Stock Management System
Achieving stock management system Nirvana in the 21st Century.
What problems do you face with a retail stock management system?
A stock management system is the back bone of every retail concern, whether it's a bricks and mortar shop, eCommerce website, factory outlet or pop-up concession.
From the smallest retail business to the biggest superstore, effective stock control is essential. Finding the right products to sell, when to sell them and not to be left with merchandise that's eating away at your profit is a challenge for any business. Not only is it frustrating to sell excess stock at a reduced to clear price, it's also corrosive to your company's resources.
Even the initial, small holdover of old stock can cause a knock on effect when you have an inefficient stock control system. Not only is it time consuming to re-price stock, you are also damaging your mark up. Even though there is a possibility that you can shift all excess units, you will still not gain the profit that you were hoping to achieve when you initially bought those items.
This is a risk that can be balanced out, with costs that can occasionally be absorbed by your profits, but this is something that no business can afford to do indefinitely. Eventually, without tighter stock management controls, you'll end up with an overflow of stock and fewer new products to sell. The effects are obvious, and while the results are worrying there are solutions open to you, the retailer, to combat these situations.
Stock management systems that successfully drive your business
It's incredibly hard to combat difficult stock control situations, ensuring that you can confidently order stock, sell, replenish and maintain a continual, successful, rotation of merchandise. While long-term experience in retail can really help to understand some trends, market forces and unexpected influences can make all the difference. There's barely enough time in a retail business to keep up with day to day tasks, let alone making market predictions!
With this in mind, what can be done to improve your stock management? We now have a host of Electronic Point of Sale (EPoS) solutions that are designed to do just that. A good EPoS system will meet the demands of modern retailers, providing versatile reporting and comprehensive stock level information. With these elements, it is easier to gauge the success of particular lines, seasonal trends and suggested product lines that have been popular at certain times.
Not only able to handle the stock management for your physical store, with a good EPoS system you can also successfully deal with multichannel stock levels. It's very difficult to manually keep track of sales from your eCommerce site and your physical shop, but with modern developments in technology this can now be dealt with for you.
With a versatile electronic stock management system, a customer can make an online purchase that is fed to your EPoS system. This unit would then be taken from your available stock, allowing you to pick, pack and despatch without over-selling an item between channels. The result is a smoother running retail operation that has an infrastructure of practical stock management.