Did you ever have to turn away a customer because you did not have the product in stock? That is a lost opportunity for you. Not only will he not revisit your store, but he will not have anything good to say about you. In this age of social media, you cannot afford to make such mistakes. Therefore, using POS software for inventory management for jewellery stores will be your masterstroke.
Furthermore, if you have stocked too many products that refuse to budge off the shelves, they are nothing but poor investments. Certainly, such bad decisions can lead to decreased profits and customer dissatisfaction, along with increased operational costs. Therefore, you need proper jewelry software.
With inventory management for jewellery, you cannot leave things to chance. Dead inventory lying around in the store accumulates dust. Moreover, it does not add to the revenue. What use is that? You are better off having additional cash at your disposal rather than having dead inventory around.
Jewellery inventory management is crucial not just for wholesalers and manufacturers but also for retailers (both small and medium-sized).
I know what you are thinking right now. How do you optimize inventory management for jewellery stores? As a result, this blog will discuss a few steps to optimize inventory at your store. Without further ado, let us get straight into it.
Top 10 Tips to Optimize Inventory Management for Jewellery in 2022
1. Practice Demand Forecasting Using Inventory Management for Jewellery Stores:
As a retail jewelry store owner, you need to be fully aware of past & present stock levels as well as how much to order to meet future requirements. In short, improper stocking can lead to losses or poor customer service.
The solution lies in demand forecasting. In short, using inventory management for jewellery stores will shed light on how vous products performed in the past & how they are faring now. Therefore, based on these insights, you can make decisions in the future.
How do you make it happen? A can provide you with detailed reports about product trends & stock levels so that you can order the right products.
2. Invest in Software for Inventory Management for Jewellery Stores:
When we talk about inventory management for jewellery stores, how can we ignore jewelry software POS? A jewelry software POS does a lot more than inventory management. It optimizes billing, helps with employee management, offers multiple payment options, and manages repairs and sales while enhancing customer experience. Another substantial benefit is that you get valuable insights in the form of reports.
You may be tempted to save money by investing in generic, but that will not be profitable in the long run. That is to say, in other words, if achieving optimal productivity and constant growth is your goal, invest in customized retail jewellery inventory management software.
Manage Jewellery inventory, billing, tax, and promotions with diamx pro POS.
3. Visual Merchandising – Evergreen Way to Sell Jewellery
Visual merchandising is also a crucial aspect of jewelry inventory management. Therefore, keep changing your product display often. It will make people think that you have fresh stock coming in regularly. Also, when customers see attractive products in front of them, they are more likely to buy them. Above all, this technique is excellent for disposing of old stock too.
Moreover, do not place all the popular items on one shelf/section. Space them out pair the hot sellers with less popular items so that customers get a chance to see everything. In this way, hard-to-sell items may catch customers’ attention, thereby increasing the chances of sales.
Furthermore, in-store space management is also crucial. Stock the items as per your store’s design to avoid displaying too many items. At the same time, too many empty shelves can ruin the visual appeal, so there must be a balance. Lastly, pay attention to the display cases & accessories along with the lighting to enhance visual appeal. Above all, using software for inventory management for jewelry store try to get insights into hot-selling jewelry.
4. Dispose of Outdated Jewellery for More Revisits:
What does this mean? It does not mean you give away jewelry to charity. People usually buy jewelry that is in vogue rather than vintage designs. Therefore, this leaves you with two options. Firstly, you can melt the old jewelry and create new products. If that is not possible, you can organize a quarterly/year-end sale to sell these items at a discount. Rotating your stock is a critical aspect of inventory management for jewellery.
Do not think you will suffer heavy losses. The key lies in clever marketing
to repackage the old product. Think about it, selling the products at a slightly lower price is better than them lying around for ages. At least, you will make some money out of it.
5. Make the most of Peak Seasons with Inventory Management for Jewellery Stores:
Running a jewelry store is not just about purchasing and selling products randomly. In order to get the best results, it is essential to carry out these activities with a robust strategy in mind. During certain times of the year, jewelry sales are at their peak. In the same vein, using Inventory management for jewellery stores requires a systematic approach. With ARI’s POS you can take your business to the next level. Call now for jewelry stores find out insights for most selling jewelry in a particular season.
