How to Choose the Best Software for Jewelers: Hacks to Know!

With dozens of software for jewelers available, choosing the appropriate one for your specialized retail company can be tough.

To assist you, we have created this comprehensive resource to guide and assist you in selecting the best jewellery software for your business.

Let us start with understanding the essential needs of jewelry software, and then we will share the latest hacks for selecting the finest jewellery software for your business.

The Requirement of Software for Jewellers

When researching jewellery retail software, jewellery store owners have various requirements. Jewellers, for example, often have a huge, diversified inventory with a high value-to-size ratio, which necessitates strong inventory monitoring features in these systems.

It generates financial reports, computes taxes, delivers GST-compliant invoices, and even aids you in completing your GST filings. Software for Jewelers allows you to make invoices without spending much time on the billing process, something you would have had to do manually otherwise. Your cash flow is stable. You receive payments on time, keep track of your money, and handle accounting effectively. Thus, jewellery software helps you manage your shop more efficiently and handle the abovementioned concerns.

Now, let us unveil the hacks, and keep reading till the end to find out about the Bonus Hack.

The Hacks to Choose the Best Software for Jewelers

1) Select Software that is Particularly Designed to Serve the Jewellery Sector:

Although general ERP, Jewellery Inventory Management Software, and POS software have been available for decades in other sectors, the IT sector has only recently begun to focus on the jewellery business. There are very few competent software for jewellers, which are available that are affordable for small and medium-sized businesses.

Generic software frequently fails to achieve the objectives of a jewellery business because they were built “to match any business model,” attempting to vertically expand a core product for multiple sectors. The software vendor might not be familiar with the jewellery industry’s specifications, and they might leave your businesses with a slew of problems, such as…

• High expenses for software customization.
• High maintenance costs and incompatibility with crucial updates.
• Processes that are partially automated.

Hence, Jewellery-specific solutions are more likely to meet your individual business needs and operating demands than a general software package.

We recommend WinGold Next, industry-specific software that can meet all your requirements; go for it you will profit from a shorter installation and learning curve.

2) Recognize Market Trends to Select the Best Software Wisely Suitable for your Business:

As the software industry advances, vendors introduce new features. To attract customers and generate sales, jewellers require enhanced functionality. Several market trends are now influencing this industry. You must know these trends and determine how these improved features align with your business.

The following are the most important of these trends:

• Online Sales Volume: As brick-and-mortar store margins shrink, digital platforms provide a cost-effective means of growing sales and generating revenues. Real-time inventory tracking and electronic payments are possible with advanced web systems. Furthermore, they can make product and accessory recommendations to assist clients to upsell jewellery. In addition, seasoned traders, such as bullion traders, are now placing a higher priority than ever on the online security features of the bullion software they use.
• Capabilities for Advanced Business Intelligence: These technologies assist jewellers in monitoring business success in real-time. The insights provided by the produced reports assist jewellers in making fact-based choices and streamlining their operations. Jewellers may use interactive dashboards to determine best-selling and low-performing goods; this functionality also aids supply management.
• Increased Use of Application for Mobility: Jewellers who attend events and tradeshows choose software with application support for mobility to handle sales operations from afar. Due to the rising usage of tablets and smartphones in retail operations, jewellers are searching for features compatible with their devices in the Software for Jewelers. With advanced technology, credit card payments from remote places are also possible, which increases customer satisfaction.

3) Select a Jewellery ERP Solution Over POS or Other Systems for Your Business:

Enterprise Resource Planning (ERP) solutions are powerful systems that give full traceability to jewellery makers, wholesalers, and retailers and help enhance sales and productivity, and reduce waste. ERPs are superior solutions compared to general jewelry wholesale software, jewellery retail software and others.

The benefits of these systems are based on their automation capabilities and the centralized database that drives production, inventory, consignments, CRM, suppliers, purchasing, and sales, as well as e-commerce. They also give employees data security and regulated access levels.

An ERP provides far more functionality than a conventional POS or inventory software:

• Complete Inventory Management – customizable product pricing and raw material, diamond, metal, stone, and finished goods tracking.
• Customer Relationship Management (CRM) entails categorizing and recording all customer interactions.
• Tracking of Production and (barcoded) Workbags – complete tracking of processes and supplies on task orders
• Automated Accounting
• Fixing and unfixing prices
• Tracking of taxes
• Tracking of consignments
• Reporting and analytics
• Integrated POS
• Customer Portal – an online gateway via which your customers may view your catalog, create price quotations, and submit purchases.
• The integration of a website and e-commerce
• Other integrations for better business automation

BONUS HACK: Choose the Software for Jewelers that provides you with a free trial before purchasing it

Unlike a convincing sales pitch on a landing page, a free trial allows you to peek behind the curtain. It tells you absolutely, without a doubt, what the product looks like, how it works, and how you will engage with it. For instance, a jewellery manufacturing software may advertise an easy dashboard, but in reality, it may not be up to par or user-friendly for your workforce.

A free trial lets you understand precisely what you are getting into before committing. It allows you to directly test the goods and make a better-informed buying decision while also feeling more at ease.

During the free trial of the software, ensure to check these specific functionalities…

• Capability to Fix and Unfix Transactions – Automating ad hoc transactions while accounting for changing pricing throughout the transaction.
• Capability to Manage Tax Compliance – Maintaining your VAT, GST with ease, and other tax compliance. Help with regional compliance programs such as Hallmark, AML, BIS, etc.

To Sum Up:

If any of the following scenarios apply to you, jewellery software may be a suitable match for you:

• You are currently tracking inventory and sales with pen and paper. In this situation, software for jewellers may boost your productivity, keep your inventory up to date, assist you in staying in touch with your consumers, and simplify compliance and tax reporting.
• You are using a system that was not designed for jewellers. While other retail systems may meet some of your requirements, jewellery-specific retail software provides features 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 opening numerous stores or going online. While on-premises jewellery shop management systems work well for single-location businesses, web-based jewellery store software, also known as cloud-based software makes it easier to expand to additional locations or start selling through an online storefront.