All ways to manage your inventory with your cash register system

All the ways to manage your inventory with your point of sale system

For jewelers, efficient inventory management is crucial for the success of their business. A good point of sale system not only helps you process sales but also optimizes inventory. Below we discuss the different ways to manage inventory with your point of sale system.

Automatic orders

Automatic orders are a handy tool for jewelers to monitor inventory levels and ensure that popular products are always in stock. This feature allows you to place reorders automatically based on preset thresholds.

Benefits of automatic orders

One of the biggest advantages of automatic orders is time-saving. You don't have to constantly check which items need to be reordered. Furthermore, you reduce the risk of stockouts, which is crucial in the jewelry industry where customers often return for bestsellers.

Pro tip: Set your threshold levels carefully based on sales data armed with seasonal trends. This prevents excess inventory and helps you make informed purchasing decisions.

Manual orders

While automatic orders provide a lot of efficiency, there is also room for manual orders. This is useful for jewelers who offer unique or less popular items. Manual orders give you the control to purchase specific items based on demand and customer needs.

When to use manual orders?

Use manual orders when you know that certain items are not sold often or when you are introducing new designs and the demand is not yet clearly assessable. By ordering manually, you can also better respond to trends and changes in customer needs.

Pro tip: Track the sales data of the past years to report on trends and use this information to inform future manual orders.

Return transactions

Return transactions are a crucial aspect of inventory management for jewelers. Customers may return items for various reasons, such as wrong size or dissatisfaction with the purchase. Proper management of returns ensures accurate inventory levels and customer satisfaction.

Effectively handling returns

It is important to have an efficient system in place for recording and processing returns. Ensure that your point of sale system provides an easy way to reintegrate returned items into inventory. This prevents incomplete inventory levels and helps keep track of your stock.

Pro tip: Introduce a simple return policy to reassure customers and encourage them to buy. A smooth return process with your point of sale system additionally promotes a positive customer experience.

Consignment orders

Consignment allows jewelers to offer new collections and designs without unnecessary risks with inventory. You purchase the inventory only when the item has been sold, which is cash flow friendly.

The benefits of consignment

One of the main benefits of consignment is that you have less financial pressure. Additionally, you can experiment with new designs and brands without immediately investing in large quantities of inventory. This is especially useful for jewelers who are just starting or operating with limited liquidity.

Pro tip: Collaborate with reliable suppliers who are willing to enter into consignment agreements. This helps you build a strong relationship and can lead to better contract terms.

Dropshipping

Dropshipping is a popular method where you sell products without keeping them in stock yourself. When a customer buys something, you order it from the supplier, who ships it directly to the customer. This can be an excellent way for jewelers to expand their product offerings without the costs of inventory.

How dropshipping works

Essentially, you act as an intermediary between the customer and the supplier. When a customer makes a purchase, you place the order with the supplier, who sends the product directly to the customer. This saves you the costs of storing and managing inventory.

Pro tip: Make sure you have complete trust in your dropship suppliers. It is crucial that they are reliable, as their performance directly affects your reputation.

By integrating these different inventory management methods into your point of sale system, you can significantly increase the efficiency of your jewelry business. Each system has its own advantages and can, depending on your specific needs and circumstances, offer unique value. Whether you choose automatic or manual orders, return transactions, consignment, or dropshipping, a strategic approach will help you run a successful and profitable jewelry business.