Have your business reached a point where tracking and managing complex management processes sound tedious? Well, you probably need to switch to an automated ERP solution to automate the hectic manual management activities.
As much as rewarding and profitable it sounds, running a jewellery business can be super challenging. Gone are the days when appointing a few employees to handle the regular management activities would suffice. In today’s competitive environment, you need a lot more than a bunch of employees that carry out the manual management functions. In this post, we are going to discuss the meaning, purpose, and importance of jewellery ERP software.
What is Jewellery Management Software?
As an owner of the jewellery store, you must know the importance of management and marketing. The rates of metals keep changing every minute. It is your responsibility to stay up-to-date with the current rate of these metals and sell them at the best price. But, a jewellery business involves a lot more than tracking the current prices of gold, silver, diamond, and other metals. You are supposed to maintain the workflow, track your employees’ performance, monitor your sales, track the progress of your website traffic and mobile marketing, and most importantly execute the mundane business activities.
These low-volume and high-margin businesses need quality and the best jewellery software that could automate an extensive range of manual tasks. Managing all these activities gets super easy with jewellery ERP software. Basically, it refers to the system that monitor’s your business’ sales and overall performance. From tracking marketing and customer relationship to automating the calculation and accounting, everything can be done in this single centralized system.
Common Capabilities of the Best Jewellery Software
Online Jewellery software comes packed with a myriad of features that simplify multiple management tasks. When it comes to selecting the best jewellery ERP software, it is quite normal to get tempted by different options available on the market. The most important thing to consider when investing in this automated solution is the modules it supports. The software mainly varies by their features. There is a chance the option you choose might be completely different from what your business needs.
You may not want to adjust your workflow and business structure according to the software. Not only is it going to be the time-consuming process, but it isn’t possible for a jewellery business to change its management operations according to the software structure. The software you choose must be agile and versatile. It should feature the modules that are suitable for your business and meet your regular management requirements. Here we have listed some important functionalities of the online jewellery software you need to know.
- Auto Pricing
A module that calculates the price of the jewellery automatically is an important module in the jewellery management solution. This feature enables the business owner to compute the exact price per customer and supplier.
- Jewellery Specification
If you have been in the jewellery business for years, you probably know how each jewellery piece differs from other sets. Each piece is made in a unique way. When customers are looking for jewellery, they need to be certain about the type of jewellery they are buying from your store. So, it makes sense for businesses to differentiate each jewellery piece. You could display the specifications and other features of each jewellery to tell the difference. Not only does it make it easier for you to differentiate between different designs, but customers find these specifications quite convenient when making a decision. The jewellery store management software is the tool you need to identify different jewellery sets according to their special features and patterns. It enables businesses to label different designs and make it easier for their prospects to make a purchase. This module allows you to display the basic characteristics of the particular piece. For example, you can display the diamond cut of the ring, the weights and size of the jewellery, the total karats the gold necklace is made of, warranty that comes with different jewellery sets, style and brand of the piece, and so on.
- Inventory Management
Usually, inventory management is a separate software that comes with its unique modules. However, many jewellery software features inventory management as a part of the solution. As mentioned above, a jewellery store is a high-margin business. It isn’t the grocery store or a casual hardware shop where overstock and under-stock issues may not hamper the business’ growth. If you are running a jewellery business, you know the importance of inventory management. You cannot afford to lose your customers just because you could not refill the inventory on time and the product they want is out of stock. Similarly, you cannot overstock your warehouse. The last thing you want is to get customers for your outdated and old-fashioned jewellery sets.
The inventory management module ensures that you get regular and real-time updates about your inventory. The system sends an alert when you are running out of stock. The inventory management system is not only used to track inventory status in the warehouse. In fact, this one module can help you figure out the most-sold designs and the least-purchased products. Based on these insights, you can plan your future marketing strategies. Overall, it enables businesses to create a purchase order for the designs that a majority of customers appreciate rather than stocking the unwanted and outdated jewellery pieces.
- Purchase Module
Creating a purchase order is another challenging task for a jewellery business. But, no need to worry now. The purchase module makes it easier for businesses to request quotes from different vendors for the materials they want to stock. The module features a separate section for recording quotes from different vendors. You can ask different departments in your jewellery company to send the list of the products needed.
Once you have collected the list, you can create a purchase order copying the required items. The software allows you to enter the quantity, delivery time, price, and other instructions regarding your purchase requirements. You can forward the purchase order to the vendor almost instantly. Earlier, companies had to spend days creating purchase orders. Billing & invoicing and order management were the most challenging aspects of the purchase order. They had to approach different departments to take the order and include it in the order. Besides, they used mails to send the purchase order to the vendor, which could take several days to reach the vendor. Overall, the process was time-consuming. Today, the best jewellery software allows businesses to create purchase orders from one place and send it instantly to the vendor.
