Retail Inventory Management Software

June 5, 2022

Despite being such an important element, poor retail inventory management is still causing unnecessary 53 percent of unplanned mark-downs. Some of the major causes of such poor management are informed by erroneous decisions (over-buying or under-bustocking or under- of stock, outright That is why it is important to manage, as optimally as possible, the quantity of stock in your business.

A manual inventory management process 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 goods inventory.

The simple solution is to start using inventory management software. It 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 levels, keep reading. Below, we'll discuss the top benefits of an inventory management software and why you should start using it today for your retail business.

The Biggest Retail Inventory Management Problems

Managing your inventory might seem like a straightforward process. You order products, track when they come in, and then sell them, meeting demands. But what you do not see is this process creates a lot of data that your employees have to sift through. Not only will this cost you thousands of dollars in extra wages, but your staff may not be well trained to interpret this data for future orders.

Particularly big losses occur when you are dealing with huge amounts of information about what should be in your inventory, and some of it gets lost on the way or enters the ships in the wrong quantities, causing you to over-order. On the other end of the spectrum, you can also witness under-ordering due to the same reasons, costing you plenty.

One of the most widespread inaccuracies in retail inventory management is failing to track each item separately.

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 problem is inaccurate inventory planning. This happens when retail businesses don't collect enough real-time data to interpret later on. One example of this is obsolete stock. Without accurate sales data over a longer term, you won't know which products your customers aren't buying anymore. You'll waste money on unpleasant surprises: not only will you be left with unsold goods, but they'll also take up valuable space on your shelves.

How Retail Inventory Management Software Works

This kind of software can save hours of your day, making it easier to concentrate on your retail business. Most Retail Inventory Software supports the intelligence processes well and is easy to download, install, and use. Some software comes with an app so you can always stay in the loop with 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 retail stock
• Profit report generation
• Barcode and QR code scanning
• Inventory insights

The best part of having the retail management software on an app is that you can manage your stock in real time. Even when you are on the go you can still meet demand. You can also add or remove inventory, get information about every product without tracking everything on a complicated spreadsheet. All these features help make you're your products are well-stocked so you can keep your customers happy.

The Benefits of Inventory Management Software

Specialized inventory management software takes over many manual tasks in your business. Save hundreds of hours of your time and reduce your costs with it. And if you are a business owner, a warehouse manager or a sales person, a retail inventory management software would make your daily inventory management operations more efficient and accurate.

1. 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 costly mistakes. 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.

2. 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 or get spoiled. With the help of software you can manage inventory by sorting perishable products by the date they arrive 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. It also helps you meet demand from customers during special seasons like Easter and Thanksgiving holidays.

3. Get Valuable Insights With AI

One of the best things about new retail management software like Britecheck is AI (Artificial Intelligence) assisting you in getting different insights. For instance, AI can review your inventory reports helping you to see when its time to re-stock. 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 or understock. AI can also show you which type of stock is mostly sold during the year. All these AI generated sales data will help your retail business make more sales that translates to profits and healthy cash flows.

4. Give Better Customer Service

Imagine a customer's frustration when they buy an in-demand product from your business, and they 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 arriving on their doors four weeks later. Given the number of competitors that are out there, you might not get another chance to satisfy these customers. This is why the ability to process orders accurately is crucial. With instant access to inventory data, you can process new customer orders quickly and accurately meeting demand. You can also set up inventory alerts for low stock so you can order more before you run out. This ensures you meet their demands all the time without failure. And best of all? The faster you process orders, the faster you get paid maintaining profitability.

5. Forecast Future Needs

By automatically tracking your inventory levels, you will have an accurate long-term report of how much demand there is for each stock item. This is why a retail inventory management software makes it easy to forecast your future inventory needs. Tracking historical sales data will help you create a more precise prediction of future purchases and stocking dates. It also helps you avoid both over-ordering and under-ordering, saving you a lot of money in the long run.

6. Concentrate on Marketing Campaigns to Boost Sales

Sales are the key to the success and profitability of any retail organization. Your inventory management software allows you and your staff to concentrate on increasing sales and meeting client demand. With sales data from inventory management software available in real time, you are able to customize marketing campaigns to maximize sales and maintain profits.

7. Easy integration

Modern inventory management systems are easily integrated with your phone. It is also easy to integrate with your POS system. This makes it easier to quickly serve your customers and ensure correct purchase orders. With faster sales being made, your retail business creates a healthy cash flow.

Optimize Your Inventory Management Today

With Britecheck’s cutting-edge Retail Inventory Management Software, increase sales by saving your time, cut down operating costs, and providing better customer service. Better yet reduce time spent on inventory management & free up your employees to serve customers. You’ll enjoy having your inventory well-stocked and organized. Soon enough your inventory will be yours to check from anywhere, anytime. Our end-to-end inventory management solution will keep allowing you to grow to become a retail superstar!

Britecheck has been trusted by more than 10,000 businesses of all scales. Take your business to even greater heights with Britecheck by your side, focusing on your inventory while you focus on growing your business.

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