A woman buying something from a store and an employee is handing her a card back.

What to look for in a jewelry store POS system

Friday, January 03, 2014

Identifying the right POS solution and POS software to expand your jewelry business

Jewelry stores and jewelers have the important role of selling high-quality jewelry items at pivotal moments in customers’ lives. As such, jewelry retailers should be supported with technology that can streamline processes associated with stock management, checkout, customer profiles, and other management tools. When these tasks are automated, customers can have more time and attention to make sure they find the perfect product for the right moment.

Plus, effective customer service can ensure your customers come back the next time they are in need of jewelry services. Leveraging technology, especially through a point of sale (POS) system, can take your business to the next level.

What is a jewelry store POS?

A jewelry store POS is a point of sale system designed for use by jewelry retailers. Jewelry POS systems can streamline the various domains of management and operations, including processing automated transactions, securely holding detailed customer information (such as birthdays, anniversaries, ring sizes, preferences, and contactless payment information), therefore providing the ability to track inventory and function as an overall management system of the retail store in real-time.

Many POS systems for jewelers can function not only as a cash register (including the hardware needed to read a barcode, a terminal to accept credit cards or mobile wallets, as well as a cash drawer), but also as a customer relationship management (CRM) tool that can integrate with other custom features. For customers who request a custom order, for example, this data can be stored uniquely in their profile. POS systems designed specifically for jewelers offer full-scale functionality to capture and process the most important data that a jewelry store needs.

Typically, POS systems in retail stores are cloud-based and can operate on a variety of devices. Whether utilizing a mobile app for self-service or working from the back office, users will be able to access data and information about bookings in a no hassle, streamlined, and efficient way. A cloud-based server can support retail stores that offer ecommerce platforms as well, ensuring that jewelry inventory is tracked, maintained, and consistently up to date for online and in-person customers.

What should I look for in a POS?

Jewelry POS systems should offer features and customizations that will suit the business needs of your store. For example, if your business focuses on jewelry repair, it may be helpful to have a system that can track repair requests, purchase orders, and quotes for services. Or, if your retail operation includes a multi-store model, you may need a POS system that can function at multiple locations and interface easily with data updates. Lastly, some jewelry business owners want to be able to complete their own accounting in-house. If so, you may consider integrating quickbooks or other accounting software that can track receivables within the operation of your POS system.

Outside of specific priorities for your POS, there are important aspects of functionality that all jewelry POS systems should include. Before purchasing a POS system, make sure to review this list and do your research on the products that will align most strongly with your business model.

Important and significant POS features are listed and outlined below.

  • Inventory management. A major part of retail management is being able to know how much product you have available at any time. Jewelers often receive special order items that require additional engraving, cleaning, or designing. Your system should be able to hold this information and allow you to open or close out special orders at any time.
  • Layaway option. Some customers may want to reserve part of the inventory prior to payment. Your POS solution should provide the option for you to mark items on layaway and remove them from layaway once payment is made.
  • Customer database. As described above, the ability to organize and hold pertinent customer information is a major feature of POS systems. As a CRM tool, you can track customer deposits, purchase history, and offer special loyalty opportunities if you use this as part of your overall marketing strategy.
  • Employee management. Managers may find it useful to calculate and track sales commissions based on the product sales. This function will also help the manager measure productivity and popular products that perform well with customers. Additionally, your POS system can serve as a way for employees and salespersons to clock-in for work as well.
  • Email marketing. Your POS system can generate marketing campaigns and emails for customers that exist within the database. You can advertise special discounts, gift cards, consignment options, and store credits that can help encourage customer engagement at your retail location.
  • Accounts integration. As a payment solution, POS systems can store invoices, sales, and customer data. This will help accounting efforts at your store, especially with projecting cash flows and goals for profitability.
  • Reporting & analytics. A major benefit of using technology for POS purposes is that important metrics can be collected related to the transaction. This can include products, sale amounts, time of business, and customer data that can all impact strategic decisions made in the future. Reports can be generated instantaneously (and customized) with the option to send to other key decision makers at the business.

Your competitive advantage

The U.S. jewelry market was valued at about 76 billion dollars in 2021 with expectations and forecasting for this to continue to grow in large volumes. With this expected growth in business, it is critical for jewelers to stand out and provide exceptional service from the very beginning of customer interactions. Integrating a jewelry POS system within your business model will help elevate business operations and management to stand out to customers and keep them coming back.

To stand out from other competition, a POS system can promote real-time automations and customizations for customers to envision the final product. POS systems can also create payment plans in real-time while supporting the customer to explore other accessories or add-on services they may want with their jewelry purchase. Total business integration with a POS system will enable a high level of service and business delivery – everything that a customer wants when they walk into a retail jeweler.

Next steps

Are you ready to amplify operations at your retail jeweler business with the help of technology? Are you ready to incorporate POS solutions into your day-to-day business operations? Are you ready to empower your business and drive jewelry sales?

Heartland is ready to help.

Every day, America’s entrepreneurs wake up and grind away at the day-to-day operations that keep their businesses afloat. But Heartland customers get a head start because they trust us to deliver a complete technology solution that makes it easier to stay competitive, connect with customers, sell more, and even manage and pay their employees. With our POS, payments and payroll technologies in place, and our people passionately committed to their success, nearly 1 million businesses have peace of mind, a growing bottom line and more time to focus on leading their businesses into the future. Learn more at heartland.us.