There are many strategies for maximizing turnover and throughput, there are also less obvious implications of improper inventory management. Obvious problems with poor inventory management are:
There are many strategies for maximizing turnover and throughput, there are also less obvious implications of improper inventory management.
Obvious problems with poor inventory management are:
1. Lost sales due to empty shelves
2. Shelf space being filled with unpopular items (this takes up useful and productive shelf space, but it also portrays you as out of touch)
3. 3) Customers can’t get the items that they want.
Most owners stock stores by instinct, or by vendor reps who have their own intentions; if you do this, you run the risk of all of the above affecting your profits and repeat business. Employing a good point of sale system to track customer purchases, you can readily compare sales and inventory levels to that same activity in comparable order periods. It give you visibility into what is moving currently, as well as what sold last year. You can use this data to make educated decisions about what inventory to stock in your location.
Having the wrong inventory on display may not sell, your customers will not be able to get the items they want, you've lost the sale and incurred unnecessary inventory costs. Your customers may form the opinion that you don’t carry what they want, and you've lost repeat business as a relult.
The takeaway is that instead of ordering and stocking by memory, instinct, suggestion, or any other false metric, dig into the data that your POS system gives you to make accurate decisions about what stock to purchase when it's time to reorder. These details can make or break you hitting your sales goals.
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By IRIDIUM® Retail Management Software | POS Software | Inventory Management
Antiquated systems tend to slow down retail management process and can be costly to maintain. It may be time for you to shop a new Point of Sale (POS) system to help you save money, time and speed up process to keep up with your business needs. Here are a few things to consider when shopping Retail POS (Point of Sale) management solutions:
2. Retail Store Growth: it’s a big change going from 1 store location to two, five or twenty locations. The challenge becomes inventory management for multiple locations with a single POS management system. Typically your older systems are not sufficient enough to manage multi location scenarios.
3. Poor Technical Support: Many owners and managers are frustrated with the amount of time it takes to get proper technical support qnd help with their retail POS management systems. Many times a one-man shop either goes out of business and no longer supports their products or they lose the personal touch it takes to service their retail clients. Look for vendors that develop applications in industry standards that make them easy to support and ensure long product life cycles.
4. Multiple Channel Support: E -commerce, retail, mail order and phone orders. many retailers have expanded into multiple ways of taking orders. Look for retail POS management systems to support multiple ways to bring in sales and support future growth plans. having an all in one solution will make your life much easier.
5. Hardware Failures: Many times we find retailers using systems that can be decades old, still running DOS based systems. Hardware failures are a great opportunity for you to explore ways to prevent costly breakdowns and look for systems that cost less to own over the years and make retail POS management easier and more efficient.
We have analyzed a few of the reasons retailers look to replace existing retail POS management solutions. Consider the challenges it take to grow your business when looking at fully integrated solutions. Have your vendor discuss options to help reduce costs, create efficiencies and support your system through your ownership life cycle.