Do you know the value of your current inventory?
When you own a jewelry store, having the right inventory on hand to meet your customers’ needs is key to ongoing retail success — and jewelry inventory management software is the best way to get a picture of your inventory.
So, if you’ve ever asked:
- What is the value of my current stock?
- How long has that been in my store?
- When will my next shipment arrive?
- Or, do I have that in stock?
…then you know how important your point of sale (POS) inventory management software is.
These are questions we’ve all asked ourselves, but how many of us really know? In this blog, we’ll discuss everything you need to know about jewelry inventory management software, including our top picks for providers.
Jewelry Inventory Management: What You Need To Know
Your POS is the key to tracking your inventory. Your POS inventory management system gives you a view of your jewelry store’s products on hand, what’s on order, what you need to order, if your product is priced appropriately, and what you may need to discount so that you can move it out of the store.
Jewelry store inventory management software also helps you and your staff to generate regular reports so that you can maximize the value of your product.
When you have a better understanding of your inventory, you can give your customers a better experience, improve your employees’ ability to sell, and keep your costs in check. It also enables you to set future sales goals and forecast for the growth you want to achieve in your business.
Here are some features to consider when purchasing jewelry inventory management software.
Important Inventory Management Features for Jewelry Stores
Modern cloud-based inventory management systems should be available anywhere, at any time. You should be able to automatically update and synchronize your inventory across online and in-store channels.
Additionally, look for the following features.
Organized and Labeled Inventory
Jewelry inventory requires precise organization. Jewelry can be cataloged by category, style, material, type, season, intended market, and any unique characteristics. Proper organization and labeling result in cost savings by reducing excess inventory, minimizing losses from theft or damage, and optimizing purchasing decisions.
Reorder Points
When your stock reaches a predefined amount, your jewelry inventory management system should notify you that you need to reorder more products. This helps you avoid running out of popular products and avoid using important capital to store valuable stock.
Desired Stock Level
The desired stock level is the ideal amount of a particular product to have in your jewelry store. With a little bit of inventory history, you can forecast the correct amount of a product to have in your store. Modern integrated systems help create orders to raise your on-hand inventory to the desired level.
Default Cost
Many systems provide a way for setting default costs. This is needed for products that you may not have ordered through your PO/RO system. When you add items to your shop that don’t have an extensive order history, you may not know the appropriate cost for the item. A default cost function enables you to make an estimate about what the cost per unit may be.
Asset Tracking
Asset tracking is crucial for jewelry store owners, especially considering the unique product needs and challenges you face. Your high-value inventory requires meticulous management to ensure business success and security.
Inventory Reports
Your POS system should be the source for your inventory data and should provide a collection of reports that help you understand how to maximize your stock and your sales. Your inventory management system gives you insight into your inventory age, low inventory, inventory by vendor, inventory turn, and marketing results.
Sales Processes
Your inventory management system helps manage how products move in and out of your jewelry store. It can help you forecast demand, provide a system for returns, and enable a plan for markdowns.
By automatically updating and synchronizing inventory across both online and in-store platforms, these systems streamline operations, ensuring that your inventory plan is both efficient and accurate. Key functionalities such as organizing and labeling inventory, setting reorder points, and determining desired stock levels contribute to a highly efficient inventory management process.
Additionally, advanced features like asset tracking and comprehensive inventory reports become invaluable assets for jewelry store owners. Asset tracking safeguards high-value items, enhancing security and minimizing the risk of loss or theft — while detailed inventory reports offer insights into inventory performance, helping owners make informed decisions on stock management and sales strategies.
Related Reading: Tips for Managing Your Jewelry Inventory: A Guide for Retail Success
POS Systems for Jewelry Inventory Management
With these key features and functionalities in mind, let’s examine our list of the top picks for inventory management POS solutions.
1. Square POS
Best for: Simplicity and mobility
Square provides a simple POS and inventory management software suited for many retailers. The software is designed to cater to businesses who need a mobile solution that is easy to use and is a convenient way to accept payments and operate your business from any location.
It transforms mobile devices such as smartphones and tablets into functional checkout hardware at the counter or anywhere on the sales floor.
