overseasproduction delays or tariffs.
That means faster turnarounds,consistent quality and peace of
(09:06):
mind.
With a team of seasoned expertsand decades of experience,
jewelcraft is your one-stop shopfor everything you need to keep
your jewelry business runningsmoothly so you can stay focused
on what matters most yourcustomers.
Learn more at Jewelcraftcomthat's Jewel-Craftcom.
Learn more about them in theshow notes below.
And now back to the show.
(09:26):
And we're back.
All right, sales by day of theweek.
So I took all of our salesreports and I ran it through GPT
, because I'm not doing this byhand.
And here's another one Mondayssurprisingly led the week with
(09:49):
27% of sales, which is prettycrazy.
And I asked, hey, why do youthink this is?
And it said this is prettycrazy.
And I asked hey, why do youthink this is?
And it said this is possiblydue to weekend browsing
converting into purchases atwork.
The first one if we think aboutit, there's seven days of the
week.
That means it should be evenlysplit across.
You know, seven days.
Mondays take up a ton with 27percent, and then Fridays
(10:13):
actually do pretty well with 20%, and then Thursdays are the
worst with eight and a halfpercent.
Crazy, did not expect that,didn't expect Mondays to be as
good, but there you go Mondays,the big earner.
Here's another one Sales byhour of the day.
So that's one of the littlestats I've never kind of dove
(10:35):
into, but here you go.
If you had to guess, what do youthink the most busiest day is?
If you're guessing, 7 o'clockpm to 8 o'clock pm, you'd be
right, so congratulations.
However, we're seeing a lot ofstrong activity between 2 and 6
pm.
That's when, like, a majorityof sales are happening between 2
(10:58):
and 8, with 7 and 8 being themost popular.
You start to see a taper, youknow, after 9 o'clock, however,
there's some actual, some reallygood late night traffic from
like 10 pm to midnight,especially like 11 pm, of course
, and then, you know, looked,but the quietest times, 3 to 5
(11:19):
am, and this is all Easterntimes.
That's how we normalize.
Kind of interesting, I wouldhave thought.
I definitely, you know, guessedthat 2 to 8 is going to be the
most popular, but reallyinteresting that 11 pm is so
important.
Here's another one what jewelrycategories are doing the best on
e-commerce?
So I went through and we lookedat all of the orders sold and
(11:42):
we noticed that by far thenumber one was charms, and that
makes sense Lower price point,and then earrings and then
watches and then bracelets, butwatches and bracelets very low.
So this is the number of itemssold.
So this is purely about numberof checkouts or number of
(12:04):
products actually converted.
However, when you start tocompare it to dollars transacted
dollars transacted the mostdollars transacted categories it
actually flips.
And this one is watches andthen earrings, then rings and
then a big drop off and thencharms.
(12:25):
So charms, obviously.
It's like if you're just tryingto figure out how to convert an
e-commerce with a jewelrywebsite.
I think that your testingground should just be with
charms.
They're a low price point, easyto convert.
People buy them.
There's no sizing, so charmsare going to be an easy to kind
(12:46):
of entry point If you're tryingto start making some dollars
with your site and actuallyconverting into real sales.
It sounds like watches.
I will add the caveat Watchesdefinitely have the highest rate
of attempted fraud.
So if you're going to beselling watches, I just highly
(13:07):
recommend that you either haveClearSale or Eye for Fraud.
We've talked about them a lot.
You can check out Punchmark'swebsite for more information
about integrating with them.
Highly highly recommend it Justbecause people I don't know, I
don't know why they try todefraud with watches.
It would be an interestingthing to think about.
But here is the last littlenugget and I love this one.
(13:29):
This is going to sound like amade-up fact or a stat, and it's
not.
This is a to sound like amade-up fact or a stat, and it's
not.
This is a real one.
But I asked this GPT after Ifed it several, many CSVs of
sales data, and I asked it tofind interesting correlations.
This Retailers who log in moreoften sell significantly more
(14:01):
and tend to process higher valueorders, which you're probably
like Mike.
