The Jewelry industry is one of the most sparkling industries which boasts of its rich heritage. The market has observed major changes in customer expectations and buying patterns which dictate that businesses have to be agile and responsive to the changing trends and developments in the industry. To keep pace with the dynamic demands of customers, many Jewelry brands are navigating their path to digital transformation.
However, Jewelry brands are somehow a little bit slow in comparison to other industries. But, they are fast realizing that digitization can scale their business to greater heights and simplify the customer experience. With the availability of data, leaders can double down on growth opportunities and make actionable decisions.
Let us quickly see how SAP Business One is empowering the Jewelry industry to stay ahead of the curve.
Jewellers have a high-value inventory of jewellery, gems and precious stones. SAP Business One helps Jewelers to know overstock and out-of-stock situations and gain real-time inventory status and keep track of in-store sales related information. With high visibility and end-to-end inventory management, it becomes simpler for Jewelry companies to decide which stock levels at showrooms can be optimized in accordance with real-time demands.
Customer Profiling and sales analysis
SAP Business One enables Jewelry businesses to understand customer needs and buying patterns. It helps them to keep a close tab on their loyalty towards the brand, understand the frequency of jewelry and gems returns, and repeat visitor ratio, help analyze sales and expenses according to seasonality, location, product type and so much more. Business managers can use filtering and use in-built business intelligence in SAP B1 to identify top-performing products, probable root causes of sales decline and move ahead in a clear direction.
Supply chain transparency
The supply chain in Jewelry business is long and complicated, which involves miners, gemological scientists, certifiers, designers, shipping managers, wholesalers, retailers, insurers, and other interested parties. Usually, there are multiple versions of the same documents which often lead to confusion and unwanted delays. There could be a possibility of fraud as jewels, diamonds and precious stones can change hands in the big supply chain. One of the major benefits of SAP Business One is that it updates the record of transactions, helps to authenticate, keeps track of all the components in a piece of jewelry from the time they are mined and fabricated into consumer products such as diamond rings, gold rings, etc.
Cost Center Management
SAP Business One empowers Jewellers to manage multiple manufacturing plants, define work center master, maintain cost/hour for each cost center and much more. It also helps determine which diamond, gem or stone is driving more sales, repeat orders, and the one which is faltering sales and incurring the cost.
The Jewelry industry can benefit from SAP Business One in endless ways, and brands that are early adopters of digitization will have a significant advantage over their peers. SAP Business One helps in easy management of various processes such as cutting, polishing, finishing, quality, and scrap value that holds high value in this industry. The ERP software is proven and affordable for all small and mid-sized Jewellers which helps them in vendor consignment, return management, sales order management, tracking orders, and Jewellery inventory costing,
Partner with Uneecops to see the profit soaring in your Jewelry business as you automate every business process with smart ERP.