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Here’s a common scenario faced by most business owners:

You own a jewelry store that you have spent a fortune on. You have the latest design and the trendiest jewelry in it. You know you will earn a lot out of it. But when you set out to sell it, you realize that your stock doesn’t exactly look what you thought it would. The problem is your inventory management.

So what exactly is an inventory?    

An Inventory is anything that you store. In simple terms, it refers to your raw material as well as the stock of the finished goods of products that you sell. 
Inventory Management is the science of purchasing, supervising, controlling, and dispensing of Stock for Sale which is stored in a facility.
The process of inventory management begins from the time you raise a purchase order and ends (for every order) when an order is fulfilled/ delivered to the end customer. But when it comes to jewelry inventory, there are a few more things that you need to take care of. 

Here are some tips to manage your inventory in the easiest way possible:

1.    Categorize And Prioritize Inventory
Chances are that some of your products cost more and turn over less. Along with this, there might be cheap products that sell fast. Your best bet would be to identify your best-selling items and products that are more valuable but sell less quickly.
Once you categorize your items, you will have a clear perspective on what you’ll need to reorder most often. This will help you to plan accordingly.

2.    Cut out excess Inventory
Jewelry is a high-value commodity. You should not be stocking up on extra jewelry, as it not only blocks your capital but also increases your cost.  
Stocking up can be avoided by cutting out the old. Look for proper Insights on Jewellery management software and prioritize clearing the older stock first, as the designs tend to go out of trend very soon. 

3.    Stock up at the apt time.
While not accumulating a lot of stock is recommended, it is also a good idea to have some extra stock around festivals and wedding seasons. 
Conducting routine inventory audits and counts, identifying products that aren’t selling quickly, and cutting down on inventory accordingly will help create a good balance. 

4.    Understand the importance of exclusivity
It is the age of social media. Everybody wants to put up pictures that gain the most appreciation. And nobody wants to look like anybody else. 
So, the more exclusive pieces you stock up on, the more will be your popularity.

5.    Use A Trusted Inventory Management System
Keeping track of the coming and going inventory manually can drain your resources and time. Using an inventory management system will help you streamline your inventory seamlessly.

The Jwelly ERP software is an efficient tool when it comes to managing your inventory. It saves you from spending your time and energy, along with avoiding any glitches that may occur in the manual process. Many jewelry showroom owners nationwide have trusted this software and successfully and happily managed their inventory. Contact us now for more details, or simply download the app.