Is Technology Tripping Your Jewelry Business?
Some troubling trends are being seen for jewelry retailers. According to a recent survey, the number of jewelers closing continues to rise. One of the reasons given is “being behind in terms of technology”. The other reasons cited are retiring baby boomers, shrinking margins, and slower retail sales.
How does being behind in terms of technology trip up jewelers?
Tech vs Fine Jewelry
Beejoli Shah spoke from personal experience in “Has Technology Killed The Jewelry Industry?” Coming from a long line of jewelers, she spent summers working with diamonds and dreamed of being in the business herself someday. But things have been changing — people don’t necessarily want expensive top-quality diamond jewelry anymore. Only engagement rings seem to be on the radar of a Millennial and that engagement ring might be a family heirloom instead of a new piece. The latest iPhone and travel say “I love you” more often than diamond studs or necklaces.
Jewelers could combat this by offering more technology items. They could also offer customized jewelry services to turn broken family pieces into something modern. Online sales are going strong, but often people lack the education to choose wisely, so providing information is helpful. Customer input gives valuable insight in winning the tech battle here.
Tech vs Retail Management
But the challenge of technology is not just found in customer preferences. Retail management can be tripped up by technology when the software being used isn’t adequate for the job. Software designed for jewelry retailers should have features like an advanced appraisal module that automates the process. If the data on an appraisal item was in a centralized database, real-time status on the appraisal, in-store and external item repairs is accessible. Even tray counts can be simplified and secure.
Many details are part of the business of a jeweler. ChainDrive has designed the software that retail jewelers need to compete and can customize that software so it is perfect for a specific business.