What is Inventory Management and How Can It Help You?

min read
Retail Express
January 7, 2022
Aaron Blackman
CEO & Founder
Retail Express
January 7, 2022

Table of contents

In the retail industry, inventory management is the process by which you are able to efficiently move your stock flow, both outbound and inbound. Efficiency, in this case, means that items do not stay too long in your stock room, and nothing remains with you beyond its expiration date or its prime saleability period. It also means that you are able to replenish your stocks in a timely manner, making sure that your products are available anytime that someone is interested to purchase them. There are tools that you can employ as a business owner to ensure this sort of efficiency as far as your inventory is concerned, one of which is a reliable inventory management software.

How It Works

Inventory management systems are often integrated into retail software suites that include point of sale solutions as well. The entire system allows you to electronically monitor your sales and the flow of stocks in relation to these completed sales. As items are released, the software automatically makes note of this in your inventory, and this reflects in the quantity of pieces you have remaining. The same goes for newly acquired stocks and orders placed. Through the use of computers, the entire process has become more efficient and easy to manage. With a stock control system, you no longer rely on spreadsheets, and the need for a manual inventory count is significantly lessened. Your staff can therefore focus more on being able to close sales, and you can also allot more time to growing your business, instead of concentrating on the figures and stock levels.

What It Can Do For Your Business

Businesses can definitely benefit from an automated inventory and point of sale system such as the one offered by Retail Express. For one, there is a lower risk of error caused by human mistakes, and so the figures and reports that are turned in at the end of the day, week, month and year are significantly more accurate. Reports generation is also faster, allowing you to have the information that you need in a timely manner. By being able to monitor what your customers are buying and when, through the movement of your stocks, you can be sure that you have what they need, right when they need it. Being able to meet this demand will result, not just in heightened sales for you, but also in more satisfied customers. You will also be better equipped to make price adjustments as needed, giving you the upper hand in offering special promotions and prices that will encourage people to patronize your business even more.

Features To Look Out For

When choosing inventory and POS systems, Retail Express’ cloud-based and online accessible retail software is a good option, particularly for small and start-up businesses. This is because there is no need to install expensive servers for your data, and instead the provider will assign a central server for you that you can access over the internet. Because your data is available online via cloud storage, an important thing to note is the security of the server, as well as its performance. The commitment of minimal to no downtime is important, in order for you to really be able to get to your data 24/7, at your convenience. With this, and other necessary features in place, your business will surely benefit from choosing a reliable inventory and point of sale software.

Looking to fast track your growth with a smarter Retail POS System? Contact the Retail Express team today on 1300 732 618.

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Our Retail Express onboarding and support team have all had professional experience as retailers and know the challenges you face. That's why it's our priority to ensure switching to our cloud-based POS software is easy.

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