Cross-Channel Retailing for Jewelry Stores
By Mercy Gracy Antony · PUBLISHED November 10, 2021
Cross-channel retailing engages customers through numerous sales channels, which often comprise both online and offline retail channels.
Consumers embrace new technologies and expect their retailers to take advantage of those innovations to create a more individualized shopping experience. Retailers have many more creative channels to customize their interaction with customers, and new tools keep emerging.
Amazon demonstrated that it is feasible to have an online presence for retail businesses and sell virtually any item via online sales channels. However, amazon did not arrive at ecommerce by building a brick-and-mortar presence first. On the contrary, the firm began with ecommerce completely different from where most retailers – including jewelry store retailers, begin.
If you want to sell your jewelry, you must reach buyers through different channels such as social media, Mobile retail, Digital signage, kiosks, and “Express” stores ( pop-up stores). These channels allow retailers to quickly respond to changing customer expectations and offer creative encounters to improve brand loyalty and bottom-line sales.
Benefits of Cross-Channel Retailing
- Multi-channel customers are more likely to shop and subsequently spend more than single-channel customers.
- Reaching out to more customers means increased revenues through additional sales, increased cross and up-sell opportunities, and improved customer loyalty.
- Reduce costs by facilitating customer self-service. Streamlining fulfillment through online and mobile ordering can speed up the order and payment process.
- Manage more products with minimal time. Stock management is easy with ChainDrive Jewelry Software; add, edit or remove products in seconds, or import your existing inventory in one step.
Cross-Channel Retailing Best Practices for Jewelry Stores
1.Integrate your accounting with POS systems – This entails connecting your accounting department with all points of sale. You can close sales online, on mobile, or in your physical locations using cross-channel commerce. To be truly cross-channel, retailers will need to enable “buy and pick-up anywhere, but pay once in one channel. Your accounting department must be fully integrated with all points of sale.
2.Fulfill orders promptly from any terminal – You’ll lose clients if they don’t get their items in a timely manner. Whether clients buy in-store, order online, or use a mobile app to place an order, you must ensure that orders are completed fast. It’s imperative to be competitive in everything from web order fulfillment to supply chain management. For effective web order fulfillment, your system should have PCI compliance, and comprehensive security will always be top-of-mind.
3.Customer Relationship Management – Customers are the lifeblood of every retail business. How well do you know them? To give the greatest service, you need to know as much as possible about each consumer, including their preferred sales channel. Ironically, capturing data across channels can help retailers better plan and target cross-channel strategies. Insights from customer data can help retailers identify their best customers and also discover the factors that drive loyalty and how to improve customer profitability. These insights can be used to select the most effective channels, quickly making adjustments as needed.
4.Analyze merchandise performance – Gaining important insights in areas like product demand, price and promotion, category performance, and assortments can help retailers optimize product mix, forecast inventory swings, and even improve buying positions with vendors. Identifying, gathering, storing, and securing data requires a fair amount of overhead. Servers must be allocated, databases set up, and the system monitored and maintained. You can achieve this through a retail analytics tool.
5.Supply chain optimization – Automating inventory and establishing visibility are just the first steps. These inventory systems must be integrated across channels to provide product consistency not just in quantities but in price and description as well. The greatest improvement comes when the supply chain is open and integrated with distributors, wholesalers, and suppliers. This allows each partner to better forecast trends and manages stock-outs. The ability to integrate inventory systems requires system interoperability and sound security, as access is opened up across the corporate firewall.
6.Manage employee sales performance – Because jewelry stores often sell high-end ticket products, you’ll want to make sure that your employees are compensated fairly for their efforts. Because a sale may be closed through one channel but begun through another, commissions may need to be shared across your salespeople. That’s why tracking and managing sales performance is so essential in cross-channel retail.
Getting these six components of cross-channel retailing right is a good start for your jewelry store chain. But it’s just a start.
Retail management software facilitates cross-channel adoption
Retail management software can help retailers design information systems that provide intelligence and insight into consumer actions, patterns, and preferences. ChainDrive jewelry software armed with accurate, timely information, jewelry retailers can develop targeted marketing campaigns and personalize customer experiences through digital signage, kiosks, and in-store displays.
ChainDrive jewelry software helps retailers extend their channels beyond walls made of bricks and mortar. Whether it’s mobile marketing solutions, online sites, and applications, or even deploying networked digital signage, ChainDrive jewelry store management software prepared to help retailers move into the next generation of retail marketing.
ChainDrive can help you understand and experience the benefits of cross-channel strategies. If you’re managing multiple channels in your business and want to know more about how ChainDrive retail management solutions can help you be more responsive to changing retail trends while maintaining security, contact your ChainDrive Retail Software Specialist or visit https://chaindrive.com/free-live-demo/.