Jewelry store owners and managers need a reliable method of tracking their inventory in real time. If you don’t have the right items on hand, you may lose sales. With many companies having retail and online stores that list the same piece for sale, having accurate inventory numbers is even more vital.
Why Is Inventory Management Important?
All businesses want to make a profit. Making data-driven purchasing decisions based on inventory numbers and trends contributes heavily to profitability.
Jewelry companies have unique inventory management needs.
- Seasonal demands, style trends, and upcoming sales mean that you need to have enough inventory to satisfy your customers without ordering too much.
- Investing too heavily in items that move slowly ties up your capital and reduces your ability to make cost-saving purchases.
- If you have multiple locations, some pieces are likely more popular at particular stores; you need to disperse your inventory accordingly.
- Some vendors take longer than others to fulfill your orders, and you may need to re-order with fast turnaround times to satisfy customer needs.
- Without accurate inventory data, you will likely have a higher overall cost of doing business.
- If you don’t utilize effective inventory management software, you may inadvertently sell the same item twice if you feature it both online and in your retail store, leaving a dissatisfied customer.
- You need to be aware of theft or shrinkage quickly.
Streamlining your processes allows real-time access to all aspects of your inventory management needs.
What Do Jewelry Stores Need From Inventory Management?
You need access to up-to-date inventory numbers and ordering information to ensure that you have enough of the right products at the right time. A comprehensive inventory management platform will provide that and more.
Numbers and Locations
You need to know how many you have of each item and where they are. This knowledge is especially essential if you have multiple locations. If a customer wants a specific necklace that’s out of stock at location A, you probably won’t lose the sale if you tell them it’s available at location B.
You may want to re-order when you’re running low on a popular piece. Inventory management software can advise you of low stock and create purchase orders. You’ll also be able to transfer excess stock between your different locations without running short.
Your software should also forecast demand for particular items based on accurate data. This invaluable tool can generate more sales and keep your customers happy.
Sales Processes
From ordering and receiving products to selling them, marking them down, or accepting returns, you need to keep track of every step. You should also know how quickly your inventory turns over and what factors prompt sales.
Vendors
You need vital vendor information when planning to order new items:
- Payment terms
- Shipping speed
- Reliability and quality
- Items available
- Pricing
When this data is readily available, buying decisions are more straightforward.
Customer Data
Keeping a comprehensive customer database gives you:
- Records of purchases or repairs
- Marketing opportunities, such as upcoming sale emails, birthday or anniversary reminders, and loyalty rewards programs
- The ability to make tailored item recommendations
Customers appreciate personalized attention, and you can provide it with detailed customer data.
Repairs and Service Tracking
You must keep accurate records if your store offers service and repairs. Your inventory management system can create work orders, track parts and labor, and remind customers of upcoming needs.
Product Data
Creating multiple item descriptions individually is time-consuming. Tracking the complete history of your serialized inventory can also take significant time, as can creating special orders and selling items on consignment. Choosing the right inventory management system can take care of these needs for you, improving accuracy and reducing costs and time spent.
How Can Jewel360 Meet Your Needs?
Jewel360 provides robust jewelry management software solutions to help you with accuracy, success, and profitability. Their inventory management software integrates seamlessly with Jewel360’s point-of-sale software and other popular business software packages. You’ll get all the desired features in an affordable, flexible, and easy-to-use system.
Why Should You Invest in Inventory Management Software?
The features provided in jewelry store inventory management software packages can increase your sales, reduce your losses, and simplify the day-to-day running of your company. Your vital data is available in real-time from a central location so that you can plan accordingly without guesswork.
