How to Stock and Track Your Inventory is a helpful guide for jewelry inventory management.
Jewelry is really little. It's similar to trying to estimate every needle in a haystack if you don't have the proper tracking technique.
Included in this post are:
What is inventory management for jewelry?
The rationale behind establishing a jewelry inventory management system
Five Strategies to Manage Your Jewelry Stock
Put labels on everything.
Allocate a specific area for storing the jewelry inventory.
Put daily inventory tracking time into practice.
Don't hide your previous inventory.
Purchase More Often but Less
What is inventory management for jewelry?
The practice of monitoring each piece of jewelry from the point of manufacture or purchase to the point of sale is known as jewelry inventory management. The act of managing your jewelry inventory also teaches you how to forecast purchasing trends.
Establishing a jewelry inventory management system will enable you to manage restocking without going overboard. Any shopkeeper will tell you that's a difficult balance to strike.
The rationale behind establishing a jewelry inventory management system
Prior to running out, know what to reorder.
This is significant. There won't be any shocks if every item is accounted for and your inventory management system includes inventory counts.
You'll know when your supply is about to run out!
This comprises components of your jewelry inventory that are not jewelry items, such as packaging and supplies for jewelry stores. You won't search aimlessly for another jewelry box hoard you believe you have hidden away only to discover it has vanished as well.
Lower the cost of inventory
You will be able to confidently purchase in quantities that correspond to your anticipated sales once you have a clear understanding of how much inventory you have on hand as well as how much is coming in and going out.
Your storage costs will also rise if you have too much merchandise. This is particularly true if you utilize fulfillment services like Fulfillment by Amazon or others that charge by the cubic foot when you sell things online. It quickly adds up!
Reduction in Dead Stock
Having too much inventory laying around raises the likelihood of having dead stock, even if you do have plenty of room in your own location.
Things that have outlived their usefulness are referred to as dead inventory or dead stock. Things that have been sitting on the shelf (both literally and figuratively) for too long are usually out of style with what's trendy right now.
Additionally, jewelry loses value quickly as it becomes less stylish.
Experts advise against keeping jewelry inventories on hand for longer than a year. Later on, we'll talk more about dead stocks.
Increased revenue flow
A higher cash flow is the result of less overstocking.
You can use the extra money you have instead of buying more goods and space to fund your company's everyday operations and marketing costs.
Feel as though your bills are holding you back and your cash flow is unhealthy? Setting up an inventory system for jewelry can help you free up some much-needed money.
What is contained in an inventory of jewelry?
Quick response? All of it. even items that you would not consider jewelry.
In your collection of jewelry are:
Every piece of jewelry you own, including findings.
All of the jewelry you are prepared to sell
Every piece of jewelry you sample (crafted by hand or purchased)
Everything you need for your jewelry store, including zip-lock bags, jewelry tags, repair envelopes, and more
Everything you need to package jewelry
Five Strategies to Manage Your Jewelry Stock
1. Put labels wherever
It goes without saying that each and every piece of jewelry needs to be labeled. This can be accomplished by giving each piece of jewelry a barcode or SKU number that will enable you to manage your inventory.
SKU numbers don't always have to mean nothing. Different jewelers have different systems in place for organizing their inventory of jewelry; some use the letter B for bracelets, N for necklaces, R for rings, and so on.
Jewelry tags from Allurepack are simple to affix to jewelry items. Use them for more than just the cost! Put the SKU on them as well.
Next, ensure that the SKU/barcode and item description are entered into your jewelry inventory pad, spreadsheet, or inventory monitoring program.
2. Set up space in your inventory for storage for every piece of jewelry.
In your jewelry store, each piece of jewelry should have a specific location.
To ensure quick access when needed, store them in stackable jewelry trays if the display isn't large enough.
Make use of ziplock bags for jewelry! For all of your jewelry findings and components, use them. Store clasps in one, jump rings in another, etc. Remember to write the weight or count on the bag's label!
3. Put in place a daily schedule for inventory tracking
You should arrange some time each day for a fast track and update. This audit is not comprehensive!
You can save the physical counting for quarterly or even annual audits if you continue this daily tracking.
This is what you ought to do:
Keep track of every sale and make updates to the inventory using a spreadsheet or inventory pad.
It's all taken care of for you if you have a point-of-sale (POS) system. If it's on a pad, simply highlight the content that was sold with a highlighter.
Count the small components by hand directly on the labels of your small ziplock bags, on your spreadsheet, pad, or software.
To save time counting and recounting, you can continue to update the label with the count each time you remove one.
Another option is to store them according to weight. Understand how much is in, say, ten grams. Use a jewelry scale to weigh the bag and note the result when performing the audit.
