As a leading retail management software powerhouse, we do receive a lot of questions from retailers and jewelry store owners. However, most of these questions are related to Jewelry point of sale solutions, applications, functionalities and best practices. Today, we will show you the knots and bolts of jewelry management software and how to choose the right POS System. Are you ready?
1 – What are the most important features in a Jewelry Retail Software?
While Gems and Jewelry Market 2020 published by Market Watch on March 27th, 2020 provides a substantial amount of stats and insights on rising market drifts, market opportunities, to assist jewelry businesses adopt effective ways to optimize their market positions, the report does not provide actionable market insights on the importance of retail technology trends or changing business models namely for small to medium retailers. Other reports like wedding wire offer interesting insights on how consumer buy their precious wedding rings and jewelry:
When it comes to finding a one-of-a-kind engagement ring, 45% of proposers begin researching/looking for rings more than five months ahead of the proposal, with 71% making the final purchase less than two months prior. Forty percent purchase the ring from a local retailer, 30% at a national chain, and 10% from an online retailer. While features such as stone type, size and brand all greatly impact cost, roughly half of couples will spend under $5,000 on the engagement ring (though 20% spend more than $10K).
Engagement Ring
Source: https://go.weddingwire.com/newlywed-report
Couples consider style/setting to be the most important aspect of an engagement ring. In fact, nearly 80% admit to dropping hints about their ring preferences and 7 out of 10 have some involvement in selecting and/or purchasing the ring itself.
If we take a look at these observations, we realize that jewelers have to deal with many challenges. Not only buyers have to find ‘’one-of-kind’’ engagement ring, necklace or bracelet, they have to find the right stone, size, brand at the lowest cost possible. As result, jewelers must have cutting-edge tools to sharpen their quotes, costs, designs, time frame to meet an exceed their customers expectation and shrinking budgets. The question to be asked is whether you have found your one-of-kind jewelry system that thinks like your picky customers and that will boost your overall productivity, sales and competitive edge?
A Jewelry Store Software provides small, medium and large Jewelry store owners manage their inventory and point of sale (POS) operations efficiently. Jewelry POS systems are also designed to help retailers keep track of the quantities, prices, SKUs available or to be ordered including precious stones, metals, and other jewelry materials needed to enhance their creations.
ChainDrive’s retail software tray count component for instance allows jewelry retailers to keep track of their merchandise and reduces the need for multiple inventories counts throughout the day. By documenting what product is located in which tray, the system conducts only two counts per day, one in the morning and one at night, and reconciles what was on display at the start of the day with what was sold. Accounting for trade-ups provides further inventory control by crediting your inventory with what the customer is trading in and debiting it with the replacement piece.
It also allows them to track in real time their stock to ensure that all valuable Jewelry components are properly reconciled which reduces discrepancies, loss or accidental misplacement.
2 – How about customized orders, appraisals & repairs?
Being able to customize your products, services and designs is mission critical in the jewelry business. When it comes to handling delicate custom orders, creations, appraisals or repairs you need a cutting-edge retail software that thinks like a craftsman and acts like a laser in precision.For custom orders, you need to have a definition module which to enter all the specifics of a particular piece according to its build, attributes, intricate shapes, models, etc. A POS system like ChainDrive lets you indicate which components are required to fulfill the customized piece and to see if you have the right piece in your inventory or in the upcoming orders, leading to more accurate costing.
3 – Do jewelry POS software systems handle payment processing?
Jewelry POS systems are designed to handle all kinds of payment processing solutions including invoice generation, receipts, etc.
Having the right POS system makes it easier for retailers to track and process online orders and transactions in physical stores. When it comes to ecommerce web order fulfillment is a must.
Depending on the chosen provider for the payment processing system, POS systems can process payments such as gift certificates, credit notes or wireless credit card payments. These type of POS Software systems also gives its users the option to process returns and exchanges.
4 – Why traditional jewelers must step-up their online strategies & how?
Since the third and fourth industrial revolutions, ecommerce, social media streaming and online shopping have gone mainstream, companies like Amazon have dominated the retail world so are many market places and social media who went from chatting and socializing to social selling.
As online Jewelry sales will continue to flourish steadily, there is a growing need for jewelers to become more agile. By offering real-time e-commerce integration our agile-centric Omnichannel Jewelry Software POS System became a leading platform among the Top Ten Software Developers on the RIS News Software LeaderBoard. ChainDrive’s web order fulfillment offers a panoramic visibility of your inventory at any point of sale or station and gives you the ability to quickly move merchandise when needed. Order processing is painless and tracking is made simple. Retailers can now offer buy anywhere and pick-up anywhere.
5 – Why do you need a Smart CRM for your Jewelry Stores?
