Your inventory is your money, it’s what you spend the most on in your business, and it is what you rely on to recover and profit in your business.  Improving your inventory management in 5 simple steps could lead to efficiency and profits.

1.    Always have real time knowledge of your Inventory. Knowing what inventory you have in stock is knowing how much money you still need to recover from your products.  Use a reporting system that automatically updates your inventory balances to reflect moment-by-moment changes as inventory is sold at the store level.  This helps reduce costs, increase inventory-turnaround and cuts back on over ordering!

2.    Set Reorder Level Settings:  Popular items should never go out of stock so be sure to set your system with reorder level settings. Select a reorder level setting that best suits your specific store or venue.  Reorders should automatically take place after a certain number of days, or to take place once the inventory reaches a predetermined, fixed quantity for that specific product.

3.    Offer Related Items Recommendations:  When a customer is purchasing a product at the cash register, the cashier should be able to recommend products based on actual items previously purchased by customers along with the particular item, or items the store owner has recommended. For example, if a customer is purchasing a winter coat, the system will offer recommended items such as gloves, a matching scarf, or boots.  Effective cross-selling can boost inventory sales around 20%.

4.  Classify your Inventory:  To achieve inventory management excellence, you must feel confident that your inventory is accurate. You can validate the accuracy of inventory by organizing each type of product into Bin Locations (where) and size bricks (different sizes/colors ordered) .  This allows you to know what you have ordered, the quantity, the availability and saves time on reorder.

5.    Consider an instant sale! This creates an instant buzz to move your inventory.  Save time by using mass item modifications to change prices for over 100 different items in your store.  Using this type of capability helps you to change prices or other information for large amount of products in seconds. It saves your time on editing product information and reduces errors compared to manually modify product information one by one.