THE 2024 HOLIDAY SEASON saw U.S. jewelry sales rise 4% compared to 2023, and this season is shaping up to be just as competitive. With jewelers’ busiest time of year around the corner, these four questions can help you understand if your tech is working for your business.
1. Am I using my technology investments to their fullest potential? When investing in technology, many jewelers don’t understand the breadth of services their vendors provide, and only use some of the features they’re paying for.
For example, using a standalone repair management tool instead of one integrated with your customer relationship management platform is a failed opportunity to connect what a customer has purchased and what you’re currently repairing for them, making it harder to personalize services.
Jewelers should ask themselves why they may be ignoring features and functionalities their technology provides. Are they too complicated? Are they using another tool that does the same thing? Have they just not tried? Taking stock of your features consistently will help you map which tools are providing the best ROI.
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2. Does this technology meet my business needs? Jewelers need to be confident that their tools are providing value. For example, an inventory management system built for big-box retail won’t serve a jeweler who specializes in custom pieces.
Instead, look for technology designed specifically for your needs. These could be solutions that track GIA-certified stone information, suggest repair estimates using Geller Blue Book, or integrate with trusted insurance providers. These integrations can streamline everything from appraisals and quotes to seamless handoffs between purchase and service — allowing you to spend more time with your customers.
3. Do my systems work well together?
Disconnected technologies create extra work and missed opportunities. For example, if your inventory management system isn’t syncing with your e-commerce site to showcase what’s in stock, it may provide outdated information to customers. If your email marketing tool isn’t using transaction data to personalize messages and recommendations, there is a missed opportunity to connect with your customers meaningfully.
4. Is the technology worth what I’m paying?
Jewelers should always be aware of how their technology investments contribute to revenue, save employee time, and justify their monthly cost. If a jeweler uses a marketing automation tool that tracks repair orders and follows up with clients automatically once the repair is finished, this will save staff time on phone calls and provide timely updates to the customer — a win-win that justifies the tool’s cost.
Technology has the power to elevate your store, but only when it works for you. The less time you spend wrestling with disjointed systems, the more time you have to create the pieces and experiences your customers truly value.
