Daily Inventory Checks for Jewelry Stores: 5 Easy Steps To Implement Today

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When you’re working with valuable jewelry, every item counts.

Inventory management is one of the most important responsibilities for retail business owners. This is especially true in the jewelry industry, where just one item can bring in significant revenue. As a business owner, diligently keeping track of your inventory reduces loss and theft, helps you make more informed decisions, and tends to increase sales. But to see these benefits, you need to be monitoring your inventory daily.

Daily inventory checks for your jewelry store allow you to identify discrepancies, keep your numbers accurate, and purchase the right amount of stock in the future. In this blog, we’ll explain why your inventory needs to be reviewed daily, and offer strategies for managing your inventory as efficiently as possible.

Let’s get started.

Daily Inventory Checks for Jewelry Stores: 5 Steps To Follow

Reviewing your inventory levels each day helps you understand how your business is doing, so you can adjust your strategies accordingly and maximize your sales. Here are five steps to make daily inventory checks for jewelry stores most effective.

1. Count Inventory Totals Daily

Many modern jewelry stores use some sort of digital system to track their inventory totals. As helpful as digital totals are, they need to be checked often to ensure accuracy. About once a day, count out how many you have of each item and cross-reference it with your total in the computer. If the numbers don’t align, adjust the number in the system to match what you have.

Depending on the size of your jewelry store, counting out your inventory may seem overwhelming. Try splitting your store up into sections and tackling one at a time. You can break the task up throughout the day — or among several employees — to speed up the process.

If you run a large jewelry store, it may not be necessary (or feasible) to count out each item daily. But it’s important to regularly count items to ensure digital totals are accurate. Small inaccuracies, if not found, add up over time and cause issues with organization, ordering, and sales.

2. Check Item Sort

In addition to knowing how many you have of each item, it’s important that each one is in the right spot. Every day, look over your inventory to make sure it’s sorted correctly.

You can organize your jewelry inventory by:

Type of item (ring, bracelet, etc.)
Material
Color
Price

As the owner of a jewelry store, you want to communicate luxury, value, and class. An organized store does a lot to create this kind of environment. It also makes it easier for customers and staff members to locate specific jewelry products.

3. Implement a Barcode System

With a barcode system, you can print labels for each item and scan an item label to bring up its information on your phone or computer. If customers have questions about a specific ring or necklace, for example, you can quickly bring up its information to answer them. This allows you to easily make adjustments to inventory data and ring up sales, creating a better customer experience.

If you implement a point of sale (POS) system at your jewelry store, make sure it’s compatible with a barcode inventory system.

4. Use a Jewelry Store POS Software

A POS system is a digital software designed to process sales transactions for customers. Luckily, modern POS systems have many other features that make running a business easier, including features for managing inventory. While some POS systems have only general retail features, others are designed with specific industries in mind — like the jewelry industry.

With a POS system, you can manage all of your operations from one spot, which makes it easier to keep inventory numbers accurate. Some POS systems include vendor catalogs, so you can purchase right from the system, and your inventory numbers automatically adjust. When you make sales, these numbers also adjust.

You can set your system to automatically place an order for a certain item whenever its stock gets low, too. This ensures you never run out of your most popular products. Having reliable sales and inventory data in your POS system helps you know how much of each item to order in the future to prevent overstock and stockouts.

5. Update Your Inventory System Regularly

As technology advances, regularly updating your jewelry store’s inventory management system helps you compete in the industry. If you aren’t using a digital system to manage your inventory, now’s the time to upgrade. If you are using a digital system, pay attention to updates your provider introduces. It can be intimidating to learn new features — but in the long run, they make managing your jewelry business easier.

You may be confident in using digital systems, but for your business to run efficiently, your employees need to be trained on these systems as well. The more comfortable your employees are with using digital systems, the better they can help customers — and the better they can manage and organize inventory.

Optimize Your Inventory Management With Jewel360

Don’t underestimate the benefits of daily inventory checks for jewelry stores. Frequently reviewing your inventory and keeping it in order improves customer experience and increases sales. About once a day, check inventory totals and make sure everything is in its place.

This process is easier with a POS system — especially one that uses a barcode system. Pay attention to updates to your inventory management software, and train your employees, so they’re comfortable with these processes, too.

For best results, you need a POS system designed specifically for the jewelry industry. Jewel360 is an all-in-one, cloud-based POS solution created with the needs of jewelry store owners in mind. Our software allows you to check your inventory totals from all of your devices and gives you access to the best jewelry providers in the business.

To see Jewel360 for yourself, schedule a demo today!