- May 20, 2019
- Posted by: simba001
- Category: Retail POS System in Kenya
Owning a business using POS System 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 POS system.) 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?
With proper inventory management strategies in place, you’re always in control and always know what’s going on in your business.
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. 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 POS system, 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.