Jewelry retailers and manufacturers have a lot on their plates when it comes to managing their businesses. From inventory management to customer service, there’s a lot to keep track of. When a retailer helps a customer find a piece of jewelry that they love, the next logical step is to help protect that investment.
One potential service that can often be overlooked is insurance. Jewelry is valuable, and ensuring that it’s properly insured can create another opportunity to extend the customer relationship and provide peace of mind for both the business and its customers. That’s where Jewel360 and Jewelers Mutual come in. The two companies have integrated services with their software to make it easier for jewelry businesses to manage their point-of-sale transactions and insurance coverage in one streamlined system. This integration is a game-changer for the jewelry industry, providing a seamless solution for managing both sales and insurance.
Jewel360 Integrates Jewelers Mutual
Jewel360 and Jewelers Mutual Group recently announced an integration of their software to help jewelry businesses manage their point-of-sale transactions and insurance coverage in one streamlined system. Jewelers Mutual is the premier provider of insurance policies for jewelry owners and jewelry stores.
Jewelry insurance is a type of coverage that protects the value of your jewelry. It provides protection for jewelry owners, knowing that their valuable pieces are protected and can be replaced or repaired if something were to happen to them. Jewelry insurance can cover a wide range of scenarios, from theft or loss while traveling to damage caused by accidents or natural disasters. It’s important to be able to provide proper insurance coverage for your jewelry store customer to ensure that your customers can continue to enjoy their pieces for years to come. It can be an important service you can offer your customers in order to extend your ongoing relationship.
The integrated services provided allows jewelry stores to create and sell care plans for new sales directly from their point-of-sale software, providing customers with valuable peace of mind. The collaboration between Jewel360 and Jewelers Mutual is expected to simplify the policy creation process and create a better experience for policy owners.
JM(R) Care Plan helps jewelry customers keep jewelry or watches in like-new condition by covering normal wear and tear, and accidental damage. JM Care Plan allows you to grow your business. JM Care Plan provides you an added revenue source, another service offering, customer satisfaction and retention. JM Care Plan is sold at the time of sale directly from the point-of-sale software.**
JM® Personal Insurance is also included directly in the Jewel360 POS. It is insurance for all types of jewelry including: engagement rings, wedding bands, watches, earrings, and more. The policy includes:
- 15 day jewelry insurance offer from Jewelers Mutual with no up-front payment required, coverage that goes beyond standard homeowners/renters insurance and added riders
- Protection that follows your customers on their worldwide travels and covers against loss, theft, damage, and mysterious disappearance—as well as floods and earthquakes
- Freedom to work with the jeweler of their choice in the event of a claim*
JM(R) Shipping Solutions help jewelry stores manage risk to lower insurance costs for shipping jewelry. Retailers will be able to print Labels directly from Jewel360, insure online orders, and ship on the Zing marketplace.
Extend Your Service Offerings
Adding services to your retail store’s product offering can create new opportunities for your business. By diversifying your offerings, you can attract new customers and increase revenue streams. Services can range from repairs and custom orders to cleaning and gift giving consultations. These added services can create a more personalized and convenient shopping experience for customers, leading to increased customer loyalty and repeat business. Additionally, offering services can differentiate your business from competitors and provide a competitive edge in the market. Overall, adding services to your jewelry store’s product offering can be a smart business move that can lead to growth and success.
5 Ways Adding Service Offerings to Your Jewelry Store Will Help You Grow Your Business:
- Increase Customer Loyalty: By offering additional services such as jewelry repair, custom design, and care plans, you can create a more personalized experience for your customers. This will not only increase customer satisfaction but also loyalty, as they will be more likely to return to your store for future purchases.
- Diversify Revenue Streams: Adding service offerings to your jewelry store can help you diversify your revenue streams, which is essential for long-term growth and sustainability. By generating income from services in addition to product sales, you can create a more stable and profitable business model.
- Differentiate Yourself from Competitors: Offering unique services that your competitors don’t provide can help you stand out in a crowded market. This can be a key factor in attracting new customers and retaining existing ones.
- Increase Average Transaction Value: By offering services such as jewelry insurance and maintenance, you can increase the average transaction value of each customer visit. This can have a significant impact on your bottom line over time.
- Build Trust and Credibility: By offering high-quality services and expertise, you can build trust and credibility with your customers. This can lead to positive word-of-mouth referrals and a strong reputation in the industry.
Overall, adding service offerings to your jewelry store can help you grow your business in various ways, from building your connection with customers to creating more reasons for your customers to transact with your store. By providing high-quality services and expertise, you can differentiate yourself from competitors, increase average transaction value, and build trust and credibility with your customers.
Why Integrated Services Save Time
Technology integrations, like the integration of JM(R) Care Plan and Personal Insurance, refer to the process of combining different software applications or systems to work together seamlessly. This is usually achieved through the use of APIs (Application Programming Interfaces) or other software bridges that allow data to flow between systems.
The benefits of technology integrations are numerous, but the most useful to retailers is increased efficiency, improved accuracy, and streamlined workflows. Integrations can save time and reduce errors by eliminating the need for manual data entry or duplicate data entry across multiple systems. They can also provide a more comprehensive view of data by pulling information from multiple sources into a single dashboard or report.
Another benefit of technology integrations is increased collaboration and communication between teams. When systems include integrated services, it becomes easier for teams to share information and work together towards a common goal. This can lead to improved decision-making and faster problem-solving. Integrated services can also provide businesses with a competitive advantage by allowing them to leverage the strengths of different software applications. By combining the best features of multiple systems, businesses can create a customized solution that meets their unique needs and helps them stay ahead of the competition.
Integrating Jewelers Mutual with Jewel360 can be a game-changer for your jewelry business. By streamlining your processes and automating tasks, you can increase efficiency and productivity, saving time and money. And integrating your point-of-sale system with your inventory management system can help you keep track of stock levels in real-time, reducing the risk of overselling or stock shortages. It will help you make better purchasing decisions, as you’ll have a clearer understanding of which products are selling well and which ones aren’t.
In addition to improving efficiency, integrating your technology systems can also help solve the many hassles you have as a jewelry store owner. For example, if you’re currently using multiple software programs to manage different aspects of your business, such as sales, inventory, and customer data, it can be time-consuming and frustrating to switch between them. By integrating these systems, you can access all the information you need in one place, reducing the risk of errors and making it easier to manage your business.
Finally, integrating your technology systems can also increase sales. When you included integrated services with your point-of-sale system with all the tools offered by Jewel360, you can track customer purchases and preferences, allowing you to tailor your marketing efforts and offer personalized promotions. It will help you build stronger relationships with your customers and increase their lifetime value, ultimately leading to more sales and revenue for your business.
*Insurance coverage is subject to underwriting review and approval, and to the actual policy terms and conditions. Any descriptions are a brief summary of coverage and are not part of any policies, nor a substitute for the actual policy language.
Insurance coverage is offered by a member insurer of the Jewelers Mutual Group, either Jewelers Mutual Insurance Company, SI (a stock insurer) or JM Specialty Insurance Company. Policyholders of both insurers are members of Jewelers Mutual Holding Company.
**Care Plan exclusions and limitations apply. For specific plan details, refer to the Terms and Conditions. JM Care Plan is offered by a member of the Jewelers Mutual Group, either JM Care Plan, Inc. or JM Care Plan Services, Inc.