Notable features include:
- Inventory management tools to serve all sales of physical goods
- Unified e-commerce integration to synchronize online and in-store product data
- Seamless integration with accounting platforms like QuickBooks for financial syncing
Square offers a complete, user-friendly POS system designed for basic payment transaction processing and sales analytics. Their POS retail solution is ideal for smaller stores or those with uncomplicated requirements, providing the necessary flexibility, and mobility for their operations.
Pricing: Square provides a no-cost POS inventory management tool with 2.9%, plus 30 cent processing charges per transaction.
2. The Edge
Best for: Large retail jewelers
The Edge is a popular point of sale system for jewelers. This solution focuses on providing a full system for complete jewelry operations.
As a leading on-premise solution, the key advantage of The Edge is a stable store-based technology that has experience working with traditional jewelers.
Notable features include:
- Storage of important product data in predetermined data fields
- Management of orders and receipt inventory within purchase order system
- Work flows to track, identify, and reorder items sell quickly
Pricing: The Edge offers single-store, single-workstation plans starting at $4,600 and two-store, six-workstation plans at $12,450. Additional stores and stations are extra.
3. ASC Craftsman
Best for: Retailers requiring custom systems
ASC Craftsman is an established jewelry point of sale and jewelry inventory management software. This on-premise solution is dedicated solely to jewelry retailers.
Features include:
- Product attributes, including the type of metal, stone, design, watch, and more
- End-to-end repair process management, including engraving, ring resizing, and more
- Loyalty programs to market to repeat customers
ASC Craftsman is designed to be highly configurable to meet the needs of jewelry retailers who want to run their businesses in a variety of ways.
Pricing: ASC Craftsman pricing is only available through custom quotes.
4. Lightspeed
Best for: Advanced reporting
Lightspeed POS, a specialized retail software, offers a full suite of features for jewelry stores. It equips jewelry store owners with analytics and reporting tools to make informed business decisions.
Notable capabilities include:
- Inventory variant tracking for stock management
- Advanced reporting dashboard of sales, inventory, and employee metrics with advanced plan
- Custom report builder to configure additional data views
Lightspeed’s tools help jewelry store owners identify trends, optimize inventory, evaluate campaigns, and improve productivity. Users can dive into data, configure detailed reports, and visualize key performance indicators using the software’s user-friendly interface.
Pricing: Lightspeed starts at $149 per month for the standard plan, plus processing fees. The advanced plan starts at $269, and large businesses require a quote.
5. Jewel360
Best for: Retail jewelers
Manage your inventory successfully while understanding the mix of stock in your store. Jewel360 is a point of sale solution designed specifically for jewelry retailers, and its full features give you visibility into inventory online and in-store — and the factors that affect your ability to create purchase orders to keep supplies at a reasonable level.
Key features include:
- The ability to track and organize products in-store and online from vendor to sale
- Visibility into product mix, allowing jewelers to simplify product options and ordering
- Cloud-based software available anywhere you have access to the internet
Jewel360 is a cloud-based POS system with convenient integrated inventory management tools. This all-in-one system is the key to boosting sales.
Pricing: Get a custom quote for your perfect solution.
6. Clover
Best for: Add-on apps
Clover POS stands out for its flexibility and robust app integration capabilities. This system enables extensive customization through third-party applications and offers compatibility with a wide range of hardware options.
Features include:
- Inventory management and tracking
- Extend functionality with third-party applications
- Synchronized online and in-store product information
Clover offers a highly configurable POS solution for a broad range of retailers expanding into other sales channels. Users can customize their current POS or Clover POS using third-party developed APIs.
Pricing: Basic plans start at $60 per month, but many of the necessary inventory management functions require an upgrade to higher plans starting at $135 per month.
Get Started With the Best Jewelry Inventory Management Software
Now more than ever, jewelry store owners understand the value of effective inventory management to sustain their business success. The right jewelry inventory management software equips you to maintain the optimal amount of inventory, ensuring you meet customer demands while managing costs.
These software solutions allow jewelers to streamline operations, improve customer service, make informed stocking decisions, and strategize for business growth.
Jewel360 offers an all-in-one POS system with the cloud-based jewelry inventory management software you need to succeed.