For a retailer, having effective stock control is essential. This is especially true if you’re managing online channels or multiple locations and geographies. For this reason, many choose to invest in stock control software, like the solution available from Eurostop.
However, if you’re still not convinced, here are four reasons to consider stock control software for your retail business!
Efficiency & Productivity in Operations
There may be an inertia regarding the initial investment, but outdated systems or manual processes are time consuming and prone to error, which can be extremely costly. Reducing overall cost, is actually one of the primary benefits of a robust stock control system. An experienced software vendor will ensure that the onboarding process runs as smoothly as possible and the new system will regulate and digitise processes, so that you can monitor your stock accurately and reduce costly errors. This in turn reduces resource costs, ensures that you have a happy work force and not least allows you to have true stock visibility, reduce shrinkage and make the most of your stock and increase sales. In the long run, you will definitely see a return on investment.
The system should enable you to manage suppliers, orders, deliveries, allocations to stores and replenishment, as well as fulfilment of online orders. Operations such as barcode scanning, system controlled markdowns and promotions and a connected POS system will all help to ensure that your stock levels are accurate. Because the system is automated, it means that retailers have the ability to roll inventory forward and are not at risk of having to wait for manual processes to complete.
Single View & Management of Stock
Do you own a business with multiple locations? Perhaps you have online channels as well as brick-and-mortar retail locations. Well, with stock control software, you can have a live and single view of all your stock and sales, so that you can determine best how to merchandise your inventory. Unified stock control software can easily track multiple channels and stores, so that you can allocate the correct stock to ensure there’s never a situation where you run out of a best-selling item.
Having unsold stock just sitting on the shelves doesn’t only take up space, it costs you money, preventing you from placing other, better-selling items where customers can purchase them. One of the biggest benefits of stock control software is that through advanced reporting and analytics it can help you see what’s selling the best and keep track of multiple sales channels, helping you identify and merchandise accordingly, responding to market trends on a daily and monthly basis. Stock control software also helps identify when it’s time to order more based on cover.
Integration of Your Entire Business
A good vendor will also be able to support you to connect your stock control to other business systems. As well as connecting to your online and brick and mortar channels, you may want to integrate to your marketing, accounting and customer loyalty systems. Connecting to your POS estate allows you to factor in real-time sales and refunds to give an overall picture of inventory.
Keeping Customers Happy
Arguably the most beneficial aspect of implementing stock control software is the ability to keep your customers happy. By increasing efficiency, always having stock on demand, and easily handling and keeping track of returns and exchanges, it makes the retail process painless. This directly translates into better business and happier clients!
Contact us today for your inventory control management solutions!
We also specialise in a range of retail solutions to make your business run more smoothly, such as advanced POS systems, mobile POS solutions, and business insights and reporting services, so contact us now!