Inventory Management Underpins The Success Of Any Retail Operation
Managing your stock can be a difficult process to manage, keeping stock is not a simple process and requires knowledge and expertise, to manage you inventory optimally, To Avoid dead stock is not a simple task and requires a lot of work to keep a clean and profitable inventory list.
Not enough stock of your high turnover items and you will miss out on crucial revenue, that will end up at your competitors hands. In saying that too much of your slow moving items can cost you dearly.
To avoid dead stock and maximise on your tops selling products you do need to invest in a good retail operations solution. This eliminates headaches when it comes to stock control and provides a high level overview and full visibility of all your stock levels quickly and efficiently.
While having a great Retail Enterprise Solution, you do need to use the software solution to its full potential, if not you miss opportunities to see dead stock and risk running low on high turnover products.
To avoid dead stock and maximize your return on you high moving stock you need business rules that are enforced through a great Business software solution. Prevention is better than a cure, with A professional business partner and a great software solution, you can Avoid Dead stock and immediately improve on you day-to-day cash-flow.
Dead stock is money sitting under the mattress not giving any sort of value, and in a retail environment, where perishable goods are a big part of stock control, you could be losing huge amounts of money on dead stock. Prevention of dead stock is one of the most important ways of avoiding dead stock, as this is one of the most trickiest stock issues to deal with. First you are left with useless items taking a space and not giving you return, in some cases you land losing money on those items due to wastage or shrinkage or you are selling it way below cost to move the items of the shop floor.
Retailer Tips
Identify Slow-Selling items & Avoid Dead Stock
Keep a close eye on products that are selling slowly but is not considered dead stock yet, using a great software solution. To keep slow moving items selling you must use innovative ways to move slow moving items quickly.
Make use of discounts and promotions even do bundle options to move stock that is not selling well. Mange your stock thresholds better on slow moving items to avoid dead stock. Make use of innovative dashboards and reports to keep on top of you slow moving items.
Tighten Control Of Your Purchasing Routine
When making decisions about which items to purchase and when, should be done with real data and in-depth analysis, ensuring you are making the best possible purchase that will give you a good ROI. Have a proper procurement process, where orders are checked and approved, so no mistaken orders are made. Have a purchasing power organogram, ensures each person responsible in the purchasing work-flow have done their duties and stock procurement has been done correctly.
Clearance Discounts On Slow Items
If you see stock not moving use innovative ideas like stock clearance and bundles, this is a sure way of selling slow moving stock that has not become dead yet. If you still cannot sell slow moving stock and it has become essentially dead do not just throw it away, try using other methods to try and squeeze out as much revenue as possible. Use other trading platforms such as online or a business partner as partner discounts or gifts.
Track Your Stock with Powerful Dashboards
Centralise all your information into one powerful online dashboard. With Retail analytics you can view your stores performance, and remain competitive across all your departments. Keeping you informed with your Sales VS Cost of Sales and managing your stock correctly, ultimately improving cash-flow and reducing stock.
If you want InstantRetail which is powered by Sage 200 Evolution & Sage Business Cloud and used by prestigious retailers and wholesalers such as the SPAR Group and Liquor City contact: sales@instantretail.co.za.