That sounds like the most madeup punchmark stat of all time.
You just want us to log in more.
Yes, I do want you to log inmore.
Why?
Because I think it actuallydoes make you do better and it's
not even thinking at this point.
This is data.
We do track logins, so we seeaccounts, we see how much you
sell.
(14:22):
We also track logins by youraccount.
And when you start to drawcorrelations, correlation is
measured on a scale of negativeone to one.
So zero means there's nocorrelation.
One 1.0, means that there is anexact correlation as something
(14:44):
goes up, something else alsogoes up in lockstep.
It is a direct correlation.
And then if you have a value ofnegative one, that is an
inverse correlation, which meansthat when something goes up,
something else always goes down.
So the closer to one ornegative one, the more direct or
indirect of a correlation, soyou can kind of bank on it more.
(15:07):
All right, you probably alreadyknew about this.
I didn't know about this.
I went to school for design.
So when we look at, for example, the correlation between site
manager logins and total salesthat means the number of sales
the correlation is 0.79.
That is very, very highlycorrelated.
(15:31):
Again, we're trying to measureout of one, so it's 79% of the
way there.
That means for our clients thatlog in a lot, their total sales
typically increased with thenumber of logins.
And that is also similar tosite manager logins and average
order value.
This one obviously doesn't haveas much of a direct correlation
(15:53):
because this has to do withbusiness type.
Some of our businesses theysell watches and some of our
businesses they sell charms.
So as a result, charms you'rejust.
You might be making a lot ofsales, you might just not be
moving as much money.
We have one client I won't namewho they are.
They're on track to have like athousand sales this year, which
(16:14):
is that's a lot of sales.
Uh, they are not moving as muchmoney as you'd expect.
It's because I think that theyare just doing charms and you
know what they're doing reallywell, good for them.
I think it's so cool that theyare transacting that and they're
doing well.
Anyways, the correlationbetween site manager logins and
average order value is 0.4.
(16:35):
So about halfway between, youknow, to direct correlation.
So that's really interesting.
I think that we always look atforward-looking indicators so
you know what is going topredict store closures or
clients leaving us, or you knowclients being really happy with
(16:56):
us or things like that, and it'snot the ones that you think
might be the case.
You think that like, oh, if aclient makes a lot of sales,
they're going to be really happywith us.
Sometimes it's other things ithas to do with.
You know their survey resultsand how like they're speaking
with us.
So there's other morecomplicated aspects to this.
But one thing that we can sayis user adoption.
(17:19):
So how much they're using ourtools does typically make them
like us more.
It also sounds like it also hasa huge impact on their sales
volume and I'm learning it'sprobably just because of this
connection and sort of feelinglike a tool.
You're swimming through thetool as opposed to, you know,
(17:41):
fighting against the current.
So just one of those things Iwanted to highlight and showcase
.
I think that you know these dataand statistics are very
fascinating and I'm kind ofalways like, like, like
squinting at them.
I'm like looking hey, what canI learn from this?
The one thing I've been seeinga lot is with average
(18:04):
transaction size, and this onefor a long time, was so steadily
at, you know, just short of youknow, between 450 and 475.
But these days it doesn't seemlike it's consistent.
It is going up and down, up anddown, up and down.
It's trending back towards 600right now for an average order
(18:27):
value, and that hasn't been seensince pretty much like 2022.
And why are these trendshappening?
I'd be lying if I said I know,I don't know why some of these
things are happening.
I can guess you know I'vealways had this thesis that in
2022 and 2023, lab-growndiamonds were kind of hitting
(18:49):
their peak.
People were selling lots oflab-grown diamonds and also the
market and price was at its bestlike I don't know if the word
is conjunction point or its bestconvergence point where people
were selling a lot of them andthey were also still worth a lot
.
But now, as the price hasdipped, gold has gotten higher.
You're buying less gold.
(19:10):
I guess you could say with yourpurchases that more people are
just foregoing the lab growndiamonds, or the lab grown
diamonds aren't pulling as muchsale, so the average order value
is down and people are stillselling the same amount of
orders.
