What You Need to Know About Managing Retail Store Inventory

Posted Date : 15-November-2017

Retail POS software

Set your own rules : Take full control of your inventory

Inventory management is an indicator of how good you can keep a track on the bottom-line. Any manufacturing, warehousing or production capacity, in any industry cannot afford to have leakages of more than 2% as it will be detrimental to their business. When a company grows to become very big, then you need to employ more technology to make the processes work faster and increase the velocity of workflow.

Ground rules to follow in inventory management!
  1. Inventory management will help in just-in-time purchasing, so you always keep what your customer wants and ensure that he or she leaves the store delighted after making a purchase. Better inventory management through the right kind of retail POS software solution will help in better demand forecasting.
  2. Judicious inventory management helps in handling crisis situations like strikes, riots, floods, earthquakes which can cause havoc to your business. Movement of goods is forbidden during these times and stocking up non-perishable inventory for such occasions makes sound business sense.
  3. A good retail POS software solution that offers time tracking functionalities will help in saving a lot of time and energy in tracking what’s going on in your store. What products are selling and what are not is something you will get to know on your mobile every second through a sound technology solution.
Retail POS software: What you can expect them to do!
  1. Avoid “out -of-stock”scenarios: This is the number one benefit of having a retail POS software solution. The more information you feed into the system, the more accurate results and insights you get about your prime customers. Technology is only as good as the man running it. But for managers, technology is an enabler and a force multiplier, propelling teams into sustained action.
  2. Good software creates respect for the system: Your internal and external stakeholders will begin to take pride in your system. You will be in total control of your people, processes and can negotiate better with suppliers.
  3. Loss of inventory through leakages can be plugged: Even in these days of bar code scanners, radio frequency identification devices, GPS based tracking devices, theft, breakage, pilferage have not been eliminated. But you can definitely keep them to a bare minimum to keep your return on investments high. After all, you desire high ROI for your time and money as well. Even getting rid of surplus inventory is a good idea if the footfalls are low due to harsh weather prevailing outside.
  4. Weed out the bad apples: Vendors who are offering high ratescan be replaced by those offering deeper discounts. High selling products which are out of stock can be tracked and sourced in bulk from manufacturers to fetch higher prices. Sales returns, split orders, duplicate orders and other such scenarios can be managed better.

Last but not the least, any good retail POS software solution will also offer support for labelling, printing invoices, reading bar code levels, sales analysis report and give you a bird’s eye view of your business in oneframe. Being on top of the game in your retail business is the first step towards reaching the top position in your industry.

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