4 Processes That Make Jewelry Retailers Unique
Jewelers are unique among retailers. There are several characteristics of jewelry retail stores that make them unique in the retail sector. Here are four small jewelry business inventory management unique qualities that jewelry retailers have that your typical retail store chains do not have.
- Custom orders – Some other types of retail stores may allow custom orders, but the typical retail store does not. You can’t walk into a Walmart, for instance, and just order a custom-made item. In fact, while a large number of retailers do offer customers opportunities to place special orders for items out of a catalog, custom orders are a bit different. Jewelers have the ability to make special custom orders for their customers by switching the characteristics of particular items in the showcase. That makes jewelry retailing special.
- New product creation – Not only can jewelers make custom orders for their customers, but many jewelers can also make new products especially for their customers. These custom creations can be an add-on to your off-the-shelf products, or you can specialize in custom-made jewelry. This is another unique aspect of the jewelry business that sets it apart from other retail sectors.
- Serialization – Many jewelry items do not have SKUs and barcodes. Because of the way jewelry is made, it would not be practical to organize your inventory this way. Plus, it would devalue your merchandise. Instead, many jewelers keep track of their merchandise by issuing serial numbers to their products.
- Repairs – Many types of retail lose business to returns. A significant part of the business may be centered on returns or exchanges. In the retail business, repairs can make up a large part of the business. When customers spend thousands of dollars on an item that makes them more attractive, if that item breaks, they’ll want to spend some money to get it repairs, especially if it increases the value of the item.
There is one other way that small jewelry business inventory management can be unique. Since you deal with high value items, you can offer appraisals, which can boost your revenues.
The jewelry retail business is unique. You can be proud to be a part of it.