Tradeshows and other live events are great for B2B activities. However, due to the nature of our business we've found a better way of building relationships with our customers. PIRO Summit - organized for the first time in March, 2018 - is a dedicated live B2B event where we dedicate our time to jewelry companies looking for different IT solutions. Let me introduce PIRO Summit to all blog readers.
The US has been historically leading in creating and adapting new technologies – the jewelry retail sector is not much different in this aspect. In the early 2000s, when the first jewelry point-of-sale (POS) systems were launched, technically-minded jewelry retail stores started to use these computerized POS systems instead of paper sheets to track their sales and inventory.
The IT segment has kept an eye on the growing demand for jewelry specific POS systems and today there is a fierce competition: retailers can choose from a dozens of systems.
But not all of them are scalable enough to keep up with the recent changes in the retail sector. In this article I would like to highlight some trends that I envision for the next few years. Whether you agree or not, share your thoughts with us in the comment section – I look forward to reading them and starting a conversation.
How can smaller jewelry retailers and manufacturers stand out from the crowd and grab market share on the branded jewelry market? The value of jewelry branding is increasingly important; the branded jewelry segment has doubled since 2003. It is expected to comprise 30 to 40 percent of the fine jewelry market by 2020 – there is certainly enough room for more jewelry brands. The next few years could mark a revolutionary age for jewelry brands.
Branding is not just for globally popular names like Tiffany & Co or Pandora. Well designed, stocking brands can result in a significant business boost even for newcomer brands. Would you like your jewelry line to be the next well-known jewelry brand?
Changes and new challenges in the jewelry industry
We just came back from the JCK show in Las Vegas. It was interesting to hear the opinions of other exhibitors regarding the future of this and other similar jewelry shows: many of them mentioned that the number of visitors is less and less each year. It is not surprising that several exhibitors started to question their presence on these shows.
What’s happening with the jewelry industry? – we asked each other.
One of the potential answers is the virtual space. Yes, the online space has an increasing influence on the jewelry industry.
Implementing a jewelry software (or any other ERP) is a huge undertaking and inevitably comes with a certain degree of risk.
A recent study from an independent ERP consulting organization, Panorama Consulting, revealed that 26% of the organizations reported their ERP implementation as a failure.
For most, the risks are manageable if they are known ahead of time. Identifying what problems may arise and addressing them early will certainly help mitigate them before they become a point of failure for your project.
Software implementation researches showed that price is amongst the top five deciding factors when companies choose an ERP software (it's the number 1 factor in the case of first time buyers and number 5 for second time buyers). That's completely understandable as companies are worried about the ROI.
But what the ROI means when implementing an advanced jewelry ERP software?
Jewelry ERP software vs generic ERP
This article suggests ways to simplify your ERP selection process and points out the differences between jewelry-specific and generic ERP solutions.
As I mentioned in our previous post the jewelry industry was lack of an industry-specific software in the recent past. Those jewelry companies who felt a need implementing some kind of solution to automate some part of their business processes had no other choice than using different systems for inventory tracking, customer tracking or production tracking.
Two major problem they had to face:
"I just don't get it"
While two decades ago an ERP system was mainly available for bigger enterprises, but today an increasing number of smaller companies are using ERPs. In fact, there is a wide variety of viable options for different industries: for manufacturing, for distribution, for food and beverages, etc., so ERP is just an umbrella term.
Despite the expansion of ERP systems in many different industries, the jewelry industry had a much narrower choice of selection in the recent past. It’s more than obvious for us that the jewelry industry is still looking to understand how a jewelry software can improve their business. As one of our MJSA Expo visitors said:
"I just don’t get it how a jewelry management software can help my business, and why we should invest money in such as system."