No matter how large or small your jewelry business may be, keeping track of inventory is essential. Not only does it help you monitor what you are selling and what isn’t, but it also helps you know when to buy more materials. In this article, we will give tips on how to keep track of jewelry inventory, as well as provide a jewelry inventory tracking spreadsheet template.
The Importance Of Keeping Track Of Your Jewelry Inventory
Before discussing how to keep track of your inventory, it is important to understand why it is essential. Below are some reasons why inventory management is essential for your business.
It Helps Keep Track Of What You Are Selling
This is probably the most obvious reason to keep track of inventory. By keeping track of what you are selling, you will have a better understanding of your customers’ needs and preferences. This information can be used to make future decisions about jewelry design and production.
And What Isn’t Selling
Conversely, inventory management will help you figure out what isn’t selling. This is important information to have because it can help you save money by not buying materials for jewelry that doesn’t sell. Product that doesn’t sell wastes space and money.
You Know When To Buy More Materials
If you keep track of your inventory, you will always know when you need to buy more materials. This is important because it can help you avoid running out of supplies and losing sales. Furthermore, ordering in bulk helps you to obtain discounts from suppliers.
Tips For Keeping Track Of Jewelry Inventory
Now that we’ve discussed the importance of keeping track of jewelry inventory, let’s look at some tips on how to do it.
Organize Your Jewelry Inventory
Before you can start tracking your inventory, you need to organize it. Separate your jewelry by type; such as necklaces, earrings, bracelets, etc. Within each type, you can further organize by color, style, or any other system that makes sense to you. The important thing is that you have a system that works for you and that you can easily understand.
Create Labels For All Of Your Jewelry
Creating labels for all of your jewelry is essential for keeping track of inventory. The label should include the name of the piece, the quantity, the price, and any other important information.
Conduct An ABC Analysis
Once you have your jewelry inventory organized and labeled, you can conduct an ABC analysis. This is a method of categorizing inventory based on importance. “A” items are the most important and make up the majority of your sales. “B” items are the next most important and make up a smaller portion of your sales. “C” items are the least important and make up a very small portion of your sales.
By conducting an ABC analysis, you can prioritize inventory and focus on the jewelry that is selling the most.
Use An Inventory Management Or Spreadsheet
Now that your jewelry inventory is organized and labeled, you need a method to track it. There are a few ways you can do this. You can use an inventory management system, such as Fishbowl Inventory. This is a software program that is specifically designed for tracking inventory.
Another option is to use a spreadsheet. This is a low-tech option, but it can be just as effective. And, it also is much more cost-effective because a spreadsheet program, such as Microsoft Excel, may already be available on your computer. Check out the following example of a jewelry inventory tracking spreadsheet template.
How To Create An Inventory Management Spreadsheet
When creating your inventory management spreadsheet, there are a few key things to include. This information can include:
-Product Name: This is the name of the jewelry piece.
-Product ID: This is a unique identifier for the jewelry piece. This can be an SKU (stock keeping unit) or a UPC (universal product code).
-Quantity: The number of jewelry pieces you have in stock.
-Price: The selling price of the jewelry piece.
-Supplier: The name of the supplier from whom you purchased the jewelry.
-Date Purchased: The date you purchased the jewelry from the supplier.
-Date Sold: The date you sold the jewelry piece to a customer.
-Customer Name: The name of the customer who purchased the jewelry piece.
Your jewelry inventory tracking spreadsheet should also include columns for product images, descriptions, and weight. These are not essential, but they can be helpful.
In conclusion, it is important to keep track of your jewelry inventory for many reasons. It clarifies your inventory overall; what is selling, what isn’t selling, and when to buy more materials. Jewelry inventory can be easily tracked by organizing jewelry, creating labels, conducting an ABC analysis, and using an inventory management system or spreadsheet.