When it comes to growing your retail store, one of the biggest challenges is to manage your inventory right. Inventory is your money sitting on your store’s shelves, if you don’t keep track of them, you will be at loss mainly due to stock-outs and overstocks.
To track down the sold products, check what’s remaining every time you make a sale need countless hours and numerous headaches. Running a successful retail store is a tough task, luckily there is inventory management software out there that can take a lot of pain out of the process.
Look at these 10 major advantages of using inventory management software in your retail store.
✔ Manually tracking each and every item in your retail store is tough. Ensuring your products are not spoiling is important to avoid wastage and loss. With Inventory software like Vyapar, you can track items effortlessly using just your smartphone. knowing exactly how much inventory you have on-hand will be just a click away.
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✔ Inventory management Software is a great time-saving tool. It eliminates the manual work involved in counting inventories. In inventory management software, stock levels are updated automatically every time you make a sale. With this, you can save yourself the hassle of doing inventory recounts as the software makes sure your records are accurate.
✔ An inventory management software gives you insights on your inventory instantly. You can know how much you have in hand, what items are expiring, what needs to be re-ordered, which items are yet to go out-of-stock and so on. This makes it easier to prevent product shortages and keep just enough inventory on hand without having too much.
✔ Not having enough stocks to fulfill the order can lead to stock-outs and angry customers. Checking expiry dates of each and every item in your retail store needs a lot of time and patience. Items may even expire by the time you get to it. Whereas, in an inventory software identifying “Soon-to-expire” products is just a click away.
✔ Too little stock can lead to a stock-out, unhappy customers and loss of sales. It is very common for a small business owner to forget restocking items due to his busy schedule. Thanks to inventory software like Vyapar that sents automatic SMS alerts when stocks go low. You can easily refill them quick to avoid “out-of-stock” situations.
✔ Maintaining the right balance in inventory is a challenging task. Not checking your inventory regularly results in excess or lack of necessary stock. Fortunately, with inventory management software you can track low stock levels and identify the re-order points for each product, in turn avoiding the occurrence of stock-outs. You can also see which of your items are slow-moving to avoid purchasing more of them. With this, you can prevent product shortages and allow you to keep just enough inventory without having too much. Hence, stock rotation becomes smooth with inventory management software.
✔ Having excess stocks in your retail store, however, can take up valuable storage space and incur unnecessary charges. You can also see which of your items are slow-moving instantly on inventory software to avoid purchasing more of them. This will reduce the risk of over-stocking items.
✔ By using inventory management software like Vyapar App with batch tracking capabilities, you will have far better product traceability. You can instantly choose items with certain batch numbers, or with certain expiry dates, etc in no time. This will make your job easier.
✔ A good inventory management software helps you save money that could otherwise be wasted on slow-moving products. You can put the same money to better use in other areas of your business. You can easily learn about which of your items are bringing your profit, which ones are incurring losses, which items are selling faster, which are not selling as predicted. All of these details may fluctuate in a year. Of course, different items sell at different seasons. Knowing these while investing money on inventory gives you a competitive edge.
✔ Businesses are always looking for ways to save time and decrease labor costs. Inventory management systems are one of the best ways to accomplish that. In fact, in the last few years, there has been a 25% increase in the number of businesses investing in better ways to manage inventory.
Inventory software helps eliminate manual processes so you can focus on other – more important – areas of the business. Perhaps the biggest benefit to using inventory management software is that it makes the process of managing your inventory a whole lot easier, saving you time, mone.
Finding an Inventory Management Software for your Retail Store
If you’ve decided that the time has come to purchase an inventory management system, try Vyapar App for Mobile, it FREE.
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