As a result, the dollarstransacted across the industry
(19:31):
has fallen off a little bit inthe last year.
As a result of those things.
I do think that there's a worldwhere this comes right back
around and as people startbuying you know, gold and fine
gold, maybe they start buyingalternative metals and then they
start buying gemstones anddiamonds in these alternative
(19:54):
metals and what that could meanis that suddenly, you know the
price kind of comes back up foraverage order value.
But it's these things that I'mstarting to kind of track.
I don't have the answer toeverything, but I can't watch.
The one thing I also see and Ididn't have a great way to clean
(20:16):
this data so that I would beable to share it with you and
clean it, meaning like controlfor people who do not qualify is
the performance of our sitesthat have some type of financing
option, so that is Sezzle orAffirm or you know things like
(20:37):
that.
Having those types of financingoptions really does make a
difference and we're seeingthat's how people are checking
out for especially for watches,but also when they buy gold
jewelry a lot of times thatthey're financing out their
options using one of theseservices.
I don't have the way currentlyat my fingertips with my admin
(20:58):
controls, to disqualify anybodywho does not have a financing
option and then taking them, soI just have to look as like a
whole.
So it's not as good, but thatis like a thesis that I'm
working on is that people who dohave a financing option are
doing better.
That's kind of where I mightleave it A shorter episode.
(21:21):
I kind of wanted just to explainthat I think that e-commerce is
changing.
It used to be for me.
I thought that we were going tojust help jewelers get on the
road to selling you know, amillion or $2 million online
every year.
I thought that like a store wasgoing to be that guy and I just
(21:42):
think that now we are not morepopular than the in-store option
.
We can't like.
We, your website are not like.
It's not about only sellingonline.
It's about that omni-channelsolution and I think I'm
starting to see that theseonline events and promotions and
(22:02):
having it as a salesopportunity benefits the
in-store version if you're doingit right and doing it at the
same time Very narcissistically,I think.
Of myself.
I used to think that, oh, theyshould be selling everything
online, and I don't think thatthat's the case anymore.
I think it's like a balancingact and it's about having the
opportunities.
If you're not offering one orthe other, then you're leaving
(22:26):
money on the table.
All right, I think that's whereI'm going to end it.
Cheers Bye.
Thanks everybody for listening.
This episode was brought to youby Punchmark and produced and
hosted by me, michael Burbo.
This episode was edited by PaulSuarez with music by Ross
(22:48):
Cocker.
Don't forget to rate thepodcast on Spotify and Apple
podcasts and leave us feedbackon punchmarkcom slash loop.
That's L-O-U-P-E.
Thanks, we got an excitingepisode next week.
Tune in.
Cheers Bye.
Welcome to In every month and since Punchmark only
does jewelry stores retail,jewelry stores websites we kind
of have a very cultivated andspecific set of data and I think
it's really interesting.
I would love to share 10 keylittle takeaways that I had from
(00:45):
breaking down both June as wellas the first half of 2025.
So everybody enjoy.
Speaker 2 (00:55):
This episode is brought to you by Punchmark, the
jewelry industry's favoritewebsite platform and digital
growth agency.
Our mission reaches way beyondtechnology.
With decades of experience andlong-lasting industry
relationships, punchmark enablesjewelry businesses to flourish
in any marketplace.
We consider our clients ourfriends, as many of them have
(01:15):
been friends way before becomingclients.
Punchmark's own success comesfrom the fact that we have a
much deeper need and obligationto help our friends succeed.
Whether you're looking forbetter e-commerce performance,
business growth or campaignsthat drive traffic and sales,
punchmark's website andmarketing services were made
just for you.
It's never too late totransform your business and
(01:37):
stitch together your digital andphysical worlds in a way that
achieves tremendous growth andresults.
Schedule a guided demo today atpunchmarkcom.
Slash go.
Speaker 1 (01:49):
And now back to the show Okay, everybody.
