Accurate and comprehensive inventory records can make or break a jewelry business. Jewelers who can quickly identify fast-selling, high-margin items can maximize their profit, while less organized business owners trying to manage their inventory via gut feelings and mental-only notes could face larger problems than untapped revenue.
Poor inventory record keeping doesn’t just mean you don’t know the ins and outs of your merchandise as well as you could. It also means that it could complicate the claims process when you turn to your insurance policy.
Thankfully, you no longer need to have an MBA or spend hours learning how to master spreadsheets for quality inventory management. Jewelry inventory software has become much more robust and accessible over the past few years.
Unlike procuring inventory, it’s a reasonable bet that many jewelers aren’t accustomed to shopping for and purchasing software. Whether your business has taken advantage of jewelry inventory software since it first became available or are considering giving it a try, ask these questions when making a selection based on features.
- Can it be deployed over the cloud?
- Is it mobile-friendly?
- Does the vendor offer training and support?
- How user-friendly is it?
- Will it track repairs?
- Does is save customer purchase history?
- Can it help manage pricing?
- Will it offer supplier management?
- Does it have a design component?
- Can it help manage appraisals?
That’s a lot to keep track of and consider, and that’s before factoring in the price of the software into a cost-benefit analysis of the tool. To complicate matters further, there are tons of jewelry inventory software packages available on the market today.
Thankfully, you can use resources like Capterra to help find a solution that fits your business. If you didn’t believe there were lots of options before, check out their search—it yielded 80 results to choose and compare from! And you don’t need to go it alone. Your insurance agent should be able to advise you in finding a software to fit your needs. —Logan Moore