It depends on you whether you want it on the original bracelet or enjoy the touch of leather. Today, the copy rolex Datejust is celebrated for its refined elegance, history and its triumphant watchmaking quality. Apart from the looking as good for that next date you'll be making a sound investment for the future. For the casual watch enthusiast or the die-hard collector, this watch is not to be missed.
All You Need To Know About Retail Inventory Management Software
10 KPIs Every Retailer Should Track in 2022
October 26, 2020
Best Practices for Counting Cash Register (Counting Drawers)
November 9, 2020Maybe your retail inventory is costing you a very high amount. There are consistent instances of products getting out of stock. Moreover, there are a lot of obsolete products in your inventory. After that, your expenditure on storage is at its peak. Furthermore, customers are being shipped the wrong products. Lead times are getting imbalanced. Most importantly, data entry errors are seen in your databases and many more. All these are symptoms of poor inventory management. There is one solution to all these issues. The implementation of retail inventory management software is the key solution.
What is Inventory Management?
Inventory management is the process of procuring, storing, warehousing, processing, and managing raw materials, semi-finished products, and finished items. Inventory is one of its most valuable assets. In short, in retail, inventory management is the core of the business. A shortage of inventory can be extremely dangerous for stores.
What is a Retail Inventory Management Software?
Retail inventory management software is an effective way of managing inventory. It uses inventory management principles. Furthermore, it is attached to hardware devices and software. After that, it helps retailers track goods across the supply chain.
Above all, businesses must have proficient and effective retail inventory management software. It must deal with the changing trends. Moreover, it should ensure smooth operations.
The key is proper planning of the purchase, storage, accounting, supply, and distribution of products. As a result, it will help you avoid overstocking and understocking.
The inventory management software can handle this type of planning. Therefore, it is an essential tool for business owners.
Retail inventory management software tracks the purchase of raw materials. Likewise, the production of semi-finished and finished products. It keeps track of the transfer of items between the head office and stores. Moreover, the sale of items. In short, it is useful in the complete product journey.
Key Features of a Retail Inventory Management Software
1. Tracking of Items:
The retail inventory management software can maintain the right amount of inventory for each product. Moreover, it will ensure that there is no overstocking or understocking. Furthermore, it supports the replacement of items using inventory management concepts. For example, economic order quantity (EOQ), reorder level, lead time, safety stock, minimum stock, and maximum stock. Furthermore, it also helps in maintaining control over the warehouse management system. The retail Inventory management system also tracks perishable items that are about to expire.
Such features are of immense help in the supermarket POS.
2. Notifications on Stock Levels:
When the inventory crosses the maximum limit, the retail inventory management software sends out a notification to the owner. Such a notification helps owners to stop procuring more items. Furthermore, enables them to clear out the extra stock through some promotional offers and discounts. As a result, it ensures proper inventory control. On the other hand, when the inventory falls below a threshold limit, the owners are notified. Such an understocking notification enables the owners to place orders with their vendors. Moreover, it will deal with angry customers with automation. In short, it proves to be an efficient stock management mechanism.
3. Easy Identification of Products:
When you track products with your point of sale system, you can improve your service. To track purchases effectively, you must be able to identify the best-selling products.
Most retail inventory management systems have the feature of barcode scanning. Therefore, it ensures easy identification of the product during stock transfers and sales.
As a result, POS allows you to bring up the sales record. Furthermore, it is helpful in opening issues whenever your customer contacts you.
4. Handling the Defective Stock:
An automated retail inventory management software process ensures that the time to return defective stock is significantly reduced. Therefore, the retail inventory management system is helpful for tracking the status of the defective product. Furthermore, it is immediately notified of every step of the supply chain. Effective stock maintenance goes a long way toward improving the profitability of the retail business.
Manage real-time inventory, expiry schedules, fast-selling & slow-selling stocks, and damaged stock with Ari POS Software.
5. Recording Procurement Orders:
The retail inventory management software has a feature that records all the orders placed to vendors. Whether you are buying raw materials or finished products, a POS System is important. Moreover, it is helpful for stocking your inventory. Such a feature enables the owners to be clear on what products are in stock. Moreover, it helps with what needs to be ordered in more quantities. After that, any breakage or expiration issues with the received products.
The stock register maintained in inventory software is highly useful as it provides accurate inventory information. It also provides inventory valuation as per LIFO, FIFO, and Weighted Average Methods.
6. In-Transit Tracking:
The retail inventory management software has the feature of tracking the delivery of goods from the supplier to the customer. Some inventory management systems also allow the real-time tracking of in-transit goods through RFID technology. It helps in running an efficient material management system.
7. Physical Stock take and Stock Adjustments:
The retail inventory management software supports inventory management. It uses barcode/RFID technology and reduces the overall time to complete the stock-taking activity. It also has the feature of recording stock shortages and excesses.
8. Generating Insightful Reports with Retail Inventory Management Software:
The retail inventory management software has the in-built feature of generating reports for the owners to assess and make further decisions. These reports may pertain to sales per product category, sales per item, sales per customer, sales volume per day or month, sales in peak hours, and similar other reports to understand the customer behavior.
Such reports enable the owners to decide on new strategies for improving the sales of slow-moving items or offering discounts on overstocked items, etc.
9. Multilocation and Multichannel Management:
There is the possibility of owners having a Multi-store POS. After that, there are warehouses to manage. The retail inventory management software has an integrated feature. You can manage the inventory at multiple locations. Furthermore, it saves costs. As a result, POS makes it possible to know the availability of products from one store to another store.
10. It helps in Forecasting Demand:
The retail inventory management system can have the added feature of storing historical data. After that, by using data, owners can forecast future demand for products. Point-of-Sales (POS) data can be helpful in improving demand forecasts. POS data works as a predictor. It is an effective way to improve your demand forecast.
How to Buy Retail Inventory Management Software for your Retail Store?
Before buying the ideal inventory management software for your business, you must conduct a complete search and comparative analysis of the various products based on price, features, deployment types, number of users, and many more factors. The primary aim must be to choose a product that matches your business requirements. Get 30 Days Free Trial without the requirement of a credit card.
Ari’s Inventory Management Software enables businesses to up
their game at decision-making related to sales to customers and procurement from vendors. It has the capabilities of barcode identification, RFID for physical stock counting, tracking of the product movements, and insightful analytic reports to give a better idea of the inventory to the decision-makers. Ari provides a combination of retail software and inventory management software to make both processes efficient at a lower cost.
Worried about your inventory? Take A Free Consultation with Ari Retail Management Expert.