As the demand for personalized connections grows among consumers, it’s imperative to have a Customer Relationship Management Software that drives the customer experience at every touch point. ChainDrive’s Retail CRM captures valuable customer information that allows you to identify shopping behaviors, buying habits, patterns and trends.
This essential component in modern management allows you to deliver a personalized service, targeted marketing campaigns and inspires smarter pricing and promotion decisions that lead to increased sales, loyalty and retention.
The main goal of CRMs is to help retailers increase recurrent revenues. ChainDrive’s Retail CRM is designed to track each customer’s previous transactions and behaviors. This allows you to send custom-tailored marketing materials based on the customer’s preferences, tastes and order history.
ChainDrive’s Retail CRM is endowed with smart features that let you send out marketing emails or personalized promotional material to customers on birthdays, wedding anniversaries and other brand and marketing actions to stay in touch with your audience, foster a sense of community belonging, sales and empathy during good times and bad times like COVID-19.
Predictive management, behaviors are critical in today’s marketing as it allows retailers to better understand consumer behaviors, expectations and future moves. In sum, a sophisticated jeweler POS System like ChainDrive can handle all the following functions:
- – Real time customer look-up anywhere throughout the store
- – Capture Customer data across all channels
- – Capture buying patterns, behaviors and trends
- – Gift card and loyalty programs
- – Generate reports on customer profiles
- – Create custom marketing campaigns
- – Perform RFM (Recency, Frequency, Monetary) Analysis
- – Promote customer loyalty using mobile and online channels
- – Analyze, categorize, tag and filter customer information
- – Report and match customer needs with product plans and offerings
6 – Why Choose an All-in-One Product Management Software for your Jewelry Business?
ChainDrive POS’ real-time product management component seamlessly tracks the location and status of your merchandise at all times by simultaneously monitoring purchases, receipts, allocations, sales, transfers, in-transit, on-hands and related business analysis activity, regardless of location.
ChainDrive’s powerful tools and dashboards are geared towards helping retailers cope with all sorts of complexities in the supply chain channel including product life cycle and inventory allocations.
ChainDrive’s power tool, the matrix, centralizes and facilitates the complexities of supply chain management throughout the product life cycle, providing you with all the necessary tools you need to effectively manage your most valuable asset, your inventory.
To manage all your products in real-time you need a software like ChainDrive which offers a full array of functionalities:
- – Centralized inventory management using our OLAP governed matrix (our power tool)
- – Inter-store transfer optimization, including “drag and drop”, “many to one” consolidation and full recall functionality
- – User assignable attributes for product grouping and precise targeted analysis
- – Real-time inventory status regardless of location
- – Dynamic style creation including the ability to use multiple dimensions
- – Seamless inter-store or inter-company inventory management completely integrated to accounting
- – Effective and efficient cost and price management
- – Multi-level product hierarchy
7 – What is OTB and how does it work?
Because in times of uncertainty and narrow margins, every penny counts.
OTB stands for Open-to-Buy. It’s a fully-integrated powered by a smart and centralized database. ChainDrive’s unique Open-to-Buy retail software offers the flexibility, dynamic controls and the user-definable views you expect from an intelligent software as it allows purchasing managers, buyers to seamlessly handle ahead of time and in predictive fashion prepurchasing, planning and cost forecasts in various currencies down to the nitty-gritty little sub-class.
With its dynamic built-in graphic capabilities, agile architecture, top-down or bottom up allocation, and a myriad of key performance indicators, ChainDrive’s Open-to-Buy takes planning to an unparalleled level of retail management.
8 – Why smart inventory tracking is critical mission in retail stores?
With the fast-changing consumer behaviors, lifestyles, product cycles and business models, it’s important to have a powerful inventory system that is agile, smart and seamless. Why?
Because without an adequate retail inventory management system that helps retailers allocate their inventories and models based on data, the risks of being stuck with unsold goods or unsatisfied customers is high. Accurate inventory tracking is meant to help retailers like you identify the right target customers, location but also to prevent overstocking and arbitrary allocations. Inventory management solutions also assist jewelers with multiple-store or stations monitor each SKU, line card or collection based of facts, figures and traffic. Smart systems let you track available items across each store, franchise or kiosk you manage. It also tracks all transfers between stores as needed. Jewelry store management systems can rely on real time bar-coding tools to update their information on inventory cycles according to various parameters (location, size, quantity, promotion, price, etc.).
Last but not least, make sure that your system allows you to add three-dimensional images to enhance the product specifications and ease of verification.
To find out more about how to step-up your digital transformation, please visit our website at chaindrive.com or call 1.800.820.1412 to schedule a free management consulting session with one of our retail jewelry system advisers.
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