Jewelry store owners have several unique requirements when evaluating retail software. For example, jewelers typically have a large, diverse inventory with a high value-to-size ratio, which makes robust inventory tracking functionality critical in these systems. In addition, the high value of jewelry can sometimes trigger the need to file IRS Form 8300, which some systems can generate. Finally, jewelers rely on strong customer rapport for repeat, high-value sales, making the Customer Relationship Management (CRM) functionality many of these systems include very important.
This guide covers how jewelry-specific Point of Sale (POS) software can help you run your store more efficiently and help address the issues above. Below, we discuss the eight important features in these systems, and why you might select these specific solutions over general POS software systems.
Important Features for Jewelry Stores
Jewelry store owners should look for the following functionality to meet their unique requirements:
|Inventory Management and Imaging||Most POS systems offer an inventory management feature that automates supply levels and deducts inventory as sales are completed. Since it can be difficult to distinguish different jewelry pieces by description alone, jewelry shop software should also include pictures of items.|
|Customer Relationship Management||To nurture customer relationships, the system needs to track important dates and family members to send reminders for purchases (e.g., on birthdays and anniversaries). Some retail software systems also integrate with social media platforms to keep in closer touch with customers.|
|Service/Repair Tickets||Repairs and alterations are an important part of customer history. Inventory programs for jewelry sales must track the repair and update customer history with changes in sizes if pieces are altered.|
|Messaging Integration||Jewelry store software programs should transmit customer alerts for special orders received, repairs completed and special date reminders. Ideally, the customer should be able to opt in for email, text messages or automated calls.|
|Appraisal Tracking||After an appraisal is completed, the system needs to store it, tagged to both the customer and the individual piece.|
|Precious Metal and Stone Pricing||Precious metal and stone prices affect inventory value and item pricing. The systems should automatically download current pricing, and optionally apply it to all of the inventory or selected items.|
|Compliance and Tax Reporting||The system should generate reports required by the Anti-Money Laundering (AML) provisions of the PATRIOT Act when purchases of “covered goods” of $50,000 or more are made in a single year. In addition, if a customer pays for merchandise with over $10,000 in cash, the system should flag the transaction and generate information for IRS Form 8300.|
|Anonymous Sales||Most customers want detailed information kept on their transactions should future issues arise. However, certain customers may want to make anonymous purchases, and the jewellery shop software should support this.|
Common Buyer Scenarios for Jewelry Software
Jewelry software may be a good fit for you if any of these situations apply:
1. You are currently using pen and paper to track inventory and sales. In this case, jewelry software can increase your productivity, ensure your inventory is always up to date, help you keep in touch with your customers, and simplify compliance and tax reporting.
2. You are using a system that is not specifically intended for jewelers. Although other retail systems may meet some of your needs, jewelry-specific retail software offers capabilities that will make your life easier--such as the ability to integrate updated precious metal and stone pricing, automate compliance and tax reporting, and track appraisals, repairs and alterations.
3. You are expanding to multiple store locations, or online. While on-premise jewelry store management software works well for stores with a single location, Web-based jewelry store software--also called cloud-based, or software-as-a-service (SaaS)--makes it easier to expand to multiple locations or to begin selling through an online storefront. On-premise options for the best jewelry software for Mac or PC are also available.