How To Manage Inventory For Your Jewellery store

Posted by jewel pin on December 13th, 2019

As an owner of a jewellery store, your inventory is the core of your business. You must have an idea when and how much you need to stock your jewellery. If it is holidays, Christmas, Black Friday, Valentines day and mother’s day then your inventory must be filled with the right jewellery. But many times things don’t run smoothly as your inventory can be less or sometimes more. These type of decisions can be important for your business whether you will be successful or not. A shaky management system can be really bad for your business and will be the turning point of your jewellery business. However, there are multiple ways to stock your jewellery. Let us find ways to manage inventory for your jewellery store.

Stock Management

You must have an idea of stock management like you must-have that jewellery in stock which you will be promoting. Because of this jewellery will be going out of stock very soon. So, that means every jewellery will be available in different quantities. That means order processing needs to be tightly integrated with inventory levels. If you are selling different type of jewellery in your store then all the levels of each jewellery will be different depending upon the demand and the type of audience you are targeting.

Inconsistent Prices

Jewellery business is famous for its volatile prices changes. Due to the demand in the global and local market can fluctuate the jewellery prices. And it can affect your inventory overnight. But to monitor your in-stock jewellery and calculating profit margin can take a lot of time. So, automotive stock management software can be of great use and it will also eliminate the errors in the process.

Rotate Inventory Regularly

Rotate the stock more often on the shelf continuously old to new and back. This gives a fresh look to your shop and increases the chances of selling your old jewellery more.

Stock Only What Sells

Target a particular type of audience and check what type of jewellery they sell. Study your competitors if they are doing well. Make a list of bestseller and trendy jewellery of the market. Buy only those jewellery which you will be able to sell easily with maximum profit. Buy wholesale jewellery online at very affordable prices to move forward in your jewellery business.

Review Purchase  Pricing Properly

Analyze your purchase properly, review your purchase prices from time to time so that you don’t have to buy the jewellery again and again. This will decrease your profit and chances of selling jewellery.

Selling jewellery has it’s own uniqueness. But stocking your jewellery in the correct way will help you in your business. And what’s the point of doing the business if you are not doing it properly. Get your next wholesale 925 jewelry from Jewelpin and grow in your business.