Jewelry store owner’s nightmare “How to manage their precious commodities?”, their precious metals, gem stones, diamonds, numerous styles and non-stock inventory. Inventory is the core of any business and it’s even more amplified for Jewelry business with all the dazzling products.
This means having an efficient inventory management system, which is fully integrated with your backend ERP to buy and sell your products, not only through retail store or wholesale orders or online orders but instead all of it is crucial to be successful in 21st century.

JewelShop plugin for Acumatica Cloud ERP takes the stress out of managing your inventory by leveraging the powerful Cloud ERP features Acumatica as an ERP has to offer. In this article we will detail the 5 ways to manage your Jewelry Inventory and how to scale your business in today’s digital transformation.

1. Smart Jewelry Inventory Management

Jewelry business come in many shapes and sizes, with retail stores, wholesale and distribution and one-of-kind custom jewelry, loose diamonds and stones. With so much of diverse business models and vast inventories there is no room for compromise.
Acumatica JewelShop inventory management system brings the best of the class in managing your inventory. We can configure your ERP as simple or advanced as you want it, with inventory replenishments, forecasting tools, kitting/lit mfg or manufacturing we can handle it all.

Manage your inventory with any of the following product types

1. Inventory Stock Items: Your typical stock inventoried items that you would stock and sell.
   
   
2. Serialized Inventory: Serialize your precious metals and products to track every single piece of your precious inventory such as diamonds, gemstones or higher value items that requires warranty
   
   
3. Non-Stock Inventory: For products that don’t require stock such as labor, service, charge, expense or bundle item, things you don’t need to stock and be able to quote and update your respective GL accounts.
   
   
4. Matrix Items: For items that come in many different variations or attributes such as color, sizes or shapes, create with easy using matrix templates.
   
   
5. Bundle Or Kit Item: For items that need to be packed together as bundle (like Mother’s day gift basket or Valentine’s special boxed item), group the fast and slow moving components and be able to sell online on at retail store.
   
   
6. Assembly Items: You want to build or assembly a product and still track it’s cost, components used as part of Lite Manufacturing using our Kit Assembly and Kit specifications features
   
   
7. Manufactured Items: For items that are purely manufactured such as necklace or bracelet that requires BOM’s (Bill of material), production orders, capture cost and outside process, allowing to price the finished goods.
   
   
8. Lot Codes, Findings: For items that are used as a components in an assembly or manufactured items and can be setup as a Lot tracking inventory items or being used as in manufacturing necklace or bracelet jewelry item such as clasp, hooks, lot diamonds/lesser value/fillers.
   
   
9. Smart Search: We built smart search capabilities to find your inventory through attribute filtering mechanism, making it easier for inventory managers to find a needle in haystack.
   

How Inventory Management Software can work for you

Inventory management software can help you control system-wide inventory across geographically-dispersed locations to efficiently manage your distribution process without losing track sight of costs. Receive inventory to a specific location and drill down to change item default lot/serial numbers, valuation methods, accounts, and more. Manage perishable inventory, automate replenishment, and build or disassemble kits.

A powerful inventory is the base for your ERP transactions, with JewelShop Inventory Management you can store all your product variants or attributes such as Category, Metal type, Metal color, Collections, Makers, Diamond’s 3 C’s, Depth, Width, grading labs and many more attributes pertaining to product type.

JewelShop allows to upload multiple product images, low and high resolution ones and utilize your images for reports and dashboards. Associate all your inventory with vendors and suppliers, update your inventory pricing with real time bullion metal values and diamond pricing from RapNet websites via API.

JewelShop also integrates with grading labs GIA and IGI to fetch data and update our inventory in most efficient ways so you have the updated information of all your pieces, pricing and stock availability at all times.

2. Integrated Sales and Purchasing

Acumatica JewelShop you can manage all your sales and purchasing activities, you can set individual reorder points and desired inventory levels for all your products. When your inventory levels are low or reaches a certain threshold, Acumatica will notify to order more and lets you create purchase order based of your replenishment plans with a click of a button.
You can place normal purchase order to stock your inventory or drive off the demand from incoming sales orders and mark for purchase or drop-ship your products from specific vendors.

