Keeping Your Stock Current in Every Size and Color Means No More Lost Revenue2 min read
When a business of any kind must say to customers something along the lines of, ”Oh, I’m so sorry, but we are out of that item / that size / that color,” and so forth, they might as well proceed to their accounting software to chalk up another form of operating expense called “loss.” It tends to happen all too frequently, and really produces even more than the simple loss of a sale; often it can produce the loss of a customer. Almost half of all intended purchases are lost due to items being out of stock in retail establishments. While it might seem like being able to prevent stock-outs would be simple enough, just by making sure that there are enough of that particular item in stock, there is a precise medium between having enough stock and being overstocked. Either typically represents an inefficient bottom line and lost revenue. So, how does the well-stocked business go about successful management of inventory without dedicating a 24/7 effort toward it?
POS Salvation for Inventory Success
There is a POS system just waiting to take over the effective management of your inventory. With it, you will know exactly when to restock any item from your inventory, from alerts which you have preset according to your particular specifications. You will be alerted when the volume of any stocked item is at a preset low number, also based on the length of time it would take for a new shipment to arrive. You will then also know exactly which products are selling, when more units are scheduled to be arriving at your store and if you are waiting for additional or backlogged items; you’ll know what those are and when you should be expecting them to arrive. Without a suitable POS system, all of this used to be difficult and entirely time exhausting, at best. And don’t even think of the level of inefficiency that manual inventory management produced.
Other Info Your POS System Will Give You
With the right POS software for your inventory, you can keep articulate records that can be contrasted over a period of hours, days, weeks, months and even years. While this might initially sound kind of good for you, the business owner, the real advantage is that you will be apprised of breakdowns in terms of the last price you paid for any given item, and even a general consensus of the average price you paid over the past. Having these numbers can go far, in terms of your having some negotiating power with your vendors.
