In today’s apparel market, retailers and consumers push for lower prices, better quality and quicker delivery. To stay ahead, the apparel industry has responded with technology, innovative systems and information.
Why Inventory Management?
At the heart of every good retail software package lies a powerful inventory management system. An inventory management system lets you know what you have, what you need, and when you need it. Here are a few of the many ways your retail software and inventory management system can help you run a more efficient business.
More Accurate Inventory
With an inventory management system, you can get up-to-the-minute reports on what you have in stock, on order, and in transit. No more “assuming” that you have enough of a particular item. No more “thinking” that you have placed the order to replenish your supply. Retail software with an inventory management system eliminates the guesswork from running your retail business.
Some inventory management systems can be set up to automatically notify you when it’s time to order more inventory, such as when stock falls below a pre-determined level. By always having your hottest items in stock, you’ll be sure to not miss sales due to out-of-stock items. Many retail software packages will even generate purchase orders, further streamlining your inventory management. In addition to increasing your sales, retail software with an inventory management system can drastically reduce your operating costs by reducing the time spent manually counting inventory and creating purchase orders.
Identify What’s Hot (And What’s Not)
An inventory management system tracks which items are selling and which aren’t. This is a great way to identify your hottest and coldest items so you can make better business decisions. By identifying your slowest moving items, you can adjust their placement, pricing, or other issues sooner. You can also see which items are frequently purchased in pairs, so you can group them accordingly in the store. For example, you can place batteries in the same aisle as your flashlights.
How to Manage Inventory?
The most essential possession to a little retail clothing store is its inventory. Appropriately, reliable inventory management is important to managing costs, determining shrinking and enhancing the customer shopping experience. Hence, management can implement different inventory management practices such as constant folding and organizing, regular physical counts, electronic loss-prevention tags and scannable bar codes on price.
Instruct workers to constantly fold and organize inventory. In a retail shopping environment, consumers can be expected to manage merchandise. This can lead to clothing items being reshelved improperly or, at a minimum, folded improperly. Accordingly, it is important for personnel to constantly maintain an orderly look on the sales floor. This enhances the total shopping experience.
Conduct a routine physical count of inventory. Sadly, for a range of reasons, inventory shrinking can take place. This can be because of lost, damaged and misplaced merchandise, as well as theft. Hence, to actively manage losses, a physical inventory count need to be conducted on a regular basis. This supports inventory evaluation and keeps tabs on losses as they happen. If inventory counts are consistently lower than expected, burglary could be a problem that ought to be resolved by management.
Attach electronic loss-prevention tags to individual inventory products. Electronic tags are a typical method to prevent theft and accidental loss of inventory. These tags are quickly attached to merchandise and can be an extremely efficient deterrent to shoplifters. Usually, they are activated by sensors near the storefront, so that the alarm is seemed if an inventory item exits the store.
Implement scannable UPC bar codes on cost. To have access to real-time inventory information, management should execute scannable bar codes on inventory products. This allows for continual updating of designs and sizes on hand, and it offers a basis for comparison when conducting a physical inventory count. Likewise, scannable bar codes assist in sales discount rates and rate checks at the register. Hence, this method of inventory management is the industry standard.
RMS Consulting is a team of experienced technical and business professionals whose single aim is to deliver the world’s best retail management systems. We understand the needs and deliver cloud-based, multi-channel retail management system that brings together POS, eCommerce, CRM and marketing, merchandising and order management, financials, and warehouse management into a single centrally managed solution. RMS Consulting serves client inside North America specifically USA and Canada while physically serving clients in the cities of Seattle, Toronto, Buffalo, Ottawa, Monreal, London, Kitchener, Windsor, Detroit. Feel free to contact us or Drop us a note for any help or assistance.
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