TradeGecko inventory management for jewelry and accessories wholesalers and retailers
Manage composite stock, scale, and sell on consignment with TradeGecko.
Like many other industries, modern jewelry and accessories is benefiting from an explosion in access to global clientele as well as suppliers. The ability to source precious metals and jewels from all over the world is now available to anyone with internet access.
Even for independent jewelry artisans, managing the supply chain is gradually becoming more complex. Jewelry is a deeply human expression of creativity and individuality. As a result, requests for bespoke pieces and adjustments are commonplace - especially for artisans creating handmade pieces.
Finding the right software to help manage your jewelry and accessories business can be a difficult process. With so many component parts and different possible designs, it can be a hassle to manually keep track of all of your inventory and sales.
"When you're both an artist and a business woman at the same time, you don't have to sacrifice one for the other thanks to really good systems like TradeGecko" - Kiri, Founder of Kiri Schumacher Jewelry.
Manage composite stock
For jewelry artisans, being able to keep track of composites pieces is crucial. This is a challenge that many of our clients faced prior to their transition into using TradeGecko software.
Your e-Commerce platform might display that you have 5 of Item X (made up of 1 gold chain, 3 rubies, and 2 black beads) and 5 of Item Y (1 gold chain, 2 sapphires, 4 red beads).
This particular artisan uses one gold chain for the assembling of two different products. These two products might in turn share other component parts with other products, such as gemstones, clasps, and crystals.
When it comes to accepting orders, it’s important to understand the limitations of the number of products you can create based on composites. Since you actually only have 5 gold chains in stock, you cannot process orders if it exceeds 5 gold chains in total.
This is where TradeGecko inventory management software comes in. It allows you to group composite stock items together. It syncs information in real time with your Shopify or other e-Commerce platforms and allows you to manage both composite items and single items at the same time. This way, you won’t accidentally double count stock, since everything is synced and accounted for!
Accounting and price changes
Sourcing items such as precious metals also involves a substantial element of price volatility. For jewelry wholesalers and retailers, these changes must be closely monitored as they can significantly impact profit margins. After all, customers will not be happy if they purchased a product at a particular price, only to be told that the price has risen and they must pay more!
Calculating Moving Average Cost (MAC) is particularly important for jewelry retailers - since prices are so closely tied with fluctuating commodity prices. Ensuring that adequate margins are met is crucial to running a healthy business - automating this process will minimize human error and save you admin time.
Our software also integrates with Xero, an online accounting software, to ensure that important information such as Stock on Hand is also reflected in all relevant accounts.
Customer relationship management
Our customer relationship management tool helps you build brand loyalty by allowing you to record customers’ purchase history and details about their preferences. This way, you can better understand your customers and help provide a bespoke experience. You can also store billing details, postal addresses, average purchase types and sizes so to assist in the order management process.
Multi warehouse capability
TradeGecko’s multi warehouse function allows online store owners to track and manage inventory in different locations in a single platform. You can easily transfer stock between warehouses by creating a stock transfer document. Setting up a consignment location is easy - just set up another warehouse. Then, you can create sales orders from that location.
Sell on consignment
For many jewelry and accessories sellers, selling on consignment is a popular option. Storage space for jewelry and accessories is minimal, and allowing merchants to display your items is great exposure for your brand. For shops selling consignment items, you can easily track the stock you hold for artisans you’re working with and control the number of items you’re keeping, alongside your own stock - all from one dashboard!
For artisans, you can keep track of where you’ve consigned your stock to. This way, you can be sure that your partners will never experience stockout of your best sellers.