So, like I was mentioning, I'mgoing to be breaking down the
first half of 2025 and also June2025.
This episode is going to becoming out in August, but my
reports lag a little bit andalso I didn't want to do July,
(02:12):
because July is just like aslightly weirder month.
I feel like it's not asindicative of how things are
going, you know, for the entireindustry, and I think that
looking at the first half sortof takes out some of those
outliers and starts to let usfocus on, you know, what's in
(02:33):
the immediate future.
So here is insight number one2025 is holding steady, so we
are slightly ahead of 2024 whenit comes to e-commerce numbers.
What that means is that we arebetter than a stinky 2024.
E-commerce in 2024 actually hada real cool off, at least in
(02:55):
jewelry.
There's a lot of reasons thatcould be.
Traditionally luxury, I think,does more poorly during election
years, at least in the US, andI think that 2024 had like a
little bit of a slower year and2025 is tracking ahead of that
at a pretty considerable amount.
It seems like it's trackingwith 2023.
(03:17):
But it's a little bit too earlyto say and I'll get into that
more later.
There's been no crash monthsand there's also been no
incredible months.
It's been pretty solid, whereas2024 had a couple of months
where it was a little bit stinkyand then a couple of months
that were really impressive.
So this year a little bit moresmooth.
(03:38):
Again, we talk about smoothMarch slump.
Each year.
March is definitely the worstmonth and I'm looking at the
chart right now and I saw everyyear I don't know if it's
related to post-Valentine's Daykind of slump or you know cool
offs, but it's also beforeMother's Day.
(04:00):
I think that if I could tellpeople to when to put their next
promotion, I'd target Marchbecause just looking at it it
definitely stands out.
My data that I've sort of beencollecting goes back to January
2021.
That's like when I startednormalizing some of this data
and I can say that every singlemonth, without fail, march is
(04:24):
the worst month.
Here's the next one.
Q4 is going to be make or breakand it's almost a little bit
generous to say Q4.
It's really November andDecember.
November has the biggest, Iguess, striation, the biggest
change as far as what some yearsdo, but December is just
(04:44):
consistently very, very, verygood.
So it kind of depends on.
I expect November to continueto be really good and I expect
December to also be reallyreally good.
We'll see about October.
There've been it's typicallypretty consistently middle, and
I think that Black Friday isstarting sooner and sooner,
(05:06):
which makes no sense when youthink about the words, but
whatever it's very much likeBlack Friday season starts
around Halloween, so it mighteven be even earlier.
All right, here's another one.
In 2021 through 2023, this is acrazy stat.
The first seven monthsaccounted for about 45% of
(05:30):
annual sales.
That means that the second whatis that?
Six months, five months accountfor 55% of sales 55% of sales.
And what that's even crazier isthat when you look at just
November and December, it'saccounting for like I wish I had
(05:54):
this stat already pulled, but39% or something like that.
So a lot is going to be ridingon this November and December.
I'm predicting that 2025 isgoing to outstrip 2024 last year
by considerable margin.
I don't think it's going tocatch up to 23.
23 was still pretty strong andit had a higher order value by
(06:15):
considerable margin.
I just don't think that we'regoing to see those heights at
the end of the year, especiallywith the way that diamonds and
gold are trending.
All right, now let's get that'sfour.
Let's get into June 2025.
So this is talking about thispast kind of most recent month
or so, and I'm sure this will betrue for July, but I don't have
(06:38):
the July report sent to me yet.
So I wanna talk about averageorders for clients and I pulled
this number and you're sayingit's like some of our clients
are getting, you know, 10 to 12orders a week and then some of
our clients are getting oneorder a month.
Some of them are trying harder.
(07:00):
But Ross brings up a reallygood point and when I was
breaking average orders perclient down, it's such a hard
number to convey without makingsomeone feel like they're way
overdoing it or they're wayunderperforming, because we also
(07:20):
have some clients that aredoing like 50 to 60 orders in a
month and they're doing reallywell.
So Ross makes a great point.
