When it comes to the successful operation of a bookstore, one of the most important tasks you will need to undertake is inventory management. Having a detailed knowledge of your inventory will be critical for ensuring your business is profitable and operating smoothly. You always want to have what your customers need in stock, without an overabundance of inventory that is taking up valuable space. While inventory management has an array of similarities across industry lines, there are some specific ways you can improve the management of your bookstore’s inventory.
Check out these five important tips for inventory management for bookstores and reach out today to learn more about how our inventory management system can aid you in the smooth operation of your store.
Keep Track Of Kits And Gift Packages
An excellent way to boost sales of products, particularly around the holiday season, is to create kits or gift packages that implement more than one product from your store. For example, if you have a cookbook that you know sells quickly, you can pair it with another book or product that is tougher to move but related in topic to create a package deal. These packages are appealing as gifts and can help you move older inventory.
When you sell gift packages and kits, it is extremely important that your inventory system keeps track of these sales accurately. You need an inventory management platform that can accurately account for every item sold in a package deal, deducting each separate item to keep a perfect record. Ideally, your system should integrate in such a way that you can pair different items together within the system. By utilizing these promotional sales and keeping perfect accounts of the products sold, you can best adjust your future gift package and kit deals.
Have Space In Your Inventory For Add-On Products
While books are your bread and butter of the store you operate, they aren’t the only thing you will want to offer. By diversifying and adding in other items to your inventory, you can tack on extra sales for your business. From bookmarks to mugs to coffee, make sure the inventory management system you utilize has space for these add-ons.
If you do add extra products to your inventory, be sure you are accurately tracking your sales. Nothing is worse in business than guessing and estimating what is selling and what isn’t. By tracking these sales and keeping a solid handle on your inventory, you can adjust your purchases accordingly.
Start Implementing Seasonal Planning
In the bookstore industry, seasonal sales will play a vital role in your success. Understanding what seasons mean an increase in demand of specific products will help you better plan ahead. The last thing you want to do is be out of stock of a hot item during a peak season because you didn’t plan ahead with inventory management.
Here at Visual Retail Plus, our platform will actually provide you with recommendations for new orders based on seasonal planning. This will allow you to better serve your clients and can lead to an increased profit. If you are interested in learning more about our unique seasonal planning feature, reach out to us today.
Choose An Easy-To-Use Platform
Finally, if you make inventory management too complex of a task, you will struggle to succeed at it. Due to the importance of inventory management, it is wise to invest in an easy-to-use platform that can handle everything you need in one location. By choosing a system that is simple and intuitive, you are more likely to keep up with important inventory management tasks. Make sure that you not only choose a platform you feel comfortable using, but that you also choose one that comes paired with excellent customer support. This will help you should any issues arise, ensuring that you never miss a beat in your inventory management.
If you are looking for a quality inventory management platform that will integrate with a POS system, we can help. Here at Visual Retail Plus, we provide an incredibly powerful tool that will allow you to manage your bookstore’s inventory and keep track of sales, all from one simple to operate platform. Not only will you love the features our platform offers, you will enjoy the 24 hours, seven days a week, 365 days a year customer support that we offer. Reach out today to learn more about trying out a free demo of our inventory management system.