How to Turn a Rough Stone into a VVS1 Jewelry Business?
By Multidev Technologies · PUBLISHED January 28, 2021
Managing a jewelry store or a fast-growing retail operation is already a daunting task when you don’t have a smart jewelry business software system to tame the day to day operations; let alone coping with the changing dynamics of consumer trends and markets in the disruptive times.
Despite the plummeting jewelry sales during the first period of confinement between March and April of 2020, the mood is on the up-swing again. According to various data sources like Business Weekly, many households and consumers reverted to remote shopping to escape their daily routines or to feel good; hence their proclivity towards purchasing jewelry as a self-satisfactory pleasure. Others started pampering their loved ones as a way to acknowledge the importance of family ties during hardships and pandemics. Another reason why jewelry sales are seeing a rebound is due to the ease of use of online shopping namely from jewelry stores with mobile or digitized capabilities.
But if you are a store retailer or chain store owner, looking for new ways to ramp-up your transformation strategies, the following jewelry store management tips will definitely help you add a long-lasting sparkle to your existing business.
So, what does it take to turn a diamond in the rough into an FL or VVS1 retail business?
1.Keep a record of your appraisals – Appraising jewelry is one of the core services of most jewelry retailers, but do you keep a record of your appraisals or just tell your customers what their prized jewel is worth and send them on their way? With an advanced appraisal POS software module, you can retain proof of your customer’s item and keep a record of it should the customer decides to come back another time. Storing an image of the product, recording all of its special attributes, and keeping the information in a central database in case the customer returns to another store shouldn’t be taken lightly; as it takes a lot of marketing efforts nowadays to turn a suspect into a prospect and hopefully into a buyer.
2.Track repairs across the value-chain – Another core sensitive area of the jewelry business is the repair service. This can be anything from gold or silver ring that lose their luster to fixing broken chains on necklaces and other jewelry items. Keeping track of your customer data, customer profiles, information on the provided services, or applicable warranties is a vital part of data driven businesses.
3.Tray count – Manual tray counts are time consuming and mostly inefficient when it comes to conducting multiple inventories throughout the day. With an automated process, you can keep track of your inventory throughout the day by documenting each product and each move. The Jewelry store pos module performs an inventory count and stock management twice a day–once in the morning when you open and once at night when you are about to close. You can see at a glance through inventory control functionalities what was sold throughout the day and what was on display. This will save you time and helps you reduce any your margins of errors while giving more tools and more options to monitor your profit margins.
4.Manage custom orders – Well established jewelers rely on sophisticated systems and smart application to manage custom orders in real time while traditional retailers rely on instincts, experience and inherited skills to run their family-owned businesses which might not be enough in a fast-changing landscape. For Special orders with pre-defined jewelry attributes, digital ready retailers can out-compete brick and mortar retailers with lesser experience or proclivity towards smart retailing technologies.
With these essential jewelry retail pos functionalities at your disposal, you’ll have more ammunitions to fend-off or weather economic storms with confidence.
With the rise of new entrants every day, every sale count; hence the importance of having the right Jewelry point of sale system to make informed decisions. Unlike many generic and pre-packaged solutions sold through third party vendors or resellers, Chaindrive Jewelry business software is both intuitive and totally in synch with the jewelry mindset. In addition to being fully-integrated and user-friendly, it comes with many smart tools, dashboards and live analytics to help retail operators like you make data-driven decisions on-time, on-budget and on-target.
If you need more insights or functional tools on how to grow you retail business in the disruptive age, please subscribe to our newsletter or visit our official blogs at Multidev.com/blog/ or https://chaindrive.com/blog/. You can always request a free demo at https://chaindrive.com/free-live-demo/.