Top 10 Benefits of Professional Inventory Management for Jewellery Retailers / E-tailers

Jewellery Software – Top 4 Practices When Looking For Technical Support
June 29, 2016
15 Good Reasons Why E-Jewel© is Better than Open-Source E-Commerce Platforms
October 15, 2016
Show all

Top 10 Benefits of Professional Inventory Management for Jewellery Retailers / E-tailers

Professional and proficient inventory management can help your businesses reap success. This is as much of an understatement as saying that the sun has a warm surface. Inventory managemnt is a crucial part of any business’ success! Super-efficient delivery systems and supply chains are being developed to ensure delivery of products to consumers in the right way, at the right time. In the modern scenarios, customer satisfaction has become a prime reason for businesses to stand apart from their competition, and thus, the need for professional inventory management is largely being considered more as a necessity than a mere trend.

As a jewellery retailer, you are faced with a unique set of challenges as far as managing your jewellery inventory is concerned. Many small-in-sizes, high valued items would mean that owners should be on top of what is going on in the store and in the system. Even a loss of a single piece would imply a loss of thousands from the bottom line. For this very reason, jewellery retailers conduct inventories including manual counts every quarter. Such a process can be labour intensive and leave room for human errors. Thus, making use of professional jewellery store inventory management can be of much help. Contracting with inventory management allows you to take advantage of the cutting-edge technology specific to diamonds and jewellery industry.

Here are the top 10 benefits of professional inventory management:

1.  No excess or shortage, but just the right amount

With a professional inventory management, you will always be able to tell the exact amount of items required in your inventory. It will make it much simpler to avoid product shortages and keep just enough inventories on hand without having an excess.

2.  High inventory turnover ratio

You will be able to determine a high inventory turnover ratio and ensure that your products aren’t damaging, outmoding or even sucking up your working capital. This can be made possible via inventory management as you can calculate how often your inventory sells in a year and decide where your resources can be better utilised.

3.  Gain loyal customers

A good, professional inventory management will lead you to what every retailer wants – loyal customers. You definitely want your hard earned customers to keep returning back to your store for their jewellery related needs. Another way you can assure this is a given is by ensuring you have in store what they’re looking for whenever they make a visit to your store.

4.  Plan accurately, precisely

You will be able to stay ahead of the market demand curve by keeping the right amount of products on hand and plan well in advance for seasonal changes and so on. This undeniably goes back to keeping your customers happy for the year long.

5.  Get a smooth warehouse organisation

Once you are able to determine which pieces are your top sellers and what combinations are being frequently ordered together by your customers, you can optimize the warehouse arrangement by putting those products close to one another and in quickly accessible spots. This will invariably speed up the pick, pack and ship processes. 

6.  Improve your employee efficiency

You can train your employees to use barcode scanner, software back end and several other tools in order for them to assist in day to day activities by helping you manage inventory and make better use of the time on hand. They will feel empowered in this way and their efficiency will surely improve. The process will also help your business make better use of its resources, both human and technical.

7.  Smarter inventory orders

With professional inventory management, while you can do a good job keeping a track of the amount of inventory you have on hand, you can also make smarter decisions as to when and what should be ordered. An inventory management system will speed up the ordering process for you. For e.g. you can simply scan a product barcode and punch in some information to place an order and generate the invoice.

8.  Well manage inventory tracking across locations

In the case of multiple locations, a professional inventory management system becomes even more crucial because you will need to co-ordinate the supplies at each location depending upon variances in demand and several other factors.

9.  A time-saving tool

Professional inventory management can prove to be a great time-saving tool too. When you keep a track of all the items on hand and on order, you save yourself the trouble of re-doing inventory counts to ensure accurate records.

10.  Cost cutting

When your inventory is moving along efficiently through your facilities, you can be rest assured that you’ll save a lot of money. Effective inventory management helps you avoid wasting money on slow-moving items so that you can put it to better use in other areas of your business.

The best jewellery inventory software in the industry

If you’re looking for the greatest jewellery store inventory software there is, contact Diamond Technology Solutions. Our strong foothold in the business has enabled us to know what works for sure and what doesn’t. We very well realise the safety and security concerns of any jewellery store. Our jewellery software is a guarantor of the safety and accountability of your inventory. Our team of seasoned inventory experts are well trained in the domain and we pride ourselves on the levels of accuracy and efficiency that we can achieve for our clientele.

If you need the best software for your jewellery store, we need you! Please contact us today.