Managing stock is the most important part of retail shop management. If done effectively, you will quickly identify products in demand, out of stock, or sold.
Regardless of the quantity or form of a product being sold, a simple and effective stock management software can help you get more profit from your retail store. It can also help provide your customers with better service that turns them into loyal customers.
There is no single method to simplify stock management for a store. But the following strategies can help you manage stocks for your retail store better.
Organise your inventory
Create space for inventory management in your storage. Label the areas clearly to help identify which product goes on which shelf. Additionally, try to put labels of the barcode for the same products on a shelf for easy identification.
Sorting out space and clearly marking the products to add in stock management software helps manage your retail store. This will also help you identify products that are not selling well.
Excess stock takes up space and blocks your investment. You can give items out at a discount to improve your storage area and fill it with most-selling products.
Divide the inventory into sections
Shop Management Software such as Zadinga can track your stock levels, and notify you about stock quantity in real-time. This software can help you manage and maintain your stocks and ensure you never go out of stock.
One of the key advantages of these applications is the elimination of manual work and human error. This increases efficiency and helps you save time so that you can focus on your sales.
Human errors are always present, no matter how many times you cross-check and verify the details. These errors may seem harmless but can turn into losses in the future.
A shop management software automates all the processes to reduce human error. It also notifies you when a product is about to go out of stock, so you can order more from your distributor in time.
Digitise your inventory
Placing stocks in groups helps in optimising your stock management. It also ensures that you never miss out on one type of product while adding them to the software.
Your products can be grouped together under electronics, accessories, headphones, etc. This helps in quick identification by the staff once they check the availability of the software.
The efficiency with stock management software goes hand-in-hand with your salesmen. You should arrange the most profitable and best-selling products in the best visible place in the store.
This way, the time taken to look for a product and accessing it is reduced. Thus increasing customer satisfaction that leads to loyalty.
Decide a re-order point
Keep track of the stocks with an alert system. A good way is to use stock management software that can provide you with stock alerts whenever a product level reaches a set reorder point.
This saves you time that goes in regularly checking the stocks and also saves you money by ensuring you only order the products that are going out of stock.
Avoiding excess inventory helps you save money and storage space that is limited in a retail store. Using inventory management software will ensure that every product sold is registered and updated in the stock report.
Efficiently plan to reorder items based on past purchase orders. Using real-time and past sales statistics, the prediction of sales forecast can be done more accurately. This information provides a great starting point for making reorder point decisions.
Automate with digital barcode scanning. Digital barcoding helps categorise the inventory by cutting down the time involved in classifying and writing down the details of every product in inventory manually.
Barcoding is a quick and simple way to keep anything labelled and organised while reducing space for error. Print and stick the label for effective tracking.
The computerised maintenance management system generates barcodes based on the item information, which can be pasted on the actual item. While scanning, these barcodes will automatically pull the relevant data regarding the product.
Eliminate Redundant Processes
Repetitive processes such as manual entry into a register, calculation of discounts, tracking tax payment and more can be optimised by computerising the process.
You can use software that can perform these calculations, provide tax details, generate invoices and display discount pricing in real-time. This removes human error and saves time to help focus on other important aspects of your retail store.
Zadinga offers a one-stop solution for each of these challenges. Our app comes with powerful features and capabilities, so you can stay on top of every aspect of stock management for your retail store.