The heart of any good commercial software package lies a powerful stock management. Inventory Management system allows you to know what you have, what you need, and when you need it. Here are some of the many ways the stock management system and your retail software can help you run a business more efficient.
More Accurate Inventory
Reports on what you have in stock, order, and stock management system transition, you can get min-up-to-. No more “discount” you have enough of a particular item. Not “thinking” the more that you have to place to renew your supply. Retail Software with stock Management System eliminates the guesswork from the operation of your retail business.
You can set certain stock management systems to automatically notify you when it came time to order more inventory, such as when a stock falls below a predetermined level. By having your hot items always in stock, you can be sure not to miss sales due to out of stock items.
Many retail software packages also produce purchase orders, streamlining your inventory management even more. In addition to increasing your sales, retail software with 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
About stock management system tracks which items sold and which are not. This is a great way to identify items in the hot and cold so you can get better business decisions.
By identifying the slowest moving items, you can adjust the location, pricing, or other problems early. You can also see which items are purchased often in pairs, so you can group them according to the store. For example, you can place the batteries in the same transition your headlights.
Tips to Stock Management in Retail
2. Manager has to submit weekly list of fast moving / slow Moving / non-moving items.
3. Manager has to accomplish physical stock taking at least one counter daily.
4. Manager must ensure that physical stock register of all counters should be maintained signed on daily basis.
5. Manager should maintain all sorts of shade card and product list in the store.
6. Limit formulation of each counter stock should be strategically done by the Store Manager before 24th of each month.
7. Any feedback of the product received from the customers to be sent to the concerned category.
8. No product should be there in the Store which is not in the Menu / Product list (if there, immediately inform the Category Head)
9. No defective / damaged stock to be kept at the store more than a week, it has to be informed and mailed to the concerned deptt.
10 . MBQ (Minimum Base Quantity) should be constantly study and has to be set according to the sale and demand.