The technology market today is saturated with a lot of offerings that promise to minimize your manual work, integrate your processes, and create cross-functional effective operation within one system.

However, every industry is unique in ways they operate and function. So is the jewelry industry including the wholesalers who are running their business mostly working with retailers and a variety of big vendors, as well as retailers whose operations are mostly focused on the end customer, people who are purchasing the products from jewelry shops.

Jewelry business people are surely very familiar with all the challenges automation carries for this industry. Today, it is more than evident that implementing specialized jewelry software is the solution to an immense amount of issues with integrations, cross-functionality, data security, industry-specific features and so much more.

What are the main components of jewelry software?

Both jewelry wholesalers and retailers are operating in a multifunction org structure. Streamlining operation in a way that is inclusive of all functions/ departments and their specific processes is a challenging task.

Off the shelf, generic ERP software is hardly a solution when it comes to the jewelry business. More companies every day start utilizing software that is crafted especially for the jewelry business, with the understanding of industry-specific operations, processes, and most important challenges that are unique to jewelry wholesalers and retailers.

Specialized software enables companies to effectively manage a wide range of various aspects of all stages of operations, like jewelry design, quotes, and catalogs, orders, purchasing requests, sales, accounting, inventory and marketing, website integration and management, and many more.

With this said, let’s jump in and highlight the essentials components jewelry software must have in 2021 to help businesses operate smoothly and efficiently.

  • Robust security and multilevel access rights
  • Inventory management (including synchronizations with the website)
  • Raw material management (metals, stones, diamonds)
  • Customer relationship management (including email integrations)
  • Vendor relationship management
  • Accounting, compliance, and tax reporting
  • Appraisal and certificate management
  • Sales Analytics and management reports
  • Service requests (like repairs or special orders) and ticket management
  • User-friendly system management
  • Automated alerts and notifications

Every business is different, so it is extremely important to provide a system that is flexible to adjust to your company’s needs without further customizations and overhead fees. So finding a system that has all of the above integrated is a great way to optimize your business processes, save time and money on unnecessary manual tasks, and reduce headaches when scaling, opening a new branch, store or just changing the way you operate.

Selecting software for your business

Before embarking on the journey of implementation of a new software tool, it is extremely helpful to brain-dump all of the processes you currently have that do not run smoothly or are still done manually. The next step is to think of ways in which these processes can be optimized by a software tool and looking for one that covers your needs in the way you expect or even better, in a way that exceeds your expectations, making your day-to-day operations organized and swift.

Having the components and features you require listed and handy is a great way to check if the software you are browsing meets your expectations or not.

There are a few items to keep in mind when selecting the software;

  • Components or modules
    For example, POS, accounting, analytics, CRM, etc. This is the first thing to consider because if a system lacks a major component you need, you will either continue using separate systems or doing the work manually outside of the system. Both of those, in a long run, are financially ineffective and time robbing.
  • Features For example,
    changing prices in batch, performing physical inventory, adjusting mark-ups or hike-ups, sending mass emails from the system, etc. Here you can allow yourself to be more flexible, still keeping in mind that your core features of demand, should be present, and not all the nice-to-haves can be included.
  • Onboarding process
    This is the phase where you are introduced to the processes of switching your system and your system provider should do a great job at helping you through the change initiation phase, giving you a complete idea of every step and what is required on your end. Only this way will your implementation be smooth and changes less painful for the staff.
  • Implementation
    The software implementation phase usually takes the most effort, because you need to come up with all the specifics that should be set up for you, along with integrations to your website, email, hardware - scanners, printers, etc.
    A company that provides good service is essential, otherwise, the implementation phase may leave a lot of gaps that will become pain-points in the future. It is also important that the company you are purchasing software from provides quality training to ensure that you and your team are savvy in navigating the system before going live.
  • Software and Tech support
    No matter how great the system, the implementation, and the training phases are, every system is having updates from time to time, which is great, and every company is having new employees. So the tech support team must be available for you and your team when you have an issue or question. You sure need prompt responses and 24 hours response time is usually acceptable in the jewelry business.

Why should businesses deploy jewelry software?

Most jewelry shops and manufacturing units are now relying on specialized jewelry management solutions. Undoubtedly, this saves time, money, and effort thereby leads to massive tangible and intangible long-term benefits. Here are some major advantages of jewelry software:

  • Jewelry software is already optimized to industry standard operations and enables you to have an all-in-one system for your cross-functional business processes.
  • Jewelry management system automates all processes such as material supply, job repairs, and sales tracking. This reduces time and enhances on-job efficiency.
  • Jewelry business management software facilitates smooth task flow management and reduces errors. This leaves managers with more time at their hands, thus enabling them to focus on strategic decision making.
  • Reporting is already optimized to the industry narrative, including everything relevant for you to evaluate and analyze.
  • Jewelry management tools optimize financial department processes, like, example - billing and taxation, along with storing customer information and enabling customer relationship management.

Market Trends 2021

Understanding the market trends will have a tremendous effect on your purchasing decision when it comes to a jewelry software. The industry is growing according to multiple research agencies.
Some of the key factors impacting the jewelry industry are;

  • Online Sales
    The industry is forecasted to grow, according to Business Wire online Jewelry Market is expected to grow by $19.88 bn during 2020-2024. The Covid19 pandemic, along with the advanced online platforms, took online sales to a whole new level. Consumers today are used to having anything they like with minimal wait time, placing orders online, and processing electronic payments. Jewelry businesses in return implement real-time inventory tracking, fast shipment, as well as using their CRM and BI tools, provide jewelry recommendations that enable upselling.
  • Business Intelligence
    Data processing, analytics, and reporting tools help jewelry business owners and managers to preview their up-to-date business performance. Today, interactive dashboards are required to lead a hands-on and organized team. Decision making is mostly based on insights from robust reporting and analytical components software tools generate in real-time. With current solutions, just a hit of one button will show you bestsellers and re-order them for you if you are running out.
  • Mobile Versions
    With the major switch from desktop to mobile, there is a rising demand for having the software accessible on mobile and tablets. There are a lot of industry events, where jewelry business people showcase their products. During these events and tradeshows, it is very handy to have a wireless POS and operate sales and billing (credit card processing) remotely.
  • Social Media Platforms
    The impact of social media, influencer marketing, and affiliate programs has boosted demand and interest in the industry. Currently, every platform is enriched with multi-level filtering, categorization, segmentation, and targeting. Including the new techniques and best practices, social media is a major factor impacting the industry.
    If you are looking for great software that includes everything mentioned in this article and some more, try checking JewelMate solutions available for both; Wholesale and Retail. In addition to all the gems mentioned earlier, JewelMate is also enriched with the latest RFID technology integration, instant texting immediately from the software, and so much more.

Request a demo session today and start your business transformation.
Email us at sales@logicmate.com or give us a call at +1 213 623 4422.