What is Retail Inventory Management and What Are the Must-Have Features for 2023?
Retail inventory management is the process of tracking, managing and controlling the inventory of a retail store. This includes monitoring stock levels, ordering new stock, tracking sales and returns and managing supplier relationships. It is an essential part of running a successful retail business as it helps to ensure that the right products are in stock at the right time to meet customer demand. Let’s take a look at the must-have features and benefits that you should be looking for in 2023.
Why is Retail Inventory Management Important?
Retail inventory management is important for several reasons. First, it helps to ensure that customers have access to the products they need when they need them. This helps to increase customer satisfaction and loyalty. Second, it helps to reduce costs by ensuring that there is no excess stock or out-of-stock items which can lead to lost sales opportunities. Finally, it helps retailers stay on top of their supplier relationships by providing accurate data on stock levels and sales trends which can be used to negotiate better terms with suppliers.
How Does Retail Inventory Management Work?
Retail inventory management works by tracking stock levels in real-time using software such as an enterprise resource planning (ERP) system or a point-of-sale (POS) system. These systems allow retailers to monitor stock levels across multiple stores or warehouses in order to ensure that stock is always at the optimal level to maximise profitability. They also provide detailed reports on sales trends which can be used for forecasting future demand and ordering new stock accordingly.
Trying to achieve the ideal level of stock can be a huge headache for retailers and especially for those still relying on outdated spreadsheets and other manual processes. Over or under stocking your products is an easy way to lose revenue and even overspend due to excessive storage costs. By having full visibility over your stock profile at all times, you can also avoid issues such as waste, spoilage and paying unnecessary storage costs for seasonal goods.
With OpSuite retail management software, retailers have access to real-time data at any time and from anywhere in the world. By utilising OpSuite’s incredible inventory management features, you gain a competitive advantage for your retail business by ensuring your stock is always at a level to maximise your profits.
What Are the Benefits of Retail Inventory Management?
There are many benefits associated with retail inventory management including improved customer service, reduced costs, better supplier relationships, increased efficiency and accuracy in order fulfilment processes, improved visibility into product performance and trends, and more effective pricing strategies. All of these benefits can help retailers increase their profits while providing customers with a better shopping experience.
The true benefits of retail inventory management is the wealth of intelligence gained to run your retail business with profitability and growth at forefront. With OpSuite, our retailers can plan ahead confidently with a detailed sales history. Demand forecasting is essential for staying in control of stock during more challenging, seasonal periods. By understanding the buying habits of customers, savvy retailers can restock knowing exactly what’s hot and what’s not.
Why choose OpSuite?
Where inventory management is concerned, the single most important factor is that all data is accurate and up-to-date. OpSuite effortlessly provides you with ultimate visibility over your stock profile from a single point, across all sales channels. Whether in the stock room or a warehouse, real time data from OpSuite will never keep you in the dark.
Now more than ever, customers have ultimate control over where and how they buy. With this comes the inevitability of customers interacting with your retail business over multiple touchpoints. With customers buying in-store, over a kiosk, online, using mobile, catalogues or customer service, there is an expectation for retailers to provide a connected and seamless experience from start to finish. OpSuite is a cloud-managed EPoS system which ensures efficiency and profitability across your multi-channel or omni-channel retail business.
You can find great advice in our blog on how to choose the right EPoS system for your business.
If you’re ready to take control of your inventory and gain the competitive edge over your retail business then we’d love to hear from you! We are industry experts and have been working with ambitious retailers for over 18 years. From Arts and Crafts suppliers to Supermarkets and just about everything in between, we have supplied tailored software solutions and EPoS hardware to support businesses to maximise profitability. Get in touch with our friendly team at RMS for expert advice.
Why choose RMS?
RMS have worked with ambitious businesses since 2004, supplying tailored software solutions and EPoS hardware from the Shetland Islands to the Seychelles. We work with businesses in most retail verticals, contact us and discover how we can support your business to increase profits with the latest technology.