JewelShop allows to manage your regular sales order (Phone orders) with quick easy way to add stock or serialized items to order and complete the process for stocked items. We also link Sales order to purchase order and fulfill on-demand orders, the sales order can also drive the manufacturing process with Made to Order workflow.

With robust order management you can create your own order types or alias and manage all your returns, refunds, repairs or warranties within sales order screen. All your sales and returns are tied so you don’t spend time looking for an old invoice to be returned or certain products sent for repairs, with serialization you can track all your products sold/returned by individual piece.

Key Benefits of Order Management Software for Your Company

• Know your true costs – Determine your profitability by product line, location, or business unit. Use real-time information to control costs across the entire supply and distribution chain.
• Reduce order times – Eliminate delays through automated sales order processing and shipping order generation. Set rules to manage returns, credit limits, drop shipments, and more.
• Simplify pricing and discounts – Set up quantity and volume discounts as a percent or an amount. Specify multiple discount rules and sequences or allow the system to automatically apply the best discount combination. Maintain discounts in single and multiple currencies. Establish rules and policies for price overrides.
• Save time with automation – Generate purchase orders automatically, or turn an approved quote into a sales order wit

3. Consigned Goods Management

Consignment is a big business in Jewelry industry, most jewelers share their inventory of precious commodity to meet the demands of the market. They share their inventory as a Consigned goods with other retailers or custom jewelry stores as a Consignment Memo Out .

JewelShop has capabilities to handle Consignment Memo Out and Consignment Memo In, there by allowing your business to transact with other Jewelers and track your inventory and your liabilities all in one place. Create a sales order with Memo Out document sharing the serialized or stock items being consigned and reflecting the stock availability in real time.

4. Inventory Reports, Analytics, Dashboards and Much More

With Acumatica JewelShop built-in inventory and sales reports, you won’t ever had to rely on outside tools to analyze your inventory stock movement or costing or profitability.

The built-in reports along with JewelShop Smart sales analysis you can inquiry the system for a specific period and see your sold vs purchased vs margin vs profitability and what’s in stock and what’s moving fast giving you information at your fingertips and in real time.

The report designer allows you to edit an existing reports or create your own custom reports, the generic inquiries allow you to query the system and pull any relevant data regarding your inventory, sold quantities, etc. Quickly create dashboards with these data points and share with your users the KPI (Key Performance Indicators) such as Sold Qty, Sales Revenue this month, outstanding memo’s, Payment dues etc.

Regardless of whether you’re a power user or not, Acumatica reporting tools allow your Controller, Warehouse managers, Salesmen and store managers all interact and see same data pertaining to their work profile.

5. Integrated Multi-Channel Commerce – Sell Online and in-store

Your best salesmen is the one who is working 24*7, your online store. Acumatica is fully integrated with top 3 shopping platforms Magento, BIG Commerce and Shopify, allowing your business to scale for online orders of finished goods or custom jewelry options.

Manage your online catalog from Acumatica, with powerful features to publish all or few products with categorization, SEO, pictures, related items, wholesale or retail pricing and stock availability, all within the back-end ERP you can manage and control how your website performs and Sync your inventory data.

Process all incoming orders from online store with credit card authorization and capture as your ready to ship and update the shipment tracking and notify your ecommerce customers, being able to process online orders efficiently without any human interface for downloading orders or updating shipments.

Summary

If your business is running on legacy desktop or client-server technology, Or if your staff is struggling to find a product if it’s in stock or sold Or if your not sure of which inventory category is more profitable? Or not sure of your GMROI (Gross Margin Return On Investment) then you certainly need a better inventory management system which is integrated with your sales, purchasing and commerce.

Talk to our jewelry and Cloud ERP experts, we have implemented Acumatica JewelShop for several mid-size business in retail, wholesale and distribution companies. We can bring our expertise and transform your business to digital economy.