With hundreds of software options on the market, selecting the right one for your specialty-specific retail shop can be a difficult task. Point-of-sale (POS) solutions help retailers reduce the number of manual tasks and use their spare time to do important things, such as analyzing business performance and retaining customers with strategic marketing strategies.
To help, we’ve created this buyer’s guide to help you choose the right POS software for your jewelry store.
Here’s what we’ll cover:
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, thus increasing the importance of the customer relationship management (CRM) functionality embedded in these systems.
This guide covers how jewelry-specific POS software can help you run your store more efficiently and address the above issues. Below, we discuss the eight important features in these systems, and why you might select these specific solutions over general POS systems.
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 (CRM)||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 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 repairs and update the customer history with changes in sizes if pieces are altered.|
|Messaging integration||Jewelry store 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 in case future issues arise. However, certain customers may want to make anonymous purchases and jewelry shop software should support this.|
Jewelry software may be a good fit for you if any of these situations apply:
You are currently using pen and paper to track inventory and sales. In this case, jewelry POS 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.
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.
You are expanding to multiple store locations, or online. While on-premise jewelry store management system 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.
Vendors are offering new functionalities as the jewelry store POS and inventory software market constantly evolves. Jewelers need advanced functionalities to engage clients and drive sales. Currently, several market trends impact this market. The primary among those trends include the following:
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