Modern technology has changed the way businesses run.
One of the most significant innovations for small businesses is the point of sale (POS) system. The basic function of a POS system is to digitally process sales transactions for customers at retail stores, but some come equipped with features tailored to specific industries — including jewelry retail.
With a variety of POS platforms on the market, it can be difficult to determine which one is right for your jewelry store. In this blog, we’ll walk you through the process of choosing a jewelry POS system that best serves your business and your customers — including a list of the top five providers.
Let’s get started.
If you aren’t currently using a POS system, you may wonder how much of a difference it really makes and if it’s worth the cost.
Here are some key benefits of using a POS system:
Choosing a jewelry POS system can feel overwhelming if you don’t know where to start. This is why it’s important to consider a few core factors before fully committing. These considerations can help you narrow down your options.
Your POS system should be easy to navigate. While these systems come packed with features, it can take time to get fully comfortable with everything they offer. Luckily, most modern POS systems have intuitive interfaces that make it easy to learn and remember how to perform everyday tasks.
The system becomes even easier to use when its features are a good fit for your jewelry store. If there are too many unnecessary features, the tools you actually need can get lost in the shuffle. The more relevant features you use regularly, the better you understand your system — and the more intuitive it feels over time.
Related Read: 5 Benefits of Integrated POS Payment Processing for Jewelry Stores
Even if a POS system is intuitive, the provider should still offer extensive training to make sure you and your staff are comfortable and confident using it before launching it in your jewelry store.
In addition to training, you need responsive and helpful customer support for the technical difficulties that occasionally pop up. If you can quickly get in touch with your support team to resolve issues, you don’t have to turn away customers or lose out on sales.
Related Read: Jewelry POS Migration: How To Migrate Your Point of Sale Data to a New System
Look for a POS system with features that match your business’ needs. When features don’t align, the system becomes harder to learn and use. Your jewelry store needs both general retail features like inventory management and payment processing, and jewelry-specific ones like work order repair and access to jewelry suppliers.
With the foundational elements covered, let’s dive into the must-have general POS features to help you run your jewelry store smoothly.
The most basic function of a POS system is to facilitate transactions with customers. With a barcode system, you can easily scan items to prepare them for purchase. If the system you choose has integrated payment processing, the total instantly populates on the card reader, where the customer can tap their card or use a digital wallet.
POS systems excel at keeping your inventory organized and up to date. They maintain a real-time count of each item, automatically adjusting totals as you make sales. Plus, you can track individual items with serial numbers to prevent loss and theft — a lifesaver in the jewelry industry.
Related Read: 7 Jewelry Store Product Strategies To Improve Your Inventory
Selling online expands your audience to those who live beyond your local area. Many POS systems include built-in website design tools that help you launch your online store quickly. With a POS system, you can access a catalog of jewelry products, communicate with suppliers, and set up your e-commerce process so you can start selling to customers across the country.
Jewel360 - In-blog Graphic CTA - The Jewelry Store POS System Buyers’ Guide
Some POS systems offer jewelry-specific features — these are some of the most important for your business.
Custom orders and repair work can take time, but POS work modules make it easier to manage the process. You can log important information like the customer, the item, completed work, and what’s still pending.
If you’re making a custom bracelet and repairing a pair of earrings at the same time, you can record what materials you need for each and keep a record of customer contact information — so you never get mixed up. Quick access to these details helps you stay organized and complete each task in a timely manner.
Jewelry comes with a high price tag, so some customers ask to pay for items in installments rather than all at once. It’s common for diamond engagement rings to be put on layaway, for example.
Look for a POS system that supports layaway plans, allowing you to customize payment amounts and track what each customer has paid. This helps avoid confusion and keeps the process simple for you and your customers.
Some jewelry stores offer trade-in and consignment options. With a trade-in, a customer can bring in an existing piece of jewelry and exchange it for credit toward an in-store purchase. Consignment is when a customer brings in an item for you to sell. Then you sell it in your store and earn a commission. Both of these options require you to appraise the jewelry first.
Many factors go into appraising a piece of jewelry, but consulting online jewelry supply catalogs can help you understand what each piece is worth. A jewelry-specific POS system grants you access to these supplier catalogs, making appraisal easier. It also lets you store important appraisal details — like diamond certifications — so you always have documentation confirming the jewelry’s value.
Choose a POS system that has trade-in and consignment modules to help you track store credit and commission values, so you can charge customers accurately. Using tools designed for the jewelry industry makes it easier to offer these options.
These POS systems can all be used to run a jewelry store. Consider the features of each one to see which is the best match for your business.
Jewel360 is a cloud-based POS system designed specifically for jewelry stores.
Top Features: This all-in-one system offers payment processing, inventory management, e-commerce, access to jewelry suppliers, repair and custom work modules, and layaway and consignment features.
Pricing: Contact for custom pricing.
Shopify is a general POS system that serves a variety of retail industries.
Top Features: This platform offers an intuitive interface, features for selling in store, online, and hundreds of downloadable apps to expand capabilities.
Pricing:
Basic plan: $29 per month
Grow plan: $79 per month
Advanced plan: $299 per month
Plus plan: $2,300 per month
Square is a general POS solution designed to serve many industries, including retail, restaurants, and service businesses.
Top Features: Square allows business owners to sell online and handle employee payroll. Their platform also offers banking, marketing tools, and reporting features.
Pricing:
Free plan: $0 per month with processing fees
Plus plan: $29 per month
Premium plan: Custom price
The Edge is a POS system made for jewelry stores. It’s a legacy system, which means it isn’t cloud-based.
Top Features: This system offers inventory management and work orders for repairs and customization.
Pricing:
Single Store with one Workstation: $4,600
Single Store with three Workstations: $5,700
Multi-Store with six Workstations: $12,450
Lightspeed is a general POS system that fits many different business types.
Top Features: Lightspeed is known for its multilocation management features and powerful reporting tools.
Pricing:
Basic: $89 per month
Core: $149 per month
Plus: $289 per month
Related Read: Comparing Jewelry Store POS Systems for Jewelry Retailers: 6 Providers
A POS system can be a game-changer for your business, especially if it has features that match what your jewelry store needs. As you research POS systems, look for one that’s easy to use, offers training and support, and has features that make running your business easier.
Jewel360 is an all-in-one POS solution designed specifically for jewelry stores. You can use jewelry-specific features like repair modules and access jewelry suppliers catalogs, as well as general features like website and marketing tools. With our software, you have everything your store needs to reach more customers and increase sales.
To see Jewel360 for yourself, schedule a demo today!