ERP helps you take off the blindfold and gives you the path to progress with information you can trust.
We live in the age of information this is the information age, Information is everything. It will not be wrong to say that if you miss information you miss everything may be the path to success, you might have to start from scratch.
The irony here is that information is available everywhere, but we do not know how to gather them, yes, it’s true we are flooded with a variety of information around us, as we live in the age of information. The catch and the route to success is how we are going to gather that critical information in the interest of our business
In the context of the above information let us talk about the retail business, particularly for jewellery business and how Jewellery business management software is best for them.
Jewellery Retail Software maintains Jewellery Retail business. Jewellery Business is all about cash and carry business, and it is one the traditionally old business, earlier when market was driven by large market players and trendsetters, retail outlet was the point of discovery of various product, and design. The retailer was the anchor to drive the mind-set of the customer, but in current time, it’s a consumer driven market and retail outlets had become the point of discovery, the consumer comes in the stores for discovery of products, jewellery design with their own perceived design in their mind, there is very little role left for anchors and sales consultant. This change creates the challenge of capturing various data for retailers to understand consumer behaviour. Below are a few of them:
- Identification of data points – What kind of data needed to be captured like which gender visit most, which gender influence buying decision of jewellery, etc. Through Jewellery management software business can make reports of various data points seamlessly.
- Processing of data points via best jewellery software to reach logical conclusion
- Understanding of consumer behaviour – How to influence buyer for buying decision
- Understanding of store visual merchandise – How to design the layout of the store, which design needs to be placed in the more visible area
- Research on visual merchandise
- Identification of customer preference and mind set by knowing foot fall analytics. The analytical report can be generated using the best jewellery software prevailing the market.
In the current time if a retailer doesn’t observe above points, it will not be exaggeration to say they are running retail outlet blindfolded.
Identification of data points: –
This means identification of various behaviour of your customer like, what time they come, which part of store they spend more time, what kind of gender comes most, what is the average sales value, how much time a customer spent in the store, buying ratio, window shoppers, demographic understanding etc. what kind of jewellery preference buyers are having
Processing the data points to logical conclusion
Retailers need a system like jewellery management software to analyse those points and provides an insight, this will turn into the most valuable data for retail outlet to take important business decision. this can be done with the help of good Jewellery ERP.
Understanding consumer behaviour
This is one of the oldest rules in the business, understanding your consumer behaviour. Earlier it was done with human intelligence, now artificial intelligence had taken place of human intelligence.
A thoughtful designed ERP will assist you to understand various data points
Understanding of store visual merchandise
Every organised retail outlet has a visual merchandiser in their store. They are present to take care of visual merchandising. Visual merchandising is very important to understand the visibility of the correct appealing product at the correct place and in the correct way. This is the science through which a retail outlet can understand its customers. For example, if you visit the Tanishq store, you will see an appealing VM, compared to the traditional store
Research on visual merchandise
As written earlier visual merchandise is a science, retail outlet is required to do research on visual merchandise. Now the question is how to do research on visual merchandise. This is done with the help of data collected in store and the response of customer in store when they visit the retail outlet
Identification of customer preference and mind set
Identification of customer preference in store is very important, retail outlets can do this with the help of an organised and well build IT system or ERP. Outlet can capture the data in the form of video or feedback and based on that logical conclusion can be arrived. The data can be stored in Jewellery management software and later can be used for marketing, meetings, and strategy formulations.