For example, sales soar during Christmas, Valentine’s Day, wedding season, and other festive occasions. Reduce purchases during lull periods and accelerate them during busy seasons. A jewellery inventory management software can help you generate reports for every department store, including daily/weekly/quarterly/yearly sales reports.
In short, use the information to time your purchases and increase your profits. Proper timing concerning purchases is also vital for effective jewelry inventory management.
6. Improve Warehouse Management with Inventory Management for Jewellery Software:
It is a misconception that storage management becomes easy if you have plenty of space. Firstly, understand that storage management is all about the optimal use of space rather than stocking inventory in separate places. Secondly, storing inventory in Diamx pro ous places makes it harder to manage and consolidate the data.
Therefore, what is the answer to this question? The answer lies in jewelry pos system that will allow you to access inventory easily while managing it simultaneously. Moreover, you should stock the products properly without leaving too much space. Nor should the space be cramped with an abundance of products.
Invest in POS software-Inventory management for jewellery with robust inventory management features that help you manage these tasks effortlessly.
Track your Jewellery Inventory, fluctuating pricing, and customized orders with Diamx pro Jewellery POS.
7. Embrace Automation – A must-have a thing for Jewellery Stores
How do you maintain records at your jewelry store? Do your employees enter the information manually in spreadsheets or maintain physical records? In short, using manual techniques for stock-taking and jewelry inventory management is a recipe for disaster.
Such manual methods are not ideal for efficiency & productivity, and neither is it cost-effective. Your inventory records will have many errors. POS software with inventory management for a jewelry store, employees will receive instant updates & real-time data. These insights jewellery
inventory management software Such manual methods are not ideal for efficiency & productivity, and neither is it cost-effective. Your inventory records will have many errors. POS software with Inventory management for jewellery store, employees will receive instant updates & real-time data. These insights will facilitate systematic order management & fulfillment, resulting in enhanced customer satisfaction. Moreover, you can automate. It will help you retain and attract more customers.
8. Conduct Regular Audits:
Does your store’s stock in hand match with your inventory records? Conduct regular audit checks to ensure that everyone is on the same page. Do not forget to conduct an annual physical inventory check. Yes, it is time-consuming and excruciating, but it needs to be done.
Not only will a physical inventory check simplify taxation and accounting for your store, but it will also highlight issues that may have escaped the Inventory Management Software for jewelry POS attention. Through the physical inventory check, you could learn a few lessons and anticipate problems that may arise in the future.
9. Challenges with an Omnichannel Approach:
After the pandemic, jewelers were forced to modify their business strategies. They have understood that they can no longer rely solely on in-store sales to sustain their business. As a jewelry store owner, it is advisable to tread carefully regarding promotions and marketing efforts.
In 2021, the global retail eCommerce sales amounted to $4.9 trillion U.S. dollars worldwide which are expected to reach 7.4 trillion U.S. dollars by 2025. Due to retail jewelry stores being shut down last year, 72% of customers admitted to purchasing jewelry online. On the other hand, 39% said they purchased jewelry online only because they spent much time indoors.
Hence, it has become necessary for jewelers to promote their products online, and this approach helps them target a broader customer base and stay relevant. Bringing in sales from online channels is good, but how to manage the inventory because orders are pouring in from various channels. Moreover, contactless payment and delivery options require jewelry businesses to invest in advanced technology.
Jewelers must invest in jewellery inventory management system that integrates online and offline channels to ensure the effective management of jewelry inventory.
10. Labeling – An Essential Thing for Jewellery Stores
Proper labeling is crucial for effective Inventory management for jewellery. The first step is to organize the products and then label them.
Assign a particular barcode or RFID tags to the jewelry items and systematically organize them into various categories like jewelry type (necklaces, pendants, earrings), material type (gold, silver, platinum), and so forth. Such detailed classification will allow you to find products by tag/barcode and catch errors.
Final Thoughts:
Jewelry inventory management can be an arduous task if your catalog has a vast lineup of products. Having said that, you can simplify it by implementing the right strategies and deploying state-of-the-art technology. The store management should involve all employees while implementing the processes to achieve the best results.
Inventory management for jewelry requires a specific approach, and you cannot expect streamlined operations with manual processes or a generic POS. ARI’s jewelry POS software is designed to manage industry challenges while automating various processes, enhancing productivity and profitability, and ensuring time savings.
