20 Nov Holiday Inventory Management
The holidays are the most profitable time of year for many retailers and in the flurry of activity that’s to come, it’s easy to get behind. Administrative errors during inventory ordering account for a big chunk of losses and when volume is up there are more opportunities for mistakes. Inventory management systems that integrate with your point of sale system are built to respond to busy times and help you manage your business. We’ve put together a few things you need to know about managing your inventory during the holidays – the how and why it’s important to your bottom line.
Fewer Errors by Centralizing Orders
Using a POS such as Lightspeed will centralize all your purchasing. Creating one purchase order that includes multiple vendors keeps things much simpler and automating those orders when inventory gets low ensures that repeat orders are accurate. If you are currently doing your purchasing manually you should see a boost in accuracy that will save you hours of tracking down losses.
In-demand Items in Stock
There’s nothing more frustrating than going to purchase a specific item and finding the store is out of stock. When your point of sale system is tied to your inventory, it is updated in real time so when customers call looking for a specific item you can be confident about whether or not it’s on the shelf. In addition, as stock gets low, automated orders will go out which account for shipping time with specific vendors.
Deterring Employee Theft
Temporary holiday staff is common in many retailers, so you may not have the opportunity to know these staff as well as your regular employees. Employee theft is a big problem in retail. If it hasn’t yet happened to you, it most likely will. When your inventory management system is tracking literally by the minute, employees are less likely to steal from you as they understand that you are on top of inventory at all times and they are much more likely to be caught.
The team at SilverEdge can help you understand how to use apps within your point of sale system that will make your inventory management as seamless as possible. We are here to help your business grow richer. Schedule an appointment today or call your current customer service representative to get started.