He talks about kinks in thehose and have you ever been like
watering your plants, like I'vebeen doing a lot of gardening
and you're watering and suddenly, like your hose is just like
you know, you think it's doingall right, but it's like, wow,
(07:40):
it's not reaching as far as Ithought it was, and then you
look back and you have like ahidden kink and then you unkink
it and then suddenly it operatesas it's supposed to.
That's kind of how I think ofyour e-commerce flow, as it's
going to be doing as well as itcan until you go back and just
inspect it and I recommend youinspect this thing every quarter
(08:02):
, at least every half, but everyquarter, maybe even every month
Just go through, add a productto your checkout, get all the
way to the last step.
You don't have to buy it, butjust go through and step it.
So we're saying that forqualified jewelers, average
orders are going to be 10-ishfor a month.
(08:23):
All right, everybody, we'regoing to take a quick break and
hear a word from our sponsor.
This episode is brought to youin part by Jewelcraft.
Running a jewelry store is nosmall feat.
That's where Jewelcraft comesin.
They're a fourth generationfamily-owned business based in
Kentucky that's built theirreputation on being the reliable
(08:44):
behind-the-scenes partner thatjewelers across the country
trust.
Whether it's jewelry repair,manufacturing, custom design or
appraisals, they can handleanything that your jewelers
don't have the time for and helpscale your projects.
And because their work is doneright here in the USA, you avoid
the hassle of overseasproduction delays or tariffs.
That means faster turnarounds,consistent quality and peace of
(09:06):
mind.
With a team of seasoned expertsand decades of experience,
jewelcraft is your one-stop shopfor everything you need to keep
your jewelry business runningsmoothly so you can stay focused
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Learn more about them in theshow notes below.
And now back to the show.
(09:26):
And we're back.
All right, sales by day of theweek.
So I took all of our salesreports and I ran it through GPT
, because I'm not doing this byhand.
And here's another one Mondayssurprisingly led the week with
(09:49):
27% of sales, which is prettycrazy.
And I asked, hey, why do youthink this is?
And it said this is prettycrazy.
And I asked hey, why do youthink this is?
And it said this is possiblydue to weekend browsing
converting into purchases atwork.
The first one if we think aboutit, there's seven days of the
week.
That means it should be evenlysplit across.
You know, seven days.
Mondays take up a ton with 27percent, and then Fridays
(10:13):
actually do pretty well with 20%, and then Thursdays are the
worst with eight and a halfpercent.
Crazy, did not expect that,didn't expect Mondays to be as
good, but there you go Mondays,the big earner.
Here's another one Sales byhour of the day.
So that's one of the littlestats I've never kind of dove
(10:35):
into, but here you go.
If you had to guess, what do youthink the most busiest day is?
If you're guessing, 7 o'clockpm to 8 o'clock pm, you'd be
right, so congratulations.
However, we're seeing a lot ofstrong activity between 2 and 6
pm.
That's when, like, a majorityof sales are happening between 2
(10:58):
and 8, with 7 and 8 being themost popular.
You start to see a taper, youknow, after 9 o'clock, however,
there's some actual, some reallygood late night traffic from
like 10 pm to midnight,especially like 11 pm, of course
, and then, you know, looked,but the quietest times, 3 to 5
(11:19):
am, and this is all Easterntimes.
That's how we normalize.
Kind of interesting, I wouldhave thought.
I definitely, you know, guessedthat 2 to 8 is going to be the
most popular, but reallyinteresting that 11 pm is so
important.
Here's another one what jewelrycategories are doing the best on
e-commerce?
So I went through and we lookedat all of the orders sold and
(11:42):
we noticed that by far thenumber one was charms, and that
makes sense Lower price point,and then earrings and then
watches and then bracelets, butwatches and bracelets very low.
So this is the number of itemssold.
So this is purely about numberof checkouts or number of
(12:04):
products actually converted.
However, when you start tocompare it to dollars transacted
dollars transacted the mostdollars transacted categories it
actually flips.
And this one is watches andthen earrings, then rings and
then a big drop off and thencharms.
