Fine jewelry embraces e-commerce: How to build your online sales channel?

E-commerce and the near future

Here in the US, where the jewelry industry is especially well developed, I often see statistics about retailers closing their shops. The retail jewelry industry was shrinking around 4% last year alone.

This could give us in the jewelry industry a real reason to worry – however, it don’t necessarily see it as a bad thing. As these retailers are closing, at same time actually more online jewelry stores are being opened, including a lot of stores that don’t even have a physical showroom or shop. So it might be more accurate to say that the jewelry retail industry isn’t shrinking – rather, it’s changing, and it is changing very quickly.

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How jewelry casting companies can work smarter? (infographic)

In the last few decades, the competition between jewelry casting companies has intensified. The more inventive ones have purchased the latest technologies, the best machinery and the latest 3D printers. But are these the only things that differentiate a reputable casting company from the others?

Optimizing processes and organizing order management are two elements that can secure a competitive advantage in this market. By automating processes and different repetitive tasks, companies can serve their clients faster and more reliably.

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[Vlog] Integrating your jewelry inventory software with 3rd party systems

From the moment when we stop managing our jewelry store on paper and start using a jewelry mangament and inventory software, the question of integrating it with third-party systems becomes unavoidable in order to move data back and forth between those systems and ours.

There are many examples for what platforms your jewelry inventory software might need: Rapnet, GIA, QuickBooks, pulling market prices for metals, exchange rates for currency, communicating with your shipping providers, customer relationship management system, your website or other websites like Shopify or Etsy, or different payment gateway integrations.

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[Vlog] Jewelry inventory software: how to manage your inventory automatically?

Have you ever met the problem where you couldn’t tell what raw materials or products you have in your inventory? Ever been in the situation whereby the time you collected all these information, they would be outdated because in the meantime other inventory movements would occur? Is it difficult to calculate the total value of your actual inventory? Or is it difficult to calculate how much raw material you will be needing for the production of your jewelry orders?

You can see from the previous questions that tracking your jewelry inventory is a complex problem. This gets particularly high importance in the jewelry industry because we’re talking about high-value items and materials. Whatever type of business may it be – manufacturer, retailer, wholesaler -, tracking your inventory is crucial.

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[Vlog] How can you level up your jewelry POS software?

A few months ago I attended the JCK Vegas show where representatives of the jewelry industry gather in a great number, along with many jewelry retailers. Being curious about how these retailers work at a tradeshow, I took a closer look at how they complete their sales and how they follow their inventory, so I talked to them and asked a few questions about this. What was very surprising to me was to see that most of them still do these tasks manually.

Nowadays, when there’s some sort of technology solution for everything, it seems odd that a jewelry retailer still hand-writes orders and invoices.

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[Vlog] Transition challenges from manual tracking to jewelry software automation

Smaller jewelry businesses usually use different manual tools for tracking their processes: excel sheets, Google sheets, various documents, sometimes even pen and paper. As long as there is not a large amount of data that needs to be copied across these sheets and kept updated, this is fine and is (for the most part) convenient and cost-effective.

The problem arises when there are many people involved in the process or the complexity of the process increases.

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[Vlog] 8 reasons to use jewelry management software in small businesses

Our CEO, Zsolt Torok has started a video blog – called Next Level Jewelry – in which he will be talking about topics that can help jewelry business owners to get familiar with technology solutions for their business.

In this very first video blog he is talking about why small jewelry businesses should invest in technology and automate repetitive tasks.

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Why legacy jewelry POS systems are failing to serve the retail sector?

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.

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How to avoid a jewelry software implementation failure?

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.

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Jewelry ERP – how fast will you achieve the Return on Investment (ROI)?

 

Jewelry software ROISoftware 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?

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