For many jewelry retailers, tech is an afterthought. Jewelers are hands-on kinds of people: we go at it with hammers and pliers and keep track of it with pen and paper. We’ve been doing a lot of our work the same way for hundreds of years and only incorporate new technology once it’s proven to work. But it’s becoming increasingly difficult these days to grow a business without the right technological support. A part-time designer or small shop that doesn’t do a lot of business can still get by with spreadsheets and penciled-in ledgers, but once you’re hiring employees and managing hundreds of customer accounts, you’ll find that these slower systems just can’t keep up.
The best thing to do for your growth is to start building your retail jeweler tech stack early, choosing software that can grow with your business. If you’re an established business, though, it’s never too late to start making the transition to modern business software. As you build out your tech stack, remember that there’s no such thing as “best,” just “best for your business.” Whether you’re looking for a POS, CRM, or ERP, stay focused on what your business needs today and what you project it will need in the future.
What is a “Tech Stack”?
The phrase “tech stack” refers to the individual pieces of software that run your business and the way they fit together. For example, you have a computer running an operating system like Windows, and in Windows you run a point-of-sale system (POS) and customer relationship management software (CRM). They both communicate with each other and with your Shopify website to fulfill orders and track inventory. You track hours in your POS, which is connected to your payroll system. Those pieces comprise a very simple retail tech stack.
Systems That Grow With You
Most business software today is subscription-based and cloud-based. That means instead of buying a box of disks to install on your local computer, and then buying a new box of disks next year when a new version is released, you pay a monthly or yearly subscription and access the software online, through the cloud. Cloud-based software has become the norm in business for a few reasons because you don’t have to set up and maintain your own server and it’s easier to keep it up-to-date and secure. One of the benefits of these subscription-based systems is that you can choose which features you want. You might start with a lower-cost subscription and only upgrade as your business grows and you identify a need for more features or need to add more seats.
Address Your Business Goals and Customer Needs
“More technology” is not a solution to business problems in itself. It has to be the right technology, chosen intentionally. You make informed, intentional technology choices by rooting your decision-making in reality: your short and long-term goals for your business and your customers’ needs. Consider your current budget as well as your projected revenue. Rather than get caught up chasing the newest technology or “cutting-edge solutions,” stay focused on pragmatism and practicality. It’s not the latest “best” tech that gives you a competitive advantage; you gain an advantage by being able to clearly identify what problems a particular piece of tech can solve.
