When you effectively manage your company’s inventory, you directly contribute to its bottom line. Not to mention, proper inventory management helps for your team to ensure customer satisfaction. Contrarily, not keeping on top of how much stock you have can disappoint shoppers. It can cause them to leave your store and visit competitors that can meet their needs.
What steps can you take to make inventory management an effortless process?
Launch promotions to clear slow-moving products.
A top culprit of overstocking is slow-moving items. If you find that your shelves are remaining full of certain products, it’s time to create a promotion to move them out the door. Advertise discounts on products you wish to clear from your shelves. You might be able to speed things up by offering bundle packages. Combine slow-moving items with popular products in order to boost sales. You may also wish to launch a “Buy One, Get One 50% Off” sale to clear surplus.
According to Lark, offering quality discounts can help retailers manage their inventory effectively. “By encouraging customers to purchase larger quantities, retailers can reduce excess stock and minimize inventory holding costs,” says their website, “This strategy also allows retailers to negotiate better deals with suppliers, leading to cost savings.”
Ensure your staff understands the importance of inventory control.
Train your team. Make sure that each member is following best practices for ordering, tracking and managing stock. Well-trained employees can prevent costly mistakes and help identify inefficiencies. They can also quickly alert upper management of products that are running low on availability.
“Inventory management training equips your employees with the latest ideas and best practice methods of inventory control,” informs Melanie Chan of Unleashed Software, “Providing your employees with inventory management training is essential if the objectives of an organisation are to be suitably met. By investing in inventory training, you can ensure that your employees are being given the necessary tools to do their jobs effectively.”
Adopt drop shipping for certain products.
What exactly is drop shipping? It’s a process that allows you to sell products without holding them in inventory. In other words, you await orders from your customers and then have your supplier ship those items directly to them. Implementing drop shipping helps you to eliminate the risk of overstocking. Of course, it also reduces storage costs.
“Drop shipping is a popular type of retail e-commerce business model with low overhead, where the business owner does not keep stock on hand and is not responsible for managing inventory,” explains Purolator, “Drop shipping can be simple and easy, and its appeal has grown over the years. In fact, it’s forecasted that the worldwide drop shipping market size will grow from $175.4B (2020) to $649.2B by 2026.”
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Taliup Register also offers powerful insights into your inventory performance, allowing you to optimize your in-store stock levels and reduce waste. For more information, call Priority Pay at 1-888-431-4344. You may also email us at info@prioritypay.ca or request a quote on our Contact page!