Did you know that poor inventory management creates 53% of unplanned markdowns for retailers?

This is why carefully managing your inventory is so important. But while manually tracking your inventory might seem like an affordable solution, it's actually more prone to error. It also costs you countless hours of staff wages and makes it difficult to forecast future inventory.

The simple solution is to start using retail inventory management software. This software gives you an easy way to manage your stock, gain critical insights, and more.

So if you're ready to finally stay on top of your inventory, keep reading. Below, we'll discuss the top benefits of inventory management software and why you should start using it today.

The Biggest Inventory Management Problems

Inventory management might seem like a straightforward process. You order products, track when they come in, and then sell them.

But this process creates a lot of data that your employees have to sift through. Not only can this cost you thousands of dollars in extra wages, but your staff may not be trained to interpret this data for future orders.

When you're managing large amounts of data, some of it can also get lost or recorded incorrectly. This can lead to over-ordering or under-ordering, both of which are costly mistakes. Another common problem with retail inventory management is not tracking each item properly.

If your inventory is incorrect, your products might be out of stock and you won't know. This can lead to frustrated customers who got shipping confirmations but didn't get their products.

Finally, a huge inventory problem is inaccurate inventory planning. This happens when businesses don't collect enough real-time data to interpret later on.

One example of this is obsolete stock. Without having accurate sales reports over a longer period of time, you won't know which products are no longer in demand. Not only will you waste money on unnecessary products, but they'll end up wasting space on your shelves.

How Retail Inventory Management Software Works

Management software can automate many of your inventory processes, giving you more time to grow your business.

You can download most inventory management software as an app on your phone or tablet. Some of the most common features include:

• Seeing how much stock you have in real-time
• Viewing the location of your stock
• Profit reporting
• Barcode and QR code scanning
• Inventory insights

The best part of having the software on an app is that you can manage your stock on the go. You can add or remove inventory and get information about every product without tracking everything on a complicated spreadsheet.

All these features help make sure your products are well-stocked so you can keep your customers happy.

The Benefits of Inventory Management Software

Specialized software takes over many manual tasks in your business. This can save you hundreds of hours of time while helping to reduce your operating costs.

And whether you're a business owner, warehouse manager, or sales representative, management software can help make your daily processes more efficient and accurate.

Automate Manual Tasks

Did you know that repetitive tasks cost employees more than 19 working days per year? Instead, your employees could be using this time to give better customer service or sell more products.

And the longer employees spend doing manual tasks like data entry, the more likely it is that they'll make a mistake. This is especially true if they're always having to go back and re-count stock because of an error.

But with the right software, you can automate product tracking for optimum accuracy.

Reduce Deadstock

If you sell any perishable products, you need an efficient way to sort them by date so you can sell them before they become deadstock.

The right software can help you manage inventory by sorting perishable products by the date they came in or by the date they need to be sold.

Having instant access to sales reports also helps you decide how many seasonal products to order. This reduces the amount of deadstock you might have after holidays like Christmas, back-to-school season, and more.

Get Valuable Insights With AI

One of the best parts about software like Britecheck is that it uses AI to help you get valuable insights.

For example, AI can look at your inventory reports to help you plan when to replenish your inventory. It can also help you estimate when new stock will arrive. AI can also help you plan how much safety stock you need, avoiding unnecessary overstock.

Give Better Customer Service

Imagine a customer's frustration when they buy an in-demand product from you and are told days later that the product is out of stock. Or worse, you give them an estimated arrival date of four days and it ends up being four weeks.

Given how many competitors are out there, you won't get another chance to satisfy these customers. This is why the ability to process orders accurately is crucial.

But with instant inventory access, you can process new customer orders quickly and accurately. You can also set up inventory alerts for low stock so you can order more before you run out.

And best of all? The faster you process orders, the faster you get paid.

Forecast Future Needs

By automatically tracking inventory levels, you'll have an accurate long-term report of how much demand there is for each product.

This is why inventory management software makes it easy to forecast future inventory needs. The software can track historical data to help you create a more precise prediction of future trends. This helps you avoid both over-ordering and under-ordering, saving you money in the long run.

Optimize Your Inventory Management Today

If you're looking for a way to save time, reduce operating costs, and improve customer service, retail inventory management software is the answer.

And if you can't wait to have a well-stocked, organized inventory you can check on the go, you'll love Britecheck. Our software is trusted by more than 10,000 businesses, both large and small.

Ready to take the guesswork out of your inventory management? Sign up for Britecheck today!