Maintaining an organized inventory process is a vital component of a successful retail store. Organization ensures orders are placed and merchandise is available when customers ask for it. Lacking a steady inventory will create confusion between employees and a customer base, dropping sales in the process.
Keep these five inventory tips in mind for optimal stockroom protocol and customer service.
- Anticipate demand: Understanding your customer base is a great way to anticipate demands. Knowing what sells best or seems to run out quickly can speed up the ordering process and ensure it is correct. In addition, seasonal anticipation around the holiday seasons or big sale weeks is also a crucial piece to keep in mind.
- Don’t keep it if it doesn’t sell: If inventory isn’t selling, stop ordering it. Stagnant merchandise prevents a store from remaining fresh, doesn’t cater to the customer base and wastes money. A backup of merchandise also takes up space, which can affect future inventory orders as well.
- Keep the future in mind: Look ahead to future sale projections or debuts. What can be changed or enhanced? Having a plan in mind will ease the process and ensure the best ordering practices are followed.
- Loss prevention: Not having a proper inventory system means you may be exposing yourself to in-store shrinkage and theft. Keeping an accurate total of inventory can help avoid loss as whole.
- Maintain a metrics system: Metrics are an essential piece of a retail store. Using a system such as Visual Retail Plus allows stores to protect personal information, as well as analyze and update inventory orders as needed. Having a visual representation lets users understand their sales, where improvements can be made and how profits can be accrued.