You will agree that…From ample jewellery item supply and minimal deadstock to effective warehousing and order fulfillment, jewellery inventory management impacts your jewellery business efficiency, costs, and buying journeys.
People’s changing lifestyles and increased disposable budgets, along with strong branding and advertising by key firms, are driving market expansion.
The rising desire for premium and opulent goods is boosting demand for gold and diamond jewellery.
These are regarded as a mark of great status and assist in enhancing an individual’s attractiveness and general appearance.
The supply chain interruptions and a rise in raw material prices may hinder some jewellery firms’ expansion. Better inventory management of jewellery according to demand and supply chain can offset this issue.
Thus, for 2023, the jewellery inventory management technique is exactly what you should focus on far more in order to expand your jewellery firm and solve your ‘how to grow jewellery business’ concerns.
You can use this article to uncover the key to 2023’s efficient inventory management for jewellery.
Mastering the Art of Jewellery Inventory Management in 2023
1) Efficiently Perform ABC Analyses:
It assists jewellery business owners like you in better defining and identifying the areas of sales and/or production that generate the greatest profit.
To track and manage jewellery inventory of your business using this method, you must first classify your stocks by profitability, with Group A inventory accounting for 80% of revenue, Group B inventory accounting for 15% of revenue, and Group C inventory accounting for 5% of revenue.
You can take the help of jewellery inventory management software for generating automatic reports about your jewellery inventory stock to aid in implementing the above strategy.
You can get your hands on WinGold Next ERP, the best Jewellery Inventory Management Software, because it has a reputation for serving the jewellery industry for the past 30 years.
Following the completion of the classification procedure, your supply manager must rigorously oversee your Group A inventory, ensuring that all goods in this class are stored in secure storage space and that supplies are always available.
Avoid overstocking in Group C since the control decreases there, although Group B inventory is in the center and may eventually move toward Group A or C; as a result, it requires careful monitoring and data collection.
In the case of inventory management for jewellery, the possibility to locate hotspots by understanding the least popular and most popular pieces of jewellery in your inventory collection is the main advantage of this strategy.
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2) Implement a Visual Inventory Monitoring Strategy:
Since our brains digest visuals 60,000 times more quickly than words, stock photographs are a good example of a visual inventory monitoring strategy.
When employing visual reminders, it’s crucial to take the best possible photos of each item of jewellery you have on hand.
ERP for Jewellery Industry is especially crucial when there are pieces that are almost identical. Knowing that the goods you’re looking at are genuine products and not simply a close version eases your mind and prevents misunderstanding on your end.
Assigning a photo to every jewellery stock item can prove to be really beneficial for jewellery inventory management in 2023.
3) Keep Yourself Abreast of the Latest Jewellery Trends:
Unsold jewellery that may have fallen out of trend or be out of season frequently becomes outdated inventory.
Make sure you stay up to date with the newest trends in the jewellery market to prevent dead stocking.
Attend various jewellery exhibitions and exhibits in your area, peruse periodicals about the subject, read blogs about jewellery, and keep up with other activities that are linked to the profession to stay current with our software for jewelers.
By doing this, you’ll be able to sense the pulse of jewellery experts and spot patterns and trends that people would buy in 2023 and beyond.
Some More Industry Insights:
- Because of its opulent quality and premium appearance, the real/fine category accounts for a huge part of the market in terms of sales.
- Meanwhile, costume jewellery is predicted to gain popularity throughout the forecast period.
- This is due to the growing customer taste for attractive and relatively affordable jewellery that complements their clothing properly. You can use jewellery billing software to track the customer purchases and make detailed customer profiles.
- This market is further encouraged by its cheap manufacturing cost due to the use of less costly materials.
- Necklaces, charms, and bracelets make for about half of the market. Women have dominated the market in terms of end-use and are expected to continue to do so in the foreseeable period.
4) Switch to Centralized Inventory Management:
The days of manually entering data to track jewellery inventories are long gone. Control inventory management for jewellery and the supply for multiple stores centrally.
Keep track of all stock transactions (both in and out). Sort inventories into categories and apply serialized management, all from a single headquarters created by you.
Invest in a jewellery inventory management system that prioritizes the protection and safety of your valuable jewellery stock.
You can seek user-based login capabilities that provide your staff members personalized access to the inventory defined by you.
WinGold Next provides free 30-day trials. To maintain the highest level of security for your inventory, it has customizable user access.
To explore the benefits of the best jewellery inventory management software, try it out for yourself
5) Leverage Data from Website and E-commerce Integration:
Jewellery inventory management that has been properly labelled and arranged will help you to track search patterns and further optimize the supply.
Analytics from website and e-commerce integration use online searches, interactions, and conversions to identify patterns and predict demand across the supply chain.
This can help jewellers like you decide which gemstones and raw materials to buy, for instance. According to festivals, seasons, and events, historical and present-day search trends can also help you forecast which jewellery items will be in great demand.
6) Align your Merchandising Strategy with Smart Inventory Management:
Do you want a popular, high-value product to be in high demand? Or do you want to get rid of seasonal items and outdated goods before refilling your inventory?
With an inventory management system in place, you can optimize your website’s homepages to promote best-sellers or jewellery items you want to get rid of.
You can focus on improving the website’s layout to focus attention on key SKUs and increase conversion. You can highlight them the same way in a POS display too in your jewellery retail showroom.
7) Ace the Basic Fundamentals of Organizing:
For effective and efficient jewellery inventory management, start by organizing all of your stored items and naming them in a way that feels natural to you.
To make it simple for you to keep track of your jewellery inventory, remember to give each item a barcode and/or a stock-keeping unit (SKU) number. You can take advantage of jewellery software for this.
Additionally, this will prevent you from overstocking and make finding missing things simpler. Organize, track, and manage your jewellery inventory in accordance with any of the categories you find most convenient once you’ve issued an SKU number.
The objective at this point is to arrange as much precise product data as you can, not only to identify the pieces but also to classify them according to style, kind of piece, item variants, and other categories that make sense in your specific jewellery business.
In 2023, t’s absolutely essential that you look for a jewellery inventory management software that allows management of gold purity using automatic purity difference calculation.
Sort your gems and jewellery items according to category, style, kind, purity, size season, target market, etc. with SKU number, RFID, or a barcode.
Wrapping it up:
Efficient jewellery inventory management promotes smooth day-to-day business operations by providing visibility into supplies, order volume, and transactions.
Jewellery businesses like yours can readily use this data to determine which items are selling and which are not. To that end, they might opt to curtail manufacturing, reduce unsold stock, and conserve important resources.
Inventory management also enables jewellery businesses to forecast which jewellery items, styles, or materials will be in high demand in the future.
Better inventory planning and management will enable you to provide consumers with the things they want when they need them in 2023 and beyond.
Inventory management for jewellery when automated provides you with enhanced precision, accuracy, and scalability. It also helps you to make data-driven decisions and adjust your stock levels in real-time.
Enjoy a wide variety of cutting-edge inventory management functionalities in one place. WinGold Next allows customizations for your specific feature needs as well.
So, what are you waiting for? Implement the tips discussed with aid of WinGold Next.