At a jewelry store, the inventory on the shelves is highly valuable.
And the key to success as a jewelry store owner is to manage that inventory in the most efficient way possible — which means you need robust jewelry inventory software.
Modern point of sale (POS) systems are equipped with inventory management features, in addition to many other helpful functionalities. These digital systems keep track of each individual item, which helps you streamline operations, reduce errors, and increase sales.
In this blog, we’ll explore the eight features you need in jewelry inventory software, and discuss the five top providers that offer these features. Let’s get started!
1. Real-Time Inventory Tracking
First, your POS system needs to track each item in your inventory from the time it’s ordered to the time it’s purchased by the customer. Keeping track of each item allows you to check how many of each item you have and see how quickly your inventory is turning over.
This data helps you make sound decisions about inventory purchasing, preventing overstocking or stockouts. By purchasing higher quantities of top-selling items and lower quantities of more niche items, you can keep inventory moving at the correct rate and increase revenue at your jewelry store.
Even with sophisticated inventory management, it’s important to conduct occasional inventory audits. Count out each item of each type and make sure the digital totals represented in your POS system are accurate. This helps you avoid errors and order the right amount of items, so you can keep your inventory turning over quickly.
2. Automated Reordering
POS systems designed for jewelry stores give you access to a wide range of jewelry suppliers from which you can purchase your inventory. And with these POS systems, you can set an automatic reorder point for a product. This is most useful for your top-selling items you know you’ll purchase consistently.
When an automatic reorder point is in place and the stock of a selected product drops below a predetermined level, the system automatically reorders a new shipment so you never run out of these products. If your most popular product is a certain brand of diamond ring, for example, you can set an automatic reorder point so this item is always in stock.
A POS system helps you keep an eye on all of your items so you know before you run out of anything. Reorder points can be customized for different products based on how much you expect to sell.
Related Read: ANSWERED: Where Do Jewelry Stores Get Their Inventory?
3. Multi-Location Management
Do you run multiple jewelry stores? If so, you may be wondering if POS systems can support multiple locations. The answer is yes. With a POS system, you can see a bird’s eye view of inventory information for your entire business.
Jewelry inventory software allows you to customize reports, which can be especially useful for owners of a multi-location business. For example, a user can track which items are selling the best at each store and which ones are bestsellers business-wide, so you can make smart decisions about your inventory.
4. Detailed Reporting Analytics
Whether you run a single-location or multi-location jewelry business, you need comprehensive and customizable reporting. With jewelry inventory software, you can create reports for sales, revenue, profitability, and inventory turnover.
These reports are important for a number of reasons. They help you make informed decisions for the future of your business — plus, they’re helpful if you need to present data to investors and/or other stakeholders in your business.
5. Robust Product Identification System
Most retail stores use digital codes, including barcodes, to sort their products. A barcode system allows you to retrieve detailed information about a product at the touch of a button. POS systems work with barcodes so you can quickly identify products and facilitate transactions for customers.
Barcode systems are helpful in sorting your products and keeping them organized, which helps customers quickly find what they’re looking for and make informed decisions about what they want to buy.
Consider sorting your jewelry products into the following categories:
- Name
- Material
- Cut/style
- Brand
- Price
To speed up processes, reduce errors, and improve customer experience, find a POS system that seamlessly integrates a barcode system.
Related Read: A Quick Guide to Jewelry Inventory Storage: 7 Creative Ideas
6. Seamless Integration With E-Commerce Platforms
An effective POS system offers e-commerce so you can serve customers who live at a distance from your jewelry store. Inventory levels automatically sync between your brick-and-mortar store and your online store so your data is always up to date.
Managing your e-commerce and in-person sales from the same system allows you to create a consistent experience for your customers. You can chat with customers from the system or communicate over email to provide customer service and resolve issues that arise.
Related Read: Grow Your Jewelry E-Commerce Store: 6 Tips & Tools
7. Comprehensive Vendor Management
A solid jewelry inventory software connects you to a wide catalog of products you can purchase from vendors. You can purchase inventory from your system, easily keep track of who you’re purchasing from, and track when your shipments will arrive. Users also have access to information from suppliers if you need to contact them with questions or concerns.
8. User-Friendly Interface and Support
Even if a POS system has great features, if it’s too difficult to learn, you and your employees will struggle to use it. Choose a POS system that has an intuitive interface that’s easy for you and your staff to learn and use.
To keep your POS system consistently performing well, make sure the provider is willing to offer extensive training and continuous customer support. Find a team that will answer your calls and resolve your issues quickly so you can avoid having to close due to technical issues.
POS providers are continuously adding new features based on user requests and technological improvements. Choose a provider that will send out new software updates and perform necessary system maintenance.
5 Top POS System Providers for Jewelry Inventory Management
There are a variety of POS systems on the market. Some are designed with general features for a wide variety of retail businesses, while others are designed with specific industries in mind. Let’s take a look at POS systems that can help you with your jewelry store’s inventory management.
Related Read: Should You Use Free Jewelry Inventory Management Software? [+ 6 Providers]
Shopify
Shopify is a simple, easy to use platform with robust e-commerce features. It integrates with a variety of other platforms and can be used by businesses of varying sizes and in various industries.
Pricing: Starts at $29 per month, plus processing fees. Plans with more advanced features are more expensive.
Square
Square is an intuitive platform that can also be used for many different kinds of businesses. Square has a variety of useful features, like a built-in customer directory and employee management functionality.
Pricing: A basic plan charges a 2.9% payment rate, plus 30 cents per transaction with no monthly fee. Plans with more advanced features are more expensive.
Lightspeed
Lightspeed is a powerful POS system with general retail features. It offers robust inventory management features, an integration for e-commerce, and advanced reporting capabilities. They offer 24/7 customer support, repair features, and multi-store management.
Pricing: The Basic plan is $89 per month, and a Plus plan is $289 per month.
The Edge
The Edge is a POS system designed for jewelry stores with many useful features. It keeps a detailed customer purchase history, tracks reasons for store visits, and allows customers to create wishlists on your e-commerce site. It’s also equipped with detailed inventory tracking.
Pricing: Price varies based on the size and requirements of the business.
Jewel360
Jewel360 is a POS system designed specifically for jewelry stores. The system keeps track of inventory, offers e-commerce, and gives users access to a wide variety of jewelry suppliers. This system also integrates with appraisal tools and repair services. Jewel 360 offers all of the features a jewelry store owner needs to succeed.
Pricing: Contact for custom pricing.
The Best Jewelry Inventory Software: Jewel360
To get the most value out of the jewelry items at your store, you need a powerful POS platform with extensive inventory management features. You need software that tracks your inventory, helps you maintain supply, offers customizable reporting, and more.
For your store to reach its full potential, you need a software specifically designed for jewelry stores: Jewel360.
Jewel360 is a cloud-based platform that has all of these features and more. This system helps you optimize your operations and increase sales. With an user-friendly interface, you and your employees will be able to quickly learn the system so you can better serve your customers.
Investing in a POS system will help you compete in the industry and stay ahead of the curve. To see what Jewel360 can do for your business, schedule a demo today!
