Jewellery retailers will shine with an EPoS system behind the scenes.
Find out more in this guide :
Traditionally jewellery retailers managed their businesses on pen and paper, recording everything from detailed sales and stock information, to intricate repairs and returns. Thankfully with a specialist EPoS system, jewellers can now handle all of this through simplified data entry and automated tasks.
Stock and customer data capture are particularly well managed with an EPoS system which is designed to store in depth product and customer information and make a live account of all items.
A contemporary EPoS system provides jewellers with a rich range of functions that will help to improve staff and customer relations, and make for much more effective management.
Jewellery retail EPoS systems offer such features as :
- Point of sale
- Sales commission
As jewellery retailers deal with a variety of items, such as new or second hand, repair or alteration, as well as part exchange or deposit made products, the EPoS system is set up to record detailed product descriptions. Price for sale and insurance purposes, size and material matrices, and complementary and matching items can all be accurately recorded.
As jewellery stores carry some very expensive products and staff are often on performance related pay, EPoS systems are a useful tool for tracking sales commission. Commission levels per product type can be recorded into the system and applied to the sales figures of each member of staff.
- Stock management
An EPoS system tells retailers which items need to be reordered simply by tracking sales figures, and placing or flagging orders according to product counts that the retailer can set. Jewellers can also trial a new supplier and see how much revenue is being generated before deciding to place another order.
Live figures of one or all branches, and across all sales channels make stock management so much easier and more cost effective for jewellery retailers. Keeping an eye on stock levels means jewellers can reduce spend on products by ordering more frequently and in smaller quantities.
Retailers can take advantage of an EPoS system’s intuitive reporting tool that can analyse all areas of business such as staffing levels, transaction patterns, best selling products and sales by person. Repairs, alterations, customer deposits and special orders are also easy to track.
- Customer relationship management (CRM)
- Loyalty programme
- Multiple sales channels
As well as in depth product information, an EPoS system can hold accurate customer data. Sales history, feedback, birthdays, email addresses and mobile phone numbers can be collected by staff at the point of sale and be utilised in a number of ways: identifying the best customers, anticipating market demands, and creating marketing campaigns.
Working with the CRM tool retailers can build strong customer loyalty programmes to help improve relations, basket size, frequency of sales and ultimately profit levels. The programme can run across all channels and enable customers to collate points and receive discounts or special offers at predetermined times.
Jewellers can run several sales channels, like in-store, ecommerce and mail order, seamlessly through an EPoS system. Reports, stock, loyalty and product data can all be managed individually by channel or as one complete unit.
Benefits include :
- Improved staff relations
- Useful management tool
- Accurate stock visibility
- Automated processes
- More time for customers
EPoS systems can help with the little things that actually make a big difference overall. For example, taking note of a report on a particularly successful sale by a staff member and following this up by congratulating them on it, can help boost staff morale.
Access to live and reliable information through reports gives retailers the added guidance and support they need to effectively manage and make improved business decisions.
EPoS systems have been known to reduce stock holding levels by 10% or 15%, which in turn increases the retailer’s cash flow as they are only bringing in what they know will go out.
Gone are the tedious days of manually handling processes like sales and stock counting and the submission to head office. EPoS systems have evolved this process so that it is automated, fast and accurate.
With the art of automation comes much more free time for staff, that can be redirected to the customers. Retailers can expect more time to focus on customer needs, speedier service times and happier shoppers.
Make your jewellery store’s revenue sparkle with an EPoS system.
Click here to get a free quote for your EPoS system.