Inventory management has come a long way from pencils and paper ledgers, but too many jewelers today are behind the times.
Many still aren’t using, or don’t even realize they need, the kinds of cutting-edge tools that integrate inventory with point-of-sale and customer engagement efforts. For instance, tools that capture a customer’s information at the time of purchase and integrate those details with your existing customer relationship management platform are a simple but effective way to build on your relationships with those buyers by following up and engaging with them via direct mail or email.
Inventory management tools need to provide information to jewelers in real time to capture an accurate snapshot of your merchandise turn. As an owner, it’s crucial to know which of your pieces fly out the door and which move sluggishly, if at all. Being able to track turn times and see what—and when—your customers buy is a terrific asset.
Conversely, inventory that never leaves the showcase drags down your cash-flow position, but cutting prices without a clear strategy also means missing an opportunity to maximize your sales.
Trying to wade through all of the inventory management options on your own, admittedly, can be complicated. If your inventory management skills and tools are lacking, it might be time to tap an expert with specialized knowledge of the market—one who knows how to interpret sales data to determine where your strengths and weak spots are.
The right expert partner can even step in and help you supplement your existing inventory with pieces that have been calculated to have the most dramatic effect on your bottom line.