- Customer Relationship Management
Companies have started to prioritize customer satisfaction. Now, the most important marketing element for all types of businesses is: enhancing customer engagement and building a strong relationship with customers. Whether you do it by sharing high-quality and engaging content or offering discounts and promo deals, customer relationships should be your major marketing goal. As a jewellery store owner, it is extremely important for you to provide your customers with a satisfying shopping experience. Customers are super careful about spending on the luxury and expensive products.
Getting new customers can be complicated for jewellery businesses. That being said, you need to follow every marketing technique that can help enhance your relationship with your existing clients. You might be wondering how jewellery software can help you achieve this objective. Well, a jewellery software system comes with a customer relationship management system that records your prospects’ data, their personal details, interaction with your business, and other crucial information.
Here, the benefit of collecting this information is the personalized experience that you can offer to your regular clients. You can sell them discounted products or send mobile notifications every time you have a new jewellery design offer. Remember that customer relationships have a great impact on your overall productivity and performance. The stronger the connection you build with your target audience, the better the chances your business will pick up.
Your business will have a full control over your company’s financial statement. View profit & loss account, balance sheet, and other transactions anytime and anywhere you want. You have 24/7 access to the jewellery accounting software. This module takes the accounting burden off your shoulder. Now, the account module does not only feature financial statements and day-to-day transactions. It stores all your company’s accounts. From storing sales vouchers and bills to generating invoices, this single system can do it all.
Who Uses the Jewellery Management System?
Do you know the jewellery store management software can reduce your burden by as much as 50 percent? Well, a high-quality and full-featured ERP solution automate multiple manual tasks. This not only minimizes the risks of errors, but guarantees smoother and flexible management operations. Basically, the system is used to develop the regular management schedule that reduces the owners’ and associates’ burden. With the jewellery software in place, you will only have to perform the productive activities, such as planning, forecasting trends, modifying your marketing strategies, introducing offers, and expanding your business to the international level.
We have already mentioned the number of automated modules that streamline a broad range of management and marketing activities. But, the important question is “who needs a jewellery management solution”? Of course, every jewellery business requires an automated ERP tool to streamline the basic management tasks. But, the paid solution is a must for small and large scale jewellery stores that have to track the performance of hundreds of employees, monitor sales progress, cater to the varying requirements of thousands of prospects, and offer a personalized and satisfying experience to the existing customers.
But that doesn't mean startups and other retail jewellery stores do not need the best jewellery software. Basically, all types and sizes of business should implement a cloud-based jewellery accounting software. You get an opportunity to select the types of modules you would like to add to the system. Another important thing to note here is that the jewellery software is available in different types. You can choose a system designed for a medium-sized company if you run a retail jewellery store.
Why do you need the Best Jewellery Software?
1) Make Informed and Sound Business Decisions
Managing inventory is one of the most crucial elements of a jewellery shop. As a jewellery store owner, you are supposed to handle your stocks and make timely refills. The solution comes packed with a range of advanced management features, including but not limited to, serial number tracking, analytics and reporting tools, inventory management modules, barcode scanning, and employees’ performance recording. These tools will help you make smarter and informed decisions. Not only do these features give you an insight into your current business status, but they help you grow your jewellery business with accurate reports.
2) Better Customer Interaction
Building customers’ trust is an important aspect of marketing. You can’t survive in today’s competitive business environment without putting your customers above everything. How well you interact with your audience and the way you resolve their issues determine their experience with your company. Remember that it is easy to bring people to your website and get them to purchase your product. But, retaining these customers can turn out to be a major challenge. You need to get them to become your loyal customers so that they choose your store to make jewellery purchases.
A high-quality jewellery manufacturing software comes with a point of sale app that makes it a whole lot easier for the business owner and the staff to track sales performance and customer’s interaction. The ERP solution also comes with a separate CRM module that is designed specifically for businesses that need to record their customers; and prospects’ database in an efficient system. As a jewellery business owner, you are supposed to record your customers’ database in one system. This includes the customers that purchase a bracelet for their loved ones, those who buy jewellery in bulk, and the ones that send you the jewellery for customization. Now, one major benefit of the jewellery software is that you get to offer a personalized experience to your customers.
Personalized service means considering your customers’ requirements and buying preference. For instance, you can send a discounted offer on their special days. You can also record their loved ones’ birthdays in your system so that you can suggest the best jewellery gift. Customers love to receive such personalized emails. They appreciate it more when you provide them with a promotional offer on special occasions.
