Retail inventory management is more than just counting up how many units of each product you have in stock. It’s the art of finding the right balance: of having adequate product supply to meet customer demand, without having an excess of slow-moving items taking up valuable shelf and warehouse space.
What is inventory management?
Retail inventory management is the art of optimising your inventory levels, starting with your supply chain and ending with order fulfilment, both for in-store sales and online orders, and continuing on past the sale, to handling returns. It’s a process with so many moving parts that it becomes a complicated aspect of a retail business when you don’t have the right tools to you help manage the movement of products in and out of inventory.
Why is inventory management important?
Inventory management has the potential to affect everything from profit margins to the customer experience, making it a vital part of any retail operation. Inventory management impacts your operational costs and your ability to provide a positive customer experience. Run out of stock on a popular item, and you’ll be turning away frustrated shoppers who may well take their business to your competitors. Purchase too much of an unpopular item, and not only will it take up room that could be devoted to more profitable products, but you may end up having to slash the price or even sell at a loss just to get rid of it.
Inventory Management Techniques and Best Practices
Fortunately, software solutions such as iVend Retail Inventory Management can streamline your operations and take a lot of the headaches out of finding that ideal balance. Here’s what it will help you do.
iVend Retail solutions by CitiXsys include robust inventory management software that will give you real-time visibility, reduce inventory costs, and improve the customer experience. Thousands of clients in more than 85 countries have discovered the benefits of iVend Retail. To find out more, contact us today.
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