Managing inventory efficiently is one of the most important skills a business owner can have.
This is certainly true at a jewelry store, where a single item can have a significant impact on your business’ bottom line — neglecting inventory management can lead to overstock, stockouts, and inconsistent product offerings. To keep your store profitable, each item must be accounted for, organized properly, and placed where the right customer can find it.
Managing all of this may seem overwhelming — luckily, a jewelry inventory program can help you keep track of each item in your jewelry store.
In this blog, we’ll go over the most important features you need in a jewelry inventory program and explore the top five providers, so you can find the one that’s right for your store.
A jewelry inventory program is a software designed to help you manage your store’s inventory. Some inventory management programs are designed for specific industries, like the jewelry industry, while others are designed for general retail purposes and can be used in a variety of retail stores.
These inventory management features are usually included with a variety of other helpful retail features in a comprehensive point of sale (POS) system. These systems also offer features like payment processing, website development, marketing, and more.
Jewelry inventory programs track individual items and keep inventory count totals that update when you make sales or purchase new inventory. Many of these systems give you access to suppliers so you can place new inventory orders. Cloud-based systems can be accessed from any web-enabled device, including desktop computers, laptops, tablets, and smartphones, so you have constant access to your inventory totals.
Business owners who switch to a modern POS system lighten the load of running a business by keeping all of their operations in one place, and consistently see higher sales than those who run their businesses manually.
We’ve looked at inventory management systems generally — now, let’s take a closer look at the specific features your jewelry store needs.
A live-updating inventory count is one of the most important aspects of a jewelry inventory program. You need to know how many you have of each jewelry item to know how sales are going and how much inventory to order in the future. Be sure to find a cloud-based system that gives you access to these totals from any device, so you stay updated on your totals at the click of a button.
Related Read: A Quick Guide to Jewelry Inventory Storage: 7 Creative Ideas
At a retail store, it’s important to track each item individually so you can keep inventory counts accurate, easily ring up a customer, and avoid loss or theft. This is especially true for high-value jewelry items. Your inventory management system should track individual items, and this is often done using a barcode system.
These systems work with barcode scanners so you can quickly scan an item and view its information. Some systems even include barcode scanners with sign-up.
Access to suppliers is another essential feature of a jewelry inventory program. You need a system that gives you access to the best suppliers in the business. Through your system, you can place orders and communicate with suppliers so you can negotiate the best terms for your business. With access to a variety of options, you can find jewelry suppliers who match your store’s budget and the needs of your customers.
Related Read: ANSWERED: Where Do Jewelry Stores Get Their Inventory?
Do you ever run out of your top-selling jewelry products? Automatic purchase orders help you prevent this. If you find yourself running out of a popular pair of earrings, for example, you can set an automatic reorder to be placed when the item reaches a certain low threshold. When this number is reached, the computer orders a predetermined amount to keep your stock of this product at the optimal level.
Does your jewelry store offer e-commerce? Offering online options and shipping for customers who live at distance from your store expands the amount of customers you can serve and helps you increase revenue. You need a jewelry inventory program that offers e-commerce options so you can offer them to your customers.
Having an inventory management program that also handles e-commerce keeps all of your totals correct across your business, minimizing errors.
Related Read: [ANSWERED] Are Online Jewelry Stores Profitable?
If your jewelry store has multiple locations, it’s important to find an inventory management system that can support this. When using a system that has this feature, you can view inventory and sales totals for individual stores and your entire business. You can see how items are selling in different locations, and generally, so you can make more informed inventory decisions.
Detailed reports are essential in understanding the state of your business and communicating that information to others — like investors, for example. Find an inventory management system that not only keeps track of your data, but can present that data in a way that’s customizable to your business’ needs. You can create charts and graphics showing sales, revenue, profit, and other important metrics.
Your inventory management system will be full of company information that should only be accessed by those authorized. Make sure the system is equipped with security features, including personalized user access.
With these features, you can create individual users and manage access to information. While a business owner would need access to all company information, employees may only need to be granted access to certain information that’s relevant to their job.
Related Read: Jewelry Store Security: 7 Ways To Keep Your Store Safe
Occasionally, a customer might find that a piece of jewelry isn’t the right fit and will want to return it. Find a jewelry inventory program that allows you to easily handle a return and refund a customer.
Different stores have different refund policies. You may only allow returns within a certain time frame after purchase or only allow customers to exchange their purchase for another item — whatever your policy is, find an inventory management program that allows you to easily manage returns.
These are our top 5 picks for jewelry inventory programs to help you keep your inventory and the rest of your business organized.
Jewel360 is a cloud-based POS system designed specifically for jewelry stores. It gives users access to a wide variety of jewelry suppliers, keeps track of inventory, and offers detailed reporting. Jewelry-specific features like appraisal tools and custom work orders for jewelry repairs make this the ideal system for a jewelry store.
Pricing: Contact for custom pricing.
The Edge is a legacy POS system designed for jewelry stores. It offers extensive inventory management features as well as features for trade-ins, layaway, and gift cards. The Edge tracks customer purchase histories and reasons for site visits, giving users extensive data.
Pricing: Contact for custom pricing.
Lightspeed is a POS system with general retail features. These include advanced reporting, e-commerce, and multi-store management. Lightspeed also offers 24/7 customer support and payroll features.
Pricing: Basic plan is $89 per month, and the Plus plan is $289 per month.
Zoho is a retail software that’s focused on inventory management. It offers e-commerce integrations, website design, and reporting.
Pricing: Standard plan is $29 per month, and the Premium plan is $129 per month.
WJewel is a jewelry inventory management system that includes features for accounting, manufacturing, imaging, and vendor consignments. It also offers features for customer reputation management (CRM).
Pricing: Contact for custom pricing.
The inventory management features offered by a modern POS system help you keep your jewelry store organized, stock the right amount of product, and find new items to purchase. These systems also offer other helpful retail features, including payment processing and e-commerce — plus, a jewelry-specific POS system offers additional features unique to your industry, like work orders and appraisal management.
Jewel360 is an all-in-one POS system created with jewelry stores in mind. It offers everything you need to manage your inventory, and as a cloud-based system, gives access to your inventory totals at the touch of a button. With Jewel360, you can keep all of your operations in one place, simplifying the process of running your business.
To see the difference Jewel360 can make for your business, schedule a demo today!