The festive season is just around the corner, and our expectations seem to be very high this time. With celebrations unlocking after the pandemic times, it’s time to celebrate without any restrictions. Everything about this festive season is really special, and so is the shopping spree. People are willing to opt for uninterrupted shopping and make this season a really special one. Jewelry is one of those most preferred shopping entities being a prime choice among shoppers. Right from the Black Friday sales to the Cyber Monday sales, advance Christmas to New Year shopping, silver, gold, gemstone jewelry, etc., are taking a high rise. Thus, manufacturers, sellers, retailers, and even the big to small jewelry business owners need to be inventory ready to fulfill the needs of their customers without failure. Handmade gemstone jewelry, sleek silver, gold, and other jewelry type are probably going to rule this season, so here is a piece of advice on how to manage your inventory during the holiday season.
Managing small jewelry business inventory this holiday season
Bigger players in the jewelry sector generally have their own manufacturing units or artisans who can deliver the required stock even at the last minute. However, this is not the case for small jewelry business units. As a small business entity, you need to prepare in advance and especially focus on managing your inventory to make the most out of this holiday season sale.
Here is what to do!
Plan your sales, stock line-up
The first and foremost requisite to start and prepare for the holiday season is to plan. Nothing can work without the right plan in hand. To start with prepare a checklist of all that you need and keep ticking them up as accomplished. Right from the most minute need for your sale plans to the biggest functional element, list your needs and plan accordingly for each one. Make sure your stock line-up remains the most important part of it. Plan for it as well. Planning is the key to success so it is for your holiday season sale, too.
Calculate your stock right
As a retail or wholesale gemstone jewelry seller, it is very important to calculate your stocks in the right manner. Choose to perform your sales and demand forecasting and prepare the inventory management process, accordingly. With the right demand forecast, you can easily plan your stock quite ahead. Also, make use of your historic sales figure to predict the kind of sales figures expected this year. Also, make sure to identify the most popular product range of your brand and be ready with its stock appropriately. Jewelry trends are as useful as fashion trends. Make sure to analyze the current trends and plan your inventory accordingly.
As the holiday season begins, even some of the artisans or stock owners might get busy with their own commitments, and some might even take offs during the holidays. Thus, it is always better to place your required stock orders from the silver, gold, or gemstone jewelry manufacturer in advance. Plan things and place your stock orders in advance as per your forecasted sales such that you do not run out of stock as the demand goes up. This will also simplify your sales process and keep you confident throughout. Placing advance orders as per the market and sales trends is always a beneficial way to stay on the safer side.
Schedule timely stock replenishment
Gold, silver, or gemstone jewelry all of these are predicted to be in high demand this holiday season. Failing to deliver as per the demand can raise a big question mark on your brand integrity. Thus, it is always recommended to have a word with your supplier in advance and schedule your timely stock replenishment in advance. With the rising sales figures, there are apt chances of the requirement of higher stocks to fulfill the customer demands, and however, if the right stock supply does not coordinate well, your delivery timeline might fail. This could lead to losing a precious customer and their faith in the brand, too. So, make sure your stock replenishment system in fine-tuned and well-planned in advance.
Keep a keen eye on your stock
Stock check is a very crucial essentiality when it comes to selling your products. No sale can be successful without a keen eye on your stocks. If your stocks are in-line with your product’s sale, you will never fall short of supply. Your customers will be able to receive their orders on time and there will be very less chances of failures in the demand and supply chain. Make sure you have a dedicated eye on your stock updates and replenish them as and when required. Whether you are a retailer or a wholesale gemstone jewelry seller, keeping a keen eye on your stock is always a boon when it comes to manage the demand and supply chain. With the festive season on, this is surely going to play a very crucial part in your sales management and brand integrity maintenance, too.
Most of the silver, gold, or gemstone jewelry manufacturer or sellers are easily available online. If you too wish to be in the eyes of global customers, make sure you are available online. Get your website updated and ready to pick up sales on a global scale. With this, also streamline your customers online shopping by optimizing the online holiday traffic and their order fulfillment process. Update your website to predict the expected delivery dates and stay ready to handle high customer flow, during peak times. With all this going around, don’t forget to back it up with the right inventory. You can also find your suppliers online. However, make sure to only trust reliable suppliers with whom you have already done business in the past.
Being stock ready does not just relate to being sales stock ready. You need to be manpower ready, too. Staff management is as important as stock management. Without the right amount of staff to manage your sales, making a successful sale is not just difficult but troublesome, too. With the holiday season shopping spree going in full pace, appropriate staff will surely be needed. Make sure you have planned for the same in advance and hold a good customer to staff ratio with the crowd raising up for the shopping spree. Manage your staff in the right manner and plan their hiring accordingly.
These are a few workable tips on how to manage the stock for your handmade gemstone jewelry with the peak season on. This year Christmas and New Year is definitely going to be grand so will be the celebrations. What better than handmade jewelry can be a suitable way to celebrate the beginning of a new year or a gift for Christmas eve? Let your customers sparkle in the most spectacular way with these exquisite jewelry pieces and outshine in the crowd while you stay ready to serve them better with an amazing inventory and stock management planning, this festive season.