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How To: Gain Tighter Control of Retail Inventory
October 6, 2023 / 7 minute read / By Zoya Naeem
Selling:
From swipes to receipts, making every transaction smooth.
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Learn how to gain tighter inventory control in retail.
Launching a retail business is thrilling, but keeping it soaring? That’s a whole other adventure.
Successful retailers know their secret weapon: technology that binds every piece of their business From tracking sales and customers to managing their most precious asset (aside from their staff): inventory.
Whether you prefer a one-stop shop for your POS system and online sales channels, or want to mix and match vendors, you need a system that handles:
At Celerant, our SaaS-based Retail POS system offers an all-in-one solution for those seeking a point-of-sale with robust inventory management capabilities.
In this article, we will be taking a closer look at the power of an all-in-one POS system that also allows you to maintain tighter control of your inventory.
Why is Inventory Management Important?
While running a successful retail business involves juggling many hats, mastering inventory management often tops the list. Sadly, many small businesses underestimate its power, leading to inaccurate forecasting, overstocked shelves, frustrated customers, and ultimately, fewer profits.
Imagine knowing which items are your bestsellers and up-sellers.
What if you knew which items sell faster online vs. in-store, during promotions, and seasonally?
And you also know which vendors sell it for the lowest price. It doesn’t take a rocket scientist; it requires the right technology to improve inventory management!
Pro Tip:
Check if your POS system allows you to integrate with your suppliers/distributors. If it does, now is a good time to set up the connections. This allows you to easily add products from your suppliers’ catalogs directly into your POS system. At Celerant, our vendor integration specialist can coordinate the process for you, depending on your retail market and vendors you work with.
A robust inventory management system acts like a window into your inventory, across locations, from shelves to storage, and even items in transit. It seamlessly connects to your sales and customer data, unlocking the potential for accurate forecasting and strategic planning.
So, whether you’re already managing your inventory or searching for new POs system with inventory management software, ask yourself these crucial questions:
By answering these questions, you’ll tap into inventory intelligence. And with it, you’ll be well on your way to building a thriving business.
Organizing and Counting Your Current Stock
Ever walked into a retail store and walked out empty-handed because they’re missing what you need? It happens to nearly 4 out of 10 shoppers in the US! That’s why keeping track of your inventory is more important than ever.
One way to do this is by regularly counting your inventory.
Think of it like giving your warehouse a quick checkup, making sure you have what you think you do. This helps you determine what to buy next (and what’s just gathering dust on the shelves).
Counting your inventory might sound like a difficult task, but it’s easier than you think.
Steps to Counting your Inventory:
(1) ID each item
(2) Physically count items
(3) Enter or upload the data to your inventory management system
(4) Set an alert to warn when there’s a shortage
(5) Schedule automated reorders for items with high turnover.
Tracking the Best and Worst Sellers
Tracking your sales is like having the ability to see what’s selling like hotcakes and what’s just gathering dust, helping you make better decisions for your business.
Think of it like a voting contest for your inventory items. The more they sell, the more you will want to stock them, right? This means less money being invested on stuff no one wants and more space for your best-selling products. You can even use this info to run special marketing campaigns and clear out those hard-moving items.
Pro Tip:
When choosing an integrated inventory management system, look for the ones that offer advanced analytics and reporting features. This will give you even deeper insights into your sales data and help you refine your strategies for maximum success.
Tap into the Power of Automating your Inventory Management
When it comes to managing your retail business, having to deal with multiple systems can feel like spinning plates. But what if you could bring everything together under a single roof?
That’s where an all-in-one retail software solution comes in to streamline your operations and empower you with inventory control like never before.
Imagine a world where you can:
Depending on the POS system you select, these decisions might vary. For example, some POS systems require that you purchase new POS hardware and equipment from them, while others can support your existing computers. Some POS systems allow only one payment processing option, while others offer multiple options and allow you to choose the option that works best for your business.
Pro Tip:
Mobile handheld inventory devices can save you a ton of time. Counting inventory, completing physical inventories, price and inventory checks, and more, can be completed with ease and from anywhere by simply scanning using the mobile device, which connects back to your main inventory system.
If you are ready to explore new POS systems with integrated inventory management, watch our short product demo below to learn more about how Celerant can help.
It’s time to bid farewell to fragmented systems and embrace the power of an all-in-one SaaS-based retail system.
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