(12:25):
So charms, obviously.
It's like if you're just tryingto figure out how to convert an
e-commerce with a jewelrywebsite.
I think that your testingground should just be with
charms.
They're a low price point, easyto convert.
People buy them.
There's no sizing, so charmsare going to be an easy to kind
(12:46):
of entry point If you're tryingto start making some dollars
with your site and actuallyconverting into real sales.
It sounds like watches.
I will add the caveat Watchesdefinitely have the highest rate
of attempted fraud.
So if you're going to beselling watches, I just highly
(13:07):
recommend that you either haveClearSale or Eye for Fraud.
We've talked about them a lot.
You can check out Punchmark'swebsite for more information
about integrating with them.
Highly highly recommend it Justbecause people I don't know, I
don't know why they try todefraud with watches.
It would be an interestingthing to think about.
But here is the last littlenugget and I love this one.
(13:29):
This is going to sound like amade-up fact or a stat, and it's
not.
This is a to sound like amade-up fact or a stat, and it's
not.
This is a real one.
But I asked this GPT after Ifed it several, many CSVs of
sales data, and I asked it tofind interesting correlations.
This Retailers who log in moreoften sell significantly more
(14:01):
and tend to process higher valueorders, which you're probably
like Mike.
That sounds like the most madeup punchmark stat of all time.
You just want us to log in more.
Yes, I do want you to log inmore.
Why?
Because I think it actuallydoes make you do better and it's
not even thinking at this point.
This is data.
We do track logins, so we seeaccounts, we see how much you
sell.
(14:22):
We also track logins by youraccount.
And when you start to drawcorrelations, correlation is
measured on a scale of negativeone to one.
So zero means there's nocorrelation.
One 1.0, means that there is anexact correlation as something
(14:44):
goes up, something else alsogoes up in lockstep.
It is a direct correlation.
And then if you have a value ofnegative one, that is an
inverse correlation, which meansthat when something goes up,
something else always goes down.
So the closer to one ornegative one, the more direct or
indirect of a correlation, soyou can kind of bank on it more.
(15:07):
All right, you probably alreadyknew about this.
I didn't know about this.
I went to school for design.
So when we look at, for example, the correlation between site
manager logins and total salesthat means the number of sales
the correlation is 0.79.
That is very, very highlycorrelated.
(15:31):
Again, we're trying to measureout of one, so it's 79% of the
way there.
That means for our clients thatlog in a lot, their total sales
typically increased with thenumber of logins.
And that is also similar tosite manager logins and average
order value.
This one obviously doesn't haveas much of a direct correlation
(15:53):
because this has to do withbusiness type.
Some of our businesses theysell watches and some of our
businesses they sell charms.
So as a result, charms you'rejust.
You might be making a lot ofsales, you might just not be
moving as much money.
We have one client I won't namewho they are.
They're on track to have like athousand sales this year, which
(16:14):
is that's a lot of sales.
Uh, they are not moving as muchmoney as you'd expect.
It's because I think that theyare just doing charms and you
know what they're doing reallywell, good for them.
I think it's so cool that theyare transacting that and they're
doing well.
Anyways, the correlationbetween site manager logins and
average order value is 0.4.
(16:35):
So about halfway between, youknow, to direct correlation.
So that's really interesting.
I think that we always look atforward-looking indicators so
you know what is going topredict store closures or
clients leaving us, or you knowclients being really happy with
(16:56):
us or things like that, and it'snot the ones that you think
might be the case.
You think that like, oh, if aclient makes a lot of sales,
they're going to be really happywith us.
Sometimes it's other things ithas to do with.
You know their survey resultsand how like they're speaking
with us.
So there's other morecomplicated aspects to this.
But one thing that we can sayis user adoption.
(17:19):
So how much they're using ourtools does typically make them
like us more.
It also sounds like it also hasa huge impact on their sales
volume and I'm learning it'sprobably just because of this
connection and sort of feelinglike a tool.
You're swimming through thetool as opposed to, you know,
(17:41):
fighting against the current.