3) Focus on Productive Activities
If you are in the jewellery business for a while now, you already know how competitive this market has gotten over the past few years. Most brands have already embraced omni-channel marketing to grow their brand and reach out to a wider audience.
They are taking their jewellery businesses to the global level. It’s quite natural to wonder how these brands get time to focus on marketing and other productive activities with all the pending mundane tasks. Now that the jewellery software is handling all the hectic tasks, you get plenty of time to focus on the important management activities.
4) One-stop Platform
The major reason why you need jewellery software is to automate a range of manual tasks. Imagine the software handling all the tedious management operations, while your team focuses on building future marketing strategies. The best part is that a single centralized system comes packed with a plethora of modules that offer different functions. You can only integrate your existing ERP solutions with the jewellery management solution. For instance, if you have HR and payroll software, you can combine its features with the jewellery software to streamline management tasks.
The best software for jewellery business will be an industry-specific system. It is designed specifically for jewellery stores. So, all the modules and functions added to the system are in line with the jewellery management operations.
5) Saves Time and Money
Obviously, you are going to spend a few hundred bucks on the jewellery ERP software during the implementation process. You will also have to pay regular maintenance fees, which could vary from vendor to vendor. But, all your investment is worth the results. There is no doubt jewellery software can save you plenty of time by automating almost all types of business activities. These include core activities such as inventory management, sales tracking, and HR management. Additional features can also be included in the system. Now, handling all your management activities from a centralized system is super convenient. It is simpler than traditional management solutions.
Whether you need to generate an invoice or track the sales performance of your team, you can execute any function you want from the comfort of their home. In addition to time, high-quality jewellery manufacturing software can save you money in the long run. Think about it - when you have a centralized and automated system to execute all the management operations, you will not have to hire assistants, inventory managers, and even accountants for that matter. Everything can be handled from one place.
Old software systems are neither effective nor secure enough to protect a large volume of the database from hackers. Likewise, it is not possible to store a significant amount of data in spreadsheets and MS Word. Should any technical issue arise, there is a good chance you will lose the stored data. A reliable jewellery system, on the other hand, offers secure and convenient features. You can save as much information in these systems as you want. The best part is that a backup file is created for these records. So, even if there is a system failure, you can rest assured that all your data will be safe.
Coming to security, there is no way hackers can access the on-premises or cloud-based jewellery management solution. Only employees and business associates (to whom you have granted the software access) can open the system using the login credentials. This ensures that only people who have the software access rights will use the business information.
Market Trends for Jewellery Software System
As customers’ buying trends evolve and the technology advances, the competition in the jewellery industry gets fiercer. The good news is that there are many tools you can use to understand and get familiar with the latest trends around the jewellery software industry. It is important to note that the only possible way for the jewellery stores (both retailers and wholesalers) to survive the fierce competition and get ahead of their competitors is by adjusting their business and marketing strategies according to the latest jewellery trends.
You get to either adapt to these trends or watch your business die slowly in the competitive market! Let’s discuss the top trends in the jewellery software industry to improve your business.
- The 360-degree Jewellery Product Videos
In the coming years, we are going to witness a major revolution in the jewellery software industry in terms of the visual presentation of the products. Currently, the software allows jewellery store owners to display the product images with their unique specifications.
However, customers want more than the pictures of the jewellery stones. They need a 360-degree view of the product so that they can make the best decision. You must have seen the 360-degree videos of the real estate and other products. Similarly, jewellery store management software is expected to incorporate an additional feature that supports the 360-degree video format for jewellery pieces.
- Payment Gateway Systems Integrated
As the technology is advancing, it seems like people have finally started to accept the online payments. In fact, they prefer direct deposits over traditional forms of payments. People have gotten more comfortable with payments through e-wallets than cash and cheques. The vendors integrate the best payment gateway solutions into the jewellery software. However, its demand is expected to grow in the next five years.
Businesses will expect a solution that enables customers to make online payments. Additionally, they will need a solution that links all these payments to the financial books and accounting software for smoother management. Currently, over 71% of merchants that are in the jewellery business have embraced mobile payments. Even new businesses that have just launched their jewellery company prefer direct deposits.
- Easy Integration
The on-premises jewellery software is still in demand. Lack of integration is the major issue businesses face with these types of outdated solutions. Integrations are important in jewellery management stores. You may already have third-party solutions installed in your firm. Even if you are just starting, you may need to integrate different apps and other systems into the barcode management software for smoother management.
