Share Nov 26, 2018 Owning a business is all about being productive and profitable, but let’s be honest, mismanaging your inventory isn’t going to get you there. The main goal of any retail business is selling inventory, but you can’t sell anything if you don’t know where it is, where it’s supposed to go, and how much you have.

Peace of mind and a more efficient business are waiting for those who tackle their inventory head-on. Keep reading for a better understanding of what retail inventory management is and how you can use it to transform your retail store. What is Retail Inventory Management? Retail inventory management is what keeps your whole business in order. (Well, that and your.) It is the set of systems and tools you use to keep track of the inventory in your store.

This may seem like a simple task, but there’s a lot of information that goes into managing your inventory: • How much of each item is in stock? • What and when do you need to reorder? • Are you ordering too much or too little inventory? • What are your best and worst selling items? • Should you stop selling something completely?

• Is your inventory storage sufficient? Inventory management is either taken by hand or electronically. While some may prefer to take inventory by hand, this can be a long and tedious process, especially for stores with larger inventories or a lot of really small items in their inventory.

A Beginner's Guide To Inventory Management The first question is, do you need this beginner’s guide to Inventory Management? If you’re a new business owner with plenty of stock to manage, but without an organized system, it will definitely help you to read this guide.

You also have to update your numbers daily to keep track of sales and stock levels. All of this equals far more math than you may have asked for, as well as much more work. Most business owners don’t have that kind of energy and time.

Managing retail inventory electronically, ideally through a, makes everything easier on you. There’s no need to crunch numbers or spend hours at your desk when your POS updates all of that for you automatically. All you need to do is log in to your POS and you can check your inventory levels almost instantly. You can see what sales were made, when, and by who, as well as what your best selling items are, and even who made the sales. This method takes minutes, not a full afternoon.

With proper inventory management strategies in place, you’re always in control and always know what’s going on in your business. Without the right system in place, you’re asking for trouble. What Does A Business Without Inventory Management Look Like?

To be honest, it’s a mess. If an inventory management system keeps everything in order, your business will clearly be out of order without one.

At the end of the day, this affects your business’ bottom-line, making it hard continue operating, let alone grow. Desain banner format cdr. A lack of a good inventory management process means you don’t know where anything is so you can’t sell it. Mismanaged items are more easily stolen. So, not only are you spending money on unknowingly replacing stolen goods, but you’re also spending on storage space you aren’t using, paying staff who may be stealing from you, and wasting money on things that aren’t selling. You can also run out of stock more easily. If you have a popular jacket, for example, mismanaging that stock could mean that you ordered too few of them, couldn’t keep up with demand, and you never realized it until it was too late. Now, your stock is sold out and your customers will have to shop somewhere else.