So just one of those things Iwanted to highlight and showcase
.
I think that you know these dataand statistics are very
fascinating and I'm kind ofalways like, like, like
squinting at them.
I'm like looking hey, what canI learn from this?
The one thing I've been seeinga lot is with average
(18:04):
transaction size, and this onefor a long time, was so steadily
at, you know, just short of youknow, between 450 and 475.
But these days it doesn't seemlike it's consistent.
It is going up and down, up anddown, up and down.
It's trending back towards 600right now for an average order
(18:27):
value, and that hasn't been seensince pretty much like 2022.
And why are these trendshappening?
I'd be lying if I said I know,I don't know why some of these
things are happening.
I can guess you know I'vealways had this thesis that in
2022 and 2023, lab-growndiamonds were kind of hitting
(18:49):
their peak.
People were selling lots oflab-grown diamonds and also the
market and price was at its bestlike I don't know if the word
is conjunction point or its bestconvergence point where people
were selling a lot of them andthey were also still worth a lot
.
But now, as the price hasdipped, gold has gotten higher.
You're buying less gold.
(19:10):
I guess you could say with yourpurchases that more people are
just foregoing the lab growndiamonds, or the lab grown
diamonds aren't pulling as muchsale, so the average order value
is down and people are stillselling the same amount of
orders.
As a result, the dollarstransacted across the industry
(19:31):
has fallen off a little bit inthe last year.
As a result of those things.
I do think that there's a worldwhere this comes right back
around and as people startbuying you know, gold and fine
gold, maybe they start buyingalternative metals and then they
start buying gemstones anddiamonds in these alternative
(19:54):
metals and what that could meanis that suddenly, you know the
price kind of comes back up foraverage order value.
But it's these things that I'mstarting to kind of track.
I don't have the answer toeverything, but I can't watch.
The one thing I also see and Ididn't have a great way to clean
(20:16):
this data so that I would beable to share it with you and
clean it, meaning like controlfor people who do not qualify is
the performance of our sitesthat have some type of financing
option, so that is Sezzle orAffirm or you know things like
(20:37):
that.
Having those types of financingoptions really does make a
difference and we're seeingthat's how people are checking
out for especially for watches,but also when they buy gold
jewelry a lot of times thatthey're financing out their
options using one of theseservices.
I don't have the way currentlyat my fingertips with my admin
(20:58):
controls, to disqualify anybodywho does not have a financing
option and then taking them, soI just have to look as like a
whole.
So it's not as good, but thatis like a thesis that I'm
working on is that people who dohave a financing option are
doing better.
That's kind of where I mightleave it A shorter episode.
(21:21):
I kind of wanted just to explainthat I think that e-commerce is
changing.
It used to be for me.
I thought that we were going tojust help jewelers get on the
road to selling you know, amillion or $2 million online
every year.
I thought that like a store wasgoing to be that guy and I just
(21:42):
think that now we are not morepopular than the in-store option
.
We can't like.
We, your website are not like.
It's not about only sellingonline.
It's about that omni-channelsolution and I think I'm
starting to see that theseonline events and promotions and
(22:02):
having it as a salesopportunity benefits the
in-store version if you're doingit right and doing it at the
same time Very narcissistically,I think.
Of myself.
I used to think that, oh, theyshould be selling everything
online, and I don't think thatthat's the case anymore.
I think it's like a balancingact and it's about having the
opportunities.
If you're not offering one orthe other, then you're leaving
(22:26):
money on the table.
All right, I think that's whereI'm going to end it.
Cheers Bye.
Thanks everybody for listening.
This episode was brought to youby Punchmark and produced and
hosted by me, michael Burbo.
This episode was edited by PaulSuarez with music by Ross
(22:48):
Cocker.
Don't forget to rate thepodcast on Spotify and Apple
podcasts and leave us feedbackon punchmarkcom slash loop.
That's L-O-U-P-E.
Thanks, we got an excitingepisode next week.
Tune in.
Cheers Bye.
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