Today & Tomorrow: Industry Analysis with Erich Jacobs of JBT
May 12, 2020
The global shutdown resulting from the COVID-19 crisis is unprecedented, and it’s changing the jewelry industry on many levels. Companies of all sizes are facing serious economic disruptions, as business owners struggle to navigate through the uncertainty. In this episode, Erich Jacobs, President of the Jeweler’s Board of Trade (JBT), shares his analysis of how the crisis is impacting credit, supply chains, and e-commerce, and if the current data are beginning to paint a clearer picture of the impending recovery.
2:12 - Pre-COVID industry stats and emerging trends
4:30 - How JBT collects data from members, how monthly reports are synthesized
6:30 - JBT’s economic data sources, comparing the last two quarters
8:52 - How the previous recession tracks with the current data, comparison to the automotive industry
10:46 - Early analysis on closures, bankruptcies, and consolidations.
15:06 - How manufacturers and suppliers can prepare to resume business and ramp up
17:21 - Business increasing online presence, understanding "information velocity"
19:55 - Explosion of new information platforms
22:16 - Current credit situation, JBT ratings adjustments and outlook
24:01 - How credit is impacting the supply chain between retailers, manufacturers, and suppliers
25:24 - Uncertainty in the credit insurance market, impact on the industry
27:14 - Transparency issues, how blockchain and cryptocurrency fit into the recovery picture
29:18 - What to watch for as the recovery phase begins
31:30 - Recovery curves and and closing thoughts
Show Notes
Related MJSA Journal Articles and Resources:
MJSA COVID-19 Resources - Coronavirus-related resources and guidance from national and state resources, as well as initiatives offered by other jewelry industry organizations.
MJSA COVID-19 Webinar Series- Weekly webinars covering business topics including insurance and legal questions, online strategies for both volume producers and studio artists, additive manufacturing, supply chain issue, how the crisis could affect style choices and material preferences of consumers, and strategies for ramping up and getting back to business once the crisis ends.
Snapshot May 2020 - COVID-19’s impact on supplies and sources. By Harold Dupuy, FGA
Shifting Gears - In times of crisis, change is critical for survival: e-commerce and marketing trends. by Deborah A. Yonick
Survival of the Fittest - How to plan for surviving and thriving in a recession. By Terri Wallo Strauss
The Struggle is Real - How to differentiate and engage customers. (Originally published Sept. 2019) By Andrea Hill
