Jewelry Designers & Manufacturers See Rising Profits With A Virtual Inventory

October 13, 2021

Every business wants to see growth. Jewelry designers and manufacturers are no different. But scaling a business has its challenges. Grow too fast and you might not be able to keep up with demand. Glow too slowly and you may lose out on business. Either scenario leaves you at risk to a competitor. Virtual inventory platforms are one way jewelry designers and manufactures can expand seamlessly. Virtual inventories let you expand your reach to retailers, giving them more opportunities to sell your products.

The Power of Scale

Scalability is the key to business growth. However, going from a handful of customers to dozens or hundreds takes careful planning and coordination.

To scale successfully, your business needs to maintain the same standards of quality craftsmanship and innovation. At the same time, your business needs to meet the increasing production demands and market conditions.

You also need to be able to market effectively to potential retailers, providing compelling reasons to carry your product lines.

Ultimately, that’s where inventory services allow designers and manufacturers to expand exponentially. With virtual inventory, you can diversify your revenue streams and develop more predictable revenue forecasts.

Instead of committing anyone to large physical inventories, you can test out new products virtually and track trends. You can use data to make decisions on what to make and how much.

Virtual inventory lets you reach new customers and reduce their risk. Thus, by keeping their inventory needs lower, you and your customers can deliver in-demand products at the point of sale, without worrying about what’s in the back room.

Differences in Virtual Inventory Types

Virtual inventory can take on many forms. The simplest type many people think of is a digital catalog of your product inventory. Sometimes, jewelry designers and manufacturers provide these directories to customers (and their customers) as a way to demonstrate the breadth of offerings.

However, such catalogs pale in comparison to a virtual inventory complete with CAD and artificial reality. These virtual inventories provide vivid visuals and allow customers to interact with and even customize pieces seamlessly.

Virtual Inventory Solves Designer and Manufacturer Needs

As a jewelry designer or jewelry manufacturer, you have limits in how easy it is to distribute your products. In other words, there are costs involved in shipping, you need to get designs to retailers to choose from, as well as needing to track what’s been sent and returned. Additionally, you need to address myriad questions from customers and consumers about availability and variety in your collections.

With virtual inventory, you have the chance to scale quickly and address those limitations around distribution. Marketing and distribution tend to favor larger manufacturing companies and design houses. With virtual inventory, you can level the playing field and deliver speed, quality and difference.

Here are four major advantages virtual inventory provides:

  • Distribute your products virtually immediately to your customers worldwide. As you create new collections, you can have them in your customers’ stores in seconds, not days or weeks. Trueview AR has an existing network of jewelers worldwide. Simply upload your CAD files and designs and products are available everywhere.
  • Test out new designs without having to go into full production. Virtual takes the guesswork out of knowing what your customers want. It reduces the need for large capital investments or storing and securing physical inventory. Additionally, data from your virtual inventory will help you ID what regions resonate with designs, allowing for future targeting.
  • Grow your business by reaching jewelers that you never could with online and physical marketing.
  • Turn your attention to point-of-sale instead of the internet. Reduce the need for expensive and time-consuming photography and online advertising. Instead, get your products directly in front of buyers without sacrificing visually rich content.

Turn your CAD drawings into revenue by using virtual inventory. When you scale these processes your jewelry design or manufacturing business will grow revenue fast and your agility will increase. In other words, a virtual inventory means staying ahead of the game for jewelry designers and manufacturers. 

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