Retail Inventory Management Software

June 5, 2022

Did you know that poor retail inventory management creates 53% of unplanned markdowns for retailers? This is because of miscalculated retail inventory decisions, such as overbuying or underbuying stock, purchasing the incorrect type of product, and misallocating amount of inventory. This is why carefully managing the amount of inventory in your business is so important.

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 a retail inventory management software. A retail inventory management 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 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 retail 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. When you are managing large amounts of inventory 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 retail inventory management 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 One example of this is obsolete stock.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 period of time, you would not 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

Retail inventory management software can automate many of your retail inventory processes, giving you more time to grow your retail business. Retail inventory software is easy to download, install and use. You can download most retail 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 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 retail inventory management software takes over many manual tasks in your retail business. This can save you hundreds of hours of time while helping to reduce your operating costs. And whether you're a retail business owner, retail warehouse manager, or sales representative, a retail inventory management software can help make your daily inventory management processes 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 retail inventory management 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 spoilt. The right retail inventory management software can help you 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 parts about retail management software like Britecheck is that it uses Artificial Intelligence (AI) to help you get valuable insights. For example, AI can look at your retail inventory reports to help you plan when it is time 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 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 sells 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 retail 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 retail 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. The simple retail inventory software can track historical sales data. This 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

The key to a successful and profitable retail business is consistent sales. Having a retail inventory management software allows you and your staff to focus on boosting sales and meeting customer demands. With sales data from inventory management software available in real time, you are able to customise marketing campaigns to maximise sales and maintain profits.

7. Easy integration

We have seen that a retail inventory management system is 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

If you're looking for a way to save time, reduce operating costs, and improve customer service, Britecheck's retail inventory management software is the way to go. And if you can't wait to have a well-stocked, organized inventory you can check on the go, you'll love Britecheck. Focus on growing your retail business as we focus on helping you manage you inventory! Our software is trusted by more than 10,000 retail businesses, both large and small. Join them today and take your retail business to higher levels!

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