The RFID Jewelry Inventory Management System Market is anticipated to surpass projections, showcasing significant growth with an unexpected CAGR during the forecast period of 2024-2031. This trend is particularly crucial for businesses in the jewelry industry, where traditional tracking methods are perceived as time-consuming. Recognizing the limitations of conventional approaches, many companies are adopting RFID jewelry tags to streamline inventory management. This strategic shift facilitates quicker tracking and minimizes losses, aligning with the industry’s evolving needs and effectively meeting insurance requirements.
Dealing with gems, earrings, necklaces, watches or other precious inventory? For businesses in the jewelry industry, a strong inventory management system is especially important, given the high value and small size of many jewelry products. Tracking jewelry pieces using traditional SKU or UPC tags can, however, be incredibly time-consuming, which is why many companies turn instead to radio frequency identification (RFID) jewelry tags.
RFID jewelry tags help many such companies maintain their jewelry inventory and avoid theft, counterfeiting and other losses, while also meeting the inventory count requirements of insurance companies. Best of all, they do so more quickly and efficiently than other tracking methods.
RFID for the Jewelry Industry
Warehouse and Retail Tracking
As you’ll discover from the discussion of the following uses, jewelry RFID tags are equally useful in the warehouse and the jewelry store, tracking products from creation to sales, due to their speed and precision. Companies can create custom RFID jewelry tags to suit virtually every need.
Quicker Inventory Management
For companies that sell jewelry, RFID tags offer the potential to save countless hours in the inventory management process, and also greatly improve accuracy.
RFID technology offers the benefit of a long reading distance, especially when using an ultra-high frequency (UHF) RFID reader, which boasts an even greater range.
Credit: MICHOFF
RFID readers receive information in real time, and unlike SKU or UPC tags, RFID tags don’t need to be individually scanned by a handheld reader, which makes them useful for any company dealing with a large volume of inventory. In other words, a UHF RFID jewelry label ensures that workers know where each piece is at all times, without having to go around and count the pieces themselves.
Loss Prevention
Loss prevention is imperative in every industry, but it’s especially crucial—and tricky—in the jewelry industry, which deals with tiny, but often incredibly expensive, inventory. As of 2021, jewelry store theft was on the rise, and only continues to grow.
For jewelry stores, RFID readers can detect when jewelry tags leave a store and automatically trigger an alarm, and in doing so, prevent theft.
Faster Sales Process
RFID enables companies to not only track items, but also keep detailed information about them. Your RFID jewelry labels might include information about the appearance, specific location and price. This makes it easier (and faster) for employees to bill clients, and also to locate specific pieces within the store, thus ensuring your continued high sales performance.
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Business Intelligence
A good inventory management system not only enables companies to keep track of items in the present, but also allows them to glean useful insights for the future. In the jewelry industry, RFID technology is often a source of important information about products that supports the planning of stock volumes, production, etc.
With RFID, it’s possible to automatically collect information in real time, which companies can then store in a database. With each RFID jewelry tag, you’re guaranteed another insight into buying preferences and behaviors.
The Role of RFID in Revolutionizing Jewelry Inventory Management
Discover the five key ways in which RFID revolutionizes the jewelry industry:
- RFID tags enhance the speed and precision of tracking jewelry products from creation to sales in both warehouse and retail settings.
- UHF RFID tags save time in inventory processes with their long reading distance, boosting efficiency.
- RFID readers automatically trigger alarms when jewelry tags leave a store, aiding effective loss prevention in the growing concern of theft in the jewelry industry.
- Enables detailed information storage, streamlining the billing process and facilitating quick location of specific jewelry pieces for a more rapid sales cycle.
- RFID technology provides real-time data, offering valuable insights into buying preferences and behaviors and supporting future planning for stock volumes, production, and overall business strategy.
How to Implement RFID jewelry label technology at your company
By now, it should be clear that RFID technology is the way to go for modern jewelry companies who care about speed, efficiency and loss prevention. So, how do you go about replacing your outdated tracking technology with RFID?
With help from a trusted RFID implementation specialist like Lowry Solutions, overhauling your asset tracking management system can be simple and painless. Interested in making the jump to RFID? Fill out our contact form to arrange a consultation.
Featured Photo Credit: PhotoMIX-Company
