Retail Inventory Management Guide: Set up a Winning Inventory System for Your Store
Proven tips for maintaining inventory accuracy and reducing shrink
Inventory management keeps many retailers up at night, and for good reason: staying on top of your store’s stock levels is a balancing act that can make or break your sales and customer satisfaction.
Too much stock on hand ties up your capital and can end up killing your margins if you decide to mark down unsold products. But not having enough merchandise is just as bad and can lead to lost sales as well as lower customer satisfaction and loyalty.
So how can you can get stock levels *just right* in your store? Well, each retailer has different inventory needs, so there aren’t any silver bullets for this. There are, however, steps and best practices you can implement to figure out the right product mix for your shop. And that’s exactly what this guide is for.
Vend’s inventory management guide is divided into three major parts: first, we talk all about how you can select and set up your stock control system; then, we move on to establishing the right processes in your store; finally, we tackle optimizing your inventory to help ensure that you have the right products at the right time.
Whether you’re choosing your inventory software for the first time or you already have a system but are looking to improve and further optimize it, you’re bound to pick up something useful from this handy guide.