03 Nov 3 Jewelry Store Management Tips for the Holidays
One of the most popular gifts for the holidays has always been jewelry. For that reason, competition is fierce and shops or online retailers are always looking for ways to stand out in their market. Coming up with clever, small business advertising campaigns isn’t necessarily the way to go when, instead, you can maximize the capabilities of your POS system and stay ahead of the holiday sales rush. Three areas of impact that can help you run things smoothly are inventory management, marketing and staff management. We’ve put together some tips in these areas to make the season as bright and shiny as the gems in your store.
A point of sale system that has effective inventory management apps is invaluable when in comes to minimizing loss and automating purchase order processes. Lightspeed, for example, is a POS system that will centralize all your purchasing which means less risk of making a mistake. From the moment you submit an order to the moment it is sold in your store you’ll have an accurate picture of inventory to cross check against manual counts you make in the store.
Not only does this make cross-checking inventory easier, it sends a message to employees that you are on top of things and are specifically using the system to prevent loss. This goes a long way in deterring employee theft in the first place. When employee theft happens, as it inevitably will, a POS system can help you determine the source. By looking at patterns related to shift days and times or seeing that a particular cash register is off more than the others will lead you to the culprit.
Administrative errors also account for a big chunk of inventory losses. Creating one purchase order that include multiple vendors keeps things much simpler and automating those orders when inventory gets low ensures that repeat orders are accurate. If you are currently doing your purchasing manually you should see a boost in accuracy with that will save you hours of tracking down losses.
Employee scheduling can be a real headache that you don’t need during the holidays. Communicating shift updates, fielding changes triggered by constant employee requests and balancing labor vs. need can eat up valuable hours each week. Using some integrated tools will save you time and improve the relationships you have with your employees by giving them more predictability in their work schedule.
Homebase, a Clover app, integrates with your point of sale system and puts scheduling and communications directly in your employees’ hands. Your staff loads a user app on their mobile phone and alerts are sent immediately when changes are made to the schedule and when a new schedule is posted. In addition, reminders are sent to notify staff of their shift, so no more excuses of “I didn’t know I was on the schedule!” as you can set the auto reminder to go out the day before each shift.
Lightspeed’s inventory management system, which also integrates with your POS, tracks sales and transaction logs for individual employees through the clock-in-clock-out feature. This functionality helps you to identify your best sales people and your highest traffic times, therefore allowing you to put your highest performers on the most lucrative shifts. Start tracking these numbers before the Black Friday push and you’ll know who to put on the floor and maximize your jewelry sales.
There are two things that make utilizing the power of your POS marketing tools very effective – data gathering and automation. If you implement just a few actions, you can see big results.
Jewelry is personal. Not only from the perspective of personal style, but also in the way we celebrate an occasion or use it to show someone our love. Understanding your customer is critical to making them a loyal customer. One way your POS system can do that is to give you the ability to group your customers by category. Identify unique characteristics and then connect with them in meaningful ways. Automate sending an anniversary reminder the month before, offer a special bonus gift for birthdays or notify customers when their favorite designers go on sale or debut a new line. Make sure employees are always asking for contact info like email addresses when checking out, but often times you won’t even have to ask as customers are receiving their receipts via email so it is tied to their debit or credit card already.
Loyalty programs are an effective marketing tool and many POS systems are equipped with apps to automate the process of marketing to your loyalty program participants. For instance, Thirdshelf a loyalty program app contained in Lightspeed is often referred to as a “marketing department in a box!” The app allows you to custom brand your loyalty program, offers an extensive library of out of the box campaigns that can be launched in seconds vs. weeks and lets you create custom campaigns as well. The analytics it provides tell you exactly how much your campaigns and loyalty programs are driving sales.
The team at SilverEdge can help you understand how to use the right apps to make this your most successful holiday season ever! We are here to help your business grow richer. Schedule an appointment today or call your current customer service representative to get started.