Every retail vertical is unique and the jewelry market is no exception. Not only do luxury jewelers boast an inventory of the most beautiful gems and diamonds crafted in gold, platinum or silver, but they also offer very specialized services to their customers. As a niche market, jewelers have very specific business processes and therefore require jewelry-specific features and functionalities when it comes to their retail systems. Here are the top five features that all jewelry retailers need for operational control:
Jewelry-Specific Product Creation
Every piece of jewelry is defined by various characteristics and therefore it’s important for retailers to be able to include all of those details when creating a product in their merchandising solution. A flexible merchandising solution will allow jewelers to add unique product information associated with the jewelry, including the type of metal, stone, design, brand, style or other attributes, as well as, warranty information and certificates. Being able to associate multiple product images to a single product is another great feature to have, especially when the images are displayed in detailed product views, lookup screens and even reports.
Serialized Inventory Control
One of the reasons why serialized inventory is a popular topic of discussion in the luxury jewelry industry is because jewelers sell expensive items and they need an efficient way to track their inventory. A serial number can be associated to a finished product (a ring) and to a component of a product (a loose diamond). The serial number is used as a unique identifier to track the product’s movement throughout the retail environment, from receiving, to store transfers, to bin placement and final sale. As a jeweler, your inventory is your most valuable asset, and there’s nothing more important than knowing where your jewelery pieces are at all times.
Jewelry Inventory Movement and Consignment
As a jeweler, your inventory is costly and therefore it’s critical to identify which items should be in your stock, as well as the number of pieces you should hold. In order to do so, jewelers need a replenishment system that identifies which items are selling and which are stagnant that way you can replenish profit-bearing items more efficiently while eliminating slow moving stock, resulting in better buying decisions and higher profit margins. As well, several jewelry retailers may handle consignment jewelry. If a vendor provides jewelry to the retailer on consignment, a system that can distinguish consignment jewelry from asset inventory is needed. In the case where jewelry is owned by the retailer and is lent to customers on consignment, a system that can manage and track this process would also be essential.
Extensive Repair Services Capabilities
In terms of jewelry repairs, many vendors cater to the traditional repair services, such as engraving, ring resizing, watch repair, jewelry cleaning, etc. However, many jewelers also offer another type of repair service called custom make-ups (for example: breaking apart a ring and rebuilding it with a different stone). Functionality for the management of products requiring adjustments or repairs, including internal and external vendor handling of repairs, trade-ins, make-ups and shipping manifests are crucial for jewelers, along with real-time visibility into the status of each repair at every step of the process. For optimal use, the repairs module should be integrated with the POS system to handle the sale and repair at the time of purchase and to automatically prompt associates to reach out to customers when products are ready for pickup.
Jewelry Business Intelligence
As a retailer, you need the right set of tools that provide deep insights into the performance of your jewelry business, including sales, inventory, customers, and vendors. Jewelry-specific reports, graphical dashboards and drill down capabilities are essential for jewelers that are looking to analyze the many different dimensions of their business. A jewelry business intelligence tool (that is integrated with retailers other solutions such as POS, inventory management, purchasing etc.) will help retailers answer their most important questions, such as which jewelry products have the fastest turn, which vendors perform the best or what products are your most engaged customers buying. The goal of having a real-time business intelligence solution is to help jewelers make smarter strategic and operational decisions in order to increase customer satisfactions, efficiency, growth, and profits.