It is best to select a system that offers seamless communication. If you are going to integrate a third-party software with the jewellery management solution, then you will probably need to take professional help. The software vendor will help you with the complex integration. But, for smaller and common integrations such as mobile alerts and the payment gateway, your tech-savvy team will do. So, make sure to check the integration capability of the software before making a purchase.
Type of buyer and which Jewellery Management Software is best fits buyers' needs
As mentioned above in the article, jewellery manufacturing software is needed by all sizes and types of jewellery firms out there. Even those who have recently commenced their jewellery business need an effective solution to automate the hectic management operations. Depending on the type and size of your jewellery store, the standard software will not necessarily fit your business requirements.
For startups, a jewellery management solution with the basic features, such as inventory management, customer relationship management, integration, and accounting solution will do. If you have just started, you will want to look for a cost-effective solution that offers multiple features at a cheaper price.
Small businesses, on the other hand, can choose a customizable and the best software for jewellery business that comes packed with the advanced modules. Considering that your business is growing, make sure you select a system that will cater to a larger customer base.
Now, for large-scale jewellery businesses and wholesalers, an ERP system that features enterprise-level modules will be needed. There is a chance you may have to choose the most expensive Jewellery retail software. But, we recommend you go for a full-featured system that’s designed for enterprises. As the owner of a large-scale jewellery business, you may want to consider investing in a system that has the potential to execute multiple management tasks with ease. You may also need to check and compare the features and reviews of different enterprise-level jewellery retail software before making a purchase.
Choosing the Best Jewellery Management System Vendor
The most crucial module in jewellery management software is inventory. A quality jewellery management system gives you full control over your inventory. Investing in a jewellery management system is an important and long-term decision. After all, you are allowing a solution to automate and handle all your business management activities. Of course, you will need to look for a system that has the potential to manage all your management and marketing operations smoothly.
Remember that the vendor you choose for this solution can play an integral part in determining the success of this solution in your business. The main purpose of developing an automated solution for your jewellery store is to grow your business. What’s the point in investing your money in a system that doesn’t fit your business requirements and the current management workflow. You need to be extra careful when choosing the best software for the jewellery business.
In order to cater to the growing demand for jewellery management systems, developers have launched a large number of advanced and premium solutions in the market. It gets quite overwhelming for business owners to choose the best and most suitable jewellery software that fits their business structure and cater to their varied requirements. In order to help you choose the best software for jewellery business, we have come up with a few important factors you must take into consideration when shopping for online jewellery software. Let’s have a look:
Earlier, the standard ERP solutions were designed for all types of businesses. Jewellery stores had to install a typical management solution. However, these solutions wouldn’t offer some special features that could handle jewellery-related operations. People did not have a choice during that time. Today, you have an option to pick an industry-specific solution that is open to customizations. Even developers have started to realize the importance of a customized solution. They are now designing software based on the clients’ specific business requirements.
Keeping this factor in mind, shop for a solution that can be customized. We suggest you order a custom-made solution that is designed for your business so that you don’t have to adjust your management operations and day-to-day activities according to the software features. However, if that’s not possible, purchase a standard solution that could be customized later (when needed). Customization is an important aspect of any type of management software. Your business will not remain the same forever. As it grows, it will need advanced and better systems that help you handle more activities efficiently. A customization solution does not need to be replaced. You can add, remove, and edit features according to your requirements.
- Focus on Customer Experience
Customer experience determines the success of your jewellery business. The more customers you manage to retain, the higher your annual revenues will be. Note that there is jewellery software that is only designed to carry out basic management functions. You cannot plan your marketing strategies or build customer relationships with these cheap and low-quality systems.
Before you make a purchase, consider the compatibility of the software with different modules. Does it feature a customer relationship management module? Does it help you record your customers’ and prospects’ details efficiently in the system? Does it help you generate insights into the sales funnel? All these questions matter when it comes to installing a premium jewellery management system.
- Security and Accessibility
Merchants implement jewellery management software because of the security features and easy accessibility. It allows you to store a large volume of data safely. Moreover, it makes this information easily accessible to the business associates and staff members that have permission to use the system.
Now, accessibility of the software will determine how quickly and conveniently you can get access to the multiple modules of your jewellery management system. If the software you choose is mobile-friendly, then you will be able to operate it on smaller screens. This means you can run the system on iPad, Tablet, Android, iOS, and other devices. This makes it easier for your employees to use this jewellery management solution on the go. The outdated systems, on the other hand, might work on laptops only. Make sure you check the mobile-compatibility of the software before making a purchase.
Likewise, it is important to check the security features of the software. You are going to store your customers’ personal and confidential data. Additionally, the software will accommodate sensitive information about your business. It makes sense for a business to discuss the security features with the vendor before sealing the deal.