Jewelry POS: Cloud-Based vs. Legacy Systems

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Point of sale (POS) systems have helped retail store owners complete transactions for decades.

The original cash register was invented in the late 1800s and served store owners for about a century. Then, in 1973, IBM introduced the first electronic cash register — and digital point of sale technology has improved ever since.

Now, modern cloud-based point of sale systems offer greater flexibility and functionality than ever before, but some retail store owners are still running their store with a non-cloud-based, or “legacy” system.

Given the high value of jewelry items, precise transactions and complete records are essential for a jewelry store — this makes a good POS system a worthwhile investment. But if you’re operating a jewelry store with a legacy jewelry POS system, you may wonder if transitioning to a cloud-based jewelry POS system is worth it.

In this blog, we’ll compare cloud-based systems to legacy systems, and explain how the features offered by a cloud-based system can improve efficiency and increase sales at your jewelry store.

Cost Efficiency

The technical improvements made to cloud-based POS systems make them more cost effective than legacy systems. Legacy systems usually require extensive hardware and complicated installation, which come with hefty upfront costs.

Cloud-based systems require less additional hardware to be installed, and can be accessed with a variety of devices, like laptops, tablets, and smartphones. These systems typically require a lower initial investment and run on a subscription model.

Cloud-based systems can upgrade their software over the internet, reducing the need for on-site technical support, which can be costly. Streamlined hardware and an internet-connected system has brought the cost of cloud-based POS systems down, making them a more manageable investment for small business owners.

Easy-To-Use Interface

Cloud-based systems are also easier to use than legacy systems. Legacy systems are often comprised of bulky hardware and complicated software that require extensive training to understand.

While cloud-based systems still require training to operate, they’re designed with users in mind and have simple, intuitive interfaces. This allows a business owner to start using their system more quickly and makes it easier to train employees on the system.

A system that’s easier to use also leads to a more convenient buying experience for the customer. Jewelry stores strive to create an atmosphere of luxury and elegance. Technical difficulties, delays, and inability to accept some forms of payment detract from this perception and can make a customer impatient. Streamlining this process makes a customer more likely to return to your jewelry store.

Accepted Payment Methods

Legacy systems were designed when there were fewer generally accepted payment methods than there are today. While legacy systems typically only accept cash and cards, cloud-based systems are equipped to take a variety of payment types.

Cloud-based POS systems accept:

Debit/credit (with tap-to-pay technology enabled)
EMV
Apple Pay
Google Pay
Online transactions

Many cloud-based POS systems have tools to help you launch your online business, creating another avenue for your jewelry store to generate sales. Accepting more types of payment allows you to accommodate more customers, leading to higher sales.

Consistency Across All Devices

The modern tech term “cloud” indicates that data is stored off-site and can be accessed from anywhere with an internet connection. Cloud-based POS systems use this technology to keep your data consistent across any devices connected to your system.

On a legacy system, information can typically only be accessed from one central terminal and data is stored internally. This data can fill up storage space and bog the system down. Cloud-based systems eliminate this problem. Rather than having to manually transfer or adjust your data, your devices remain in sync so you always have access to accurate reports.

When running a jewelry store, keeping track of each item is essential. Misplacing just one item can be a loss of hundreds or even thousands of dollars. Consistent inventory numbers across all of your devices help you ensure everything is in its place without having to constantly count manually, saving you money and time.

Advanced Data Reporting

The best businesses use data to their advantage. They pay attention to key metrics and make decisions based on what will improve those metrics. Legacy systems offer basic data reporting capabilities, but to be truly useful, this data often needs manual compilation and processing.

Cloud-based systems record and store your data and provide comprehensive reporting tools that can be customized to fit your business’ needs. You’ll be able to see your sales data, inventory counts, and other key performance indicators (KPIs) at the touch of a button. Quick access to your data, presented in a way that’s easily understood, can help you make more informed decisions for your jewelry store.

Seamless Integrations

Cloud-based POS technology that connects to the internet makes integrating third-party software much easier. Integrating other software with your POS system expands the features you have at your disposal and allows you to offer more services to the customer.

On the other hand, legacy systems function as independent units and have limited integration capabilities. Software that can be integrated with these systems may require custom development.

Jewel360 is a cloud-based jewelry POS designed specifically for jewelry stores, and is integrated with a variety of other software that expands its feature offerings.

Jewel360 features integrations with:

Jewelers for Children
Jewelers Mutual Group
Clientbook
Quickbooks
Buyer’s Intelligence Group
Stuller
Affirm

External software integrations like these provide stores with resources for jewelry insurance, customer relationship management (CRM), accounting and payroll services, and other features that help you serve your customers, strengthening your business.

Secure Data Storage

Legacy POS systems store all data internally, which heightens the risk of data loss. If hardware breaks, the data is gone.

Cloud-based systems store their data in the cloud in an encrypted format that’s secure and reliable. The data is automatically backed up and can still be accessed if a device breaks. This means with a cloud-based system, you don’t have to worry about losing your data or spend money on additional data storage programs.

Automatic Software Updates & Maintenance

A solid POS system continually improves and adds new features, and accessing these new features requires updating your system. Legacy systems must be updated manually, which often means a technician must come to your store in person. Your point of sale may have to be temporarily shut off while the system updates, leading to lost sales.

Cloud-based systems can push updates automatically over the internet, meaning less work for you and minimal disruption to your store.

With a cloud-based system, you’ll have access to a wide variety of jewelry supplier catalogs. As new catalogs are added, your options for ordering inventory will expand, allowing you to keep your store supplied with the best inventory.

Keeping your jewelry store up to date with the latest features gives you an edge over stores that lack these features. As technology advances, you can stay ahead of the game.

Scalability To Grow With Your Jewelry Business

The point of sale system you use at your jewelry store should continue to serve you as your business grows. Legacy systems with limited functionality struggle to accommodate the needs of an expanding business — and when running on these systems, opening a new location means purchasing new hardware and another lengthy installation.

Cloud-based systems are built to serve businesses of varying sizes. If you choose to open a new location, the systems at each location can be linked so you have access to data from multiple stores. These systems can accommodate high transaction volumes and inventory counts. As you expand your business, your cloud-based jewelry POS will continue to make your life easier.

Kickstart Your Business With a Cloud-Based Jewelry POS

Improved technology in point of sale systems has led to a better experience for small business owners. Cloud-based POS systems have improved upon legacy systems in a variety of ways, including cost efficiency, ease of use, payment types accepted, and more.

Because of cloud technology, jewelry store owners who use these systems have access to accurate data from all of their devices. By implementing a cloud-based POS system, business owners can more easily run their business and create a better experience for their customers.

Jewel360 is a cloud-based jewelry POS system designed specifically for jewelry stores. Jewel360 has all of these features and more, and can help you simplify your store’s operations, increase efficiency, and improve your customer’s experience.

Schedule a demo today to see the difference a cloud-based POS system can make for your jewelry store.