7 Jewelry Store Product Strategies To Improve Your Inventory

7 Jewelry Store Product Strategies To Improve Your Inventory | Jewel360

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As the owner of a jewelry store, it’s your job to source the right products for your target audience.

In the jewelry industry, individual items carry high price points, prompting customers to wait until they find the perfect item before making a purchase. This highlights the importance of understanding your target audience and getting your product mix just right.

Once you build your inventory, you also need to manage it well, so you can get the most out of it. Placing orders for the right amount of inventory, keeping it turning over, and protecting it from loss and theft are all essential components of your product strategy.

In this blog, we’ll go over seven jewelry store product strategies to help you obtain the best inventory, manage it efficiently, and maximize sales.

Let’s get started.

1. Determine Your Jewelry Store’s Focus

There are many different kinds of jewelry stores, so before deciding what products to stock, you need to determine what kind of store you want to run. This decision might be influenced by your store’s location and the demographics of its local residents.

Here are some types of jewelry your store can focus on:

Affordable
High-end
New
Pre-owned
Rare
Vintage
Custom

Your store is unique, and likely sells a combination of these types of jewelry. Regardless of which types you choose, having a specific jewelry niche gives you direction as you make decisions about inventory. It also influences the way you market your store. You can emphasize certain aspects like price, quality, or custom work, depending on what your target audience values the most.

2. Set Up Striking Product Displays

Once you secure your high-quality jewelry items, you need to display them in the best light possible. Use color, lighting, and decorations to design a space that resonates with the customers you’re targeting. If you’re selling high-end, fine jewelry, you want to communicate luxury and class. If you’re emphasizing affordable or pre-owned jewelry, you want to create a more welcoming, approachable environment.

Displays allow you to highlight certain products — like new arrivals, top sellers, or products with a higher profit margin that you want to promote. They’re also a good place to put seasonal products. Featuring displays at the front of your jewelry store captures more customer attention and often leads to increased sales for these products.

3. Create a Robust Online Product Catalog

If you sell jewelry online, you also need to consider how your inventory is being presented and managed on your website. To properly showcase jewelry items, be sure to use high-quality images that feature the fine artistry of a ring, earring, or necklace. Add detailed descriptions that communicate key information about each product, including the material, color, and style.

Populating your website with information about your entire inventory may seem overwhelming, but a modern point of sale (POS) system can help. Industry-specific POS systems are often equipped with industry-specific vendor catalogs. A jewelry-specific POS solution gives you access to jewelry vendor catalogs, allowing you to pull information about the items you order. This simplifies the process of setting up your online store.

It’s important to create a website with clear navigation and visually-appealing branding. Use consistent logos, colors, and fonts to make sure your online store matches your brick-and-mortar location, increasing brand recognition.

4. Ask for Feedback From Customers

Many factors influence jewelry store product strategies. Some of these include customer price range, the type of store you want it to be, and which products become top sellers. To gain more insight into what jewelry you should purchase, you can ask customers for their feedback.

Customer feedback reveals which products are their favorites, as well as suggestions for items they’re interested in that you don’t stock. If you get feedback from a large volume of customers, you can find common themes and valuable insights. If there’s an item you don’t stock that’s commonly asked for, try offering it.

While sales data helps you understand what your most successful products are, listening to customer feedback gives you context and additional information to inform your purchasing strategy.

5. Take Security Precautions

Because of their highly valuable inventory, jewelry stores are prime targets for theft. Take the necessary steps to protect your inventory by using locked display cases, surveillance cameras, and an alarm system. These measures protect you, your staff, and your inventory.

You also need to protect your business’ data. POS systems store data like sales totals and customer information. These systems require credentials to access this information. As an owner, you need access to all of your business’ data, but you can create employee accounts that only allow access to data relevant to their role. By responsibly managing data, you can avoid breaches and keep your confidential information secure.

6. Use a Digital Inventory Management System

To get the most out of your inventory, you need to order the right quantities of the right items at the right times. Digital inventory management tools help you do this by keeping track of how much you have of each item. When you use a cloud-based POS that includes inventory management, these totals automatically update when you place orders and make sales.

With complete access to inventory levels and sales data, you have a clear picture of which items are selling well and which ones are sitting on the shelves. This helps you improve your purchasing strategy and informs your marketing efforts.

Related Read: 8 Tips To Manage Jewelry Inventory

7. Perform Regular Inventory Audits

Even with a digital inventory management system, it’s important to perform occasional inventory audits to ensure your digital totals are accurate. Count out each item and check it against the total you have in the computer. If there’s a discrepancy, adjust it. With a cloud-based system, your numbers automatically sync between all of your devices, including smartphones, tablets, and computers.

Implement Jewelry Store Product Strategies With Jewel360

Which jewelry items you choose to sell and how you choose to manage them determines the success of your business. As you make decisions about inventory, keep your target audience in mind and ask them for feedback. Present jewelry items in the best light by effectively using displays and lighting. To expand your business’ reach, create an online store that customers enjoy browsing and that reflects your brick-and-mortar store.

To keep track of your inventory, use a digital inventory system and perform regular inventory audits. Remember: Take security precautions to protect your inventory, too. As you follow these jewelry store product strategies, you keep customers interested, and your inventory continues turning over.

A POS system helps you make the most of your inventory. Jewel360 is an all-in-one, cloud-based POS solution designed specifically for jewelry stores. With inventory management tools, e-commerce features, and repair modules, you have everything you need to run your jewelry store.

Jewel360 also gives you access to vendor catalogs. You can access thousands of jewelry products, and place orders for new inventory directly from your POS system. This allows you to compare and contrast different brands and prices, so you can find the best inventory for your store.

To see Jewel360 for yourself, schedule a demo today!