One of the most important things to keep in mind when preparing your business for the upcoming holiday season is inventory levels. If you’re not ready to support the demand in terms of customers, products or stocked shelves, you will lose out on revenue.
As your sales increase, so should your inventory. Keep the following four tips in mind.
- Control shrinkage: No store can handle large amounts of fraud and theft, especially smaller businesses. Be sure your POS system is capable of tracking discrepancies and has many ways to alert management that something is amiss.
- Determine what the best products are: Focus on brands that create the highest profit margins, perform the best in terms of quality and offer reasonable discounts. Keeping this information in mind can help keep shelves stocked.
- Ensure levels are accurate: If something doesn’t seem to be adding up, in terms of numbers or demand, take a minute to check it out. Incorrect inventory levels can leave a store scrambling, especially at the last minute.
- Go digital: Although it may seem crazy to think that some retailers aren’t utilizing digital capabilities, it is still happening in some stores across the U.S. Your system may seem to be working if this sounds like your business, but in reality, not going digital can hurt sales and the overall success of business.
If your business needs a change in terms of a better point of sale system, some important factors to keep in mind should include cross-channel communications, accurate data records and projected inventory needs. Visual Retail Plus can make a difference. Visit our website to learn more.