5 Retail Inventory Management Tips for the Hectic Holiday Season
Retail inventory management software
Inventory management POS
Barcode inventory system
Software for inventory
Small business inventory
Inventory tracking inventory control system
In 2017, the holiday selling season is projected to increase to 91.6 billion, which means that your store is going to see more traffic than ever. Are you prepared to handle the onslaught of the holiday season? Using your retail inventory management system will help you get ahead of the holiday rush and will help manage your stress over the holiday season.
Predict Inventory Amounts
During any high-traffic period, it can be hard to understand exactly how much inventory you need, in general and in regards to specific products. Your retail inventory management tool can help you understand exactly what inventory you need and when you need it. How? With inventory analytics and reporting.
Most Retail Inventory Management systems measure a wealth of information surrounding your inventory. Based on sales, your inventory management POS can tell you how fast items are moving off the shelves, which items are most (or least) liked, and can even provide guidance on when you need to reorder items.
Simply determine what you need to know about inventory and regularly schedule a report to run.
Centralize Your Inventory
Do you manage your small business inventory in multiple locations? For instance, do you have both online and physical stores with separate inventories? Not only is that practice unnecessary, it can also add high levels of stress during an already stressful holiday season (and year round). Instead, you can centralize your inventory through your retail inventory management software.
Centralizing your inventory will provide benefits to both you and the customer. For you, the work of managing your inventory will be cut in half. You will only have order and manage one set of inventory, and can report on inventory across the board.
Your customers will benefit from a consistent experience as well. Whether they visit you online or instore, they will find the same inventory, the same checkout process, and the same prices. This will leave them coming back time and again.
Using your software for inventory can help you determine what kind of sales to launch. By reading your inventory reports, you can understand what people want more of and stock up on those items. On the flip side, by utilizing your inventory tracking inventory control system and reviewing your analytics, you can find which particular items are slow moving and can launch a sale for them. Simply lower the price and advertise your sale and you can get that sluggish inventory off your hands.
Upload Your New Stock
Sometimes the hardest part of retail inventory management is receiving and entering all of your inventory into your system. However, using the right software for inventory can take the painful task of uploading inventory from hours into minutes. Many inventory management tools allow for bulk importing. In fact, some software can upload up to 1000 items in under 1 minute. This can be completed by using special tool sets that upload inventory directly from preloaded catalogues.
Many other retail inventory management softwares take this one step further- they provide the ability to:
- Create product variations such as size, color and material
- Create, track, and assign serial numbers to products
Organize Your Virtual Warehouse
Even virtual warehouses require some organization to keep things running smoothly. By using your inventory management POS to organize your inventory, you, and your employees will know exactly where to find items. This means two things.
- Within your inventory management system, you can note where items are kept in the front of your store and in the back. This will eliminate stress for employees and annoyances for customers.
- Employees should have a clear understanding of where to find certain items in your management system- even without bar codes. Use your inventory system to streamline your checkout and inventory process finding. Inventory should easily navigated from within your POS so that employees can easily seek out stock.
- User your inventory management system to bundle inventory and create sales. This will help you sell inventory as a package and will allow you to easily check out customers for package.
Does your POS offer your business the support you need? Are you ready to simplify your business with the use of a new POS? SilverEdge can help. If you are ready to talk with a SilverEdge representative about the right choice for your business, contact 970-800-2890 or email firstname.lastname@example.org today.