Jewelry stores are full of small and expensive items. If a shop owner isn’t careful, one stolen item can cost him or her thousands in lost revenue. Luckily, there are all sorts of things a shop owner can do to reduce thefts, reduce money lost if there is a theft, and keep the shop running smoothly, theft or not.
Point of Service Software
When it comes to jewelry store software, the best thing a shop owner can invest in is point-of-sale software. Different types of POS software will be able to automate various tasks. The best POSs are all-in-one software that can help to manage sales in both physical and online shops. Below is a short list of some of the things the average POS can do.
- Keep inventory records
- Monitor which items sell best
- Which items are available for order
- Optimize marketing
- Make credit card sales
- Suggest sales improvements
Is it necessary for a jewelry store to have a POS? No. However, it does consolidate the number of systems a store would have to have in place to do the same number of tasks. All in all, it can make a shop owner’s life a lot easier and help to automate many tedious tasks.
Insurance
There are a few different kinds of insurance a jewelry store should invest in if the store owner wants complete coverage. As a baseline, it’s always important for any kind of business to have general liability insurance. However, general liability insurance might not cover everything a jewelry shop owner might need.
If a business owner also owns the business’s physical location, such as a building, then it’s also a good idea to get commercial property insurance. This insurance usually covers any damage done to a building by natural causes (weather, etc). If a business owner rents his or her shop space, then renter’s insurance would be a better fit.
Jewelers Block insurance is one type of insurance that is specifically made for jewelry store owners. This type of insurance covers both jewelry kept in the store, in a bank/safety deposit box, and jewelry that is in transit to the store.
Lastly, if a jewelry store owner buys jewelry from non-vendors, then it is smart to get Appraisal Liability insurance. This insurance covers any mistakes a appraiser might make when determining the worth of a piece of jewelry they are buying.
Security Tags
With most jewelry as small as it is, these products are generally easy to hide and steal if they are not guarded properly. One way to reduce the chances of jewelry being stolen is to use security tags. Depending on where a shop owner buys the tags from, they are customizable. Businuess owners can sometimes put barcodes on these tags so they can double as a way to ring up the jewelry.
Rotational Inventory
Like any other shop dedicated to fashion, jewelry store owners needs to remember to rotate their inventory on a regular basis. Changing inventory with the fashion seasons is a great option. New jewelry designs often come out during new fashion seasons, which gives business owners the opportunity to get the newest designs in their shops.
Getting new inventory doesn’t mean a business owner needs to liquidate jewelry from previous seasons. However, it might be a good idea to host a sale to make room for new inventory. This also doubles as a way to get new customers into the shop to both help sell the old inventory and introduce them to the new.
Owning a jewelry business comes with a bit more risk than owning other types of fashion-based businesses, mostly because of the small size and large value of the products. By using the items and ideas in this article, jewelry store owners can better-protect themselves and their business from all kinds of threats. These tips, when used properly, can also help to boost sales during any time of year.
