Now, in the new age of RFID jewelry tracking, where does your business stand? Today’s era, jewelry has become one of the most valuable assets that people possess. We are witnessing jewelers facing a tedious task of maintaining, and accounting for thousands of items in a single store. Currently, jewelry tracking and inventory management is being done on a daily or weekly basis. Which often is a manual process, handling one item at a time. Therefore, a very time consuming process and prone to errors. Such methods may and have led to misplacement, loss or even theft. In such a premium business, even a small error or loss can be significantly expensive. A large chunk of revenue and inventory can be lost due to inefficient and slow inventory tracking.
The New Age Of RFID
With technology booming in retail, RFID is offering unique possibilities to the challenges which jewelers are facing. Through RFID based jewelry tracking, jewelers are able to implement multi-scanning and instant stock update while increasing staff productivity. With real-time monitoring, the technology enables a heightened security throughout the process. Which in turn, allows the jeweler to focus on their core business – selling jewelry.
What Are The Benefits Of RFID Jewelry Tracking
Today, jewelry retailers are increasing their processes to implement RFID based systems. This is primarily to accomplish a variety of managerial and marketing objectives. But what are some of the other benefits which come with the solution. Below are some value-added points from what you get through RFID Jewelry Tracking platforms.
- 100% return on Investment (ROI).
- Fast, accurate and convenient inventory management and stock control in Real-Time. (You are able to perform daily inventories of all stores instead of once per month.)
- Eradicate gaps between recorded inventories and physical inventories in Real-Time.
- Instant auditing of in-store inventory.
- Real-time view of in-store operational activity.
- Monitor illegal movement of items outside the store with Real-Time alerts.
- Less human involvement – zero error.
- Sale of jewelry will automatically update the database, maintaining the preset level of stock. (e.g. avoiding the ‘out of stock’ situation)
- Eliminate painstaking and time consuming process of manual scanning items (thereby increasing the staff productivity by ten to fifteen times)
- Increase in customer experience (e.g. cross selling, customer loyalty)
The Way Forward For Jewelry Retailers
Jewelry, diamonds and any other high value item require a constant monitoring of their whereabouts. Through, RFID, jeweler get empowered with a set of integrated management platforms that manages every aspect of a jewelry retail and wholesale business. RFID Technologies can identify and monitor large quantities of small items in real time, in display trays and cases or diamonds in small envelopes tightly stacked in boxes. RFID has captured the attention of many leading companies today who are making significant investments of money and time to make this technology feasible in their operations.
Furthermore, jewelers are fascinated to know about jewelries which are more attractive to their customers. Rather, the ones which are more sold in a specific period of time. Customers today are interested to test jewelries and experience them closely. So staffing must continuously be aware of their actions. Sensor networks containing RFID technology beside GI systems can be used to solve many of these problems.
Not sure if RFID Jewelry Tracking is for you? Then ask yourself, do you see yourself facing the below challenges on a daily basis?
- How many days of CCTV camera do you have to watch after missing inventory?
- Spending too many hours on stock check?
- Allocating too much time in finding misplaced inventory?
- Are you using sales staff to count and audit inventory?
Then RFID Jewelry Tracking is meant for you!
Written By: Ranjeewa Dias
Business Technology Manager