Is inventory management taking up too much of your time? Do you have data to hand regarding what stock you are holding in the business, and do you have the right stock to meet demand?
Modern retail software, focused on inventory tracking and management, does all this and more. These software packages give modern retailers the tools to make the most of their most valuable asset, stock, and the ability to stay profitable and competitive in a data-driven world.
And that’s only the start of all the benefits that effective retail software can bring.
Five Big Benefits to Inventory Management Retail Software
- Save time and money
The most straightforward benefit of retail software is that it will automatically and accurately process and track your inventory for you. From purchasing to synchronising stocks and sales from your store estate, online channels and other outlets you might manage, you will have a central and single view of stock. Having either excess or insufficient stock costs your business money – making the difference between a successful retail business and an unprofitable one. Too much stock and you have unnecessary capital tied up, run the risk of depreciation or wastage and face additional warehousing costs. Whereas too little can result in stock outs and negative customer experiences. Not knowing where your stock is or having inaccurate data can also cause problems because you can’t use it effectively. So the return on investment for the right systems definitely pays off.
- Recognise your top sellers more easily
With an inventory management system, accurate and accessible data and insights are power. It’s simple to analyse which products are your best sellers and check how much cover you have, so that you can reorder at the correct time. This allows retailers to plan and merchandise accordingly.
Better yet, when retail software is connected to your CRM system, you can also drill down according to demographics or region/location. Discover new target markets and pitch them the products they like best.
Once you’ve had retail software in place for a couple years, you’ll have enough data to start generating realistic future trends predictions. Spot your peaks and valleys and optimise stocking in response to maximise your profits.
In addition, being able to see what is not selling can also allow you to markdown and plan effective promotions.
- Optimising Space
Warehousing and store estate is precious, so it’s important to make effective use of that space. By knowing what stock you already hold, and what you actually need means that you can manage your stock effectively to save space and minimise costs. Furthermore, well organised warehouses with defined storage and bin locations also allow you to fulfil store and online orders with speed, which can be the differentiator when it comes to great customer service and meeting expectations where next day or even same day delivery are becoming the norm.
The right inventory management system will also allow you to report on and therefore allocate to stores and locations according to demand and season.
- Eliminate overselling
Overselling can be the bane of retailers. Missed sales and stock outs not only eat into your potential profits, but they can also result in customer frustration and impact brand loyalty. Having an effective inventory management system lets you identify the best store locations to hold your stock, ensuring that you meet demand. Allocate to your store profile more effectively. For example, you may have higher footfall stores in prime locations where you want to ensure that the racks and store room are well stocked.
- Making optimal use of staff skills
Manual systems are not only time consuming, but also prone to error and frustration. Put your staff skills to better use by having a system that will allow you to accurately process stock with minimal effort. Focusing on other skill sets and training opportunities can definitely boost staff morale and motivation, ensuring a happy workforce.
Eurostop Brings Retail Software Insights
Eurostop is one of the world’s most trusted vendors of inventory tracking and retail software, with deep analytics and easy integration into your existing business systems. Combine with robust, easy-to-use POS units and you’ve got a retail software solution that saves time and makes money.