Inventory management is super important! Read and find out how to improve inventory control with a Point of Sale (POS) System!
Inventory regardless of whether it be food supplies, clothing, electronics is the essence of any business. Too many resources tied up in the wrong items and the business won’t have the option or the flexibility to re-order what buyers want and not enough of the right item and buyers will spend their money at someplace else. That’s how it goes and that is why inventory control is super important.
According to one research – the companies can boost profitability 20-50% through inventory management and use a POS system to control your inventory is without a doubt one of the best ways to know what’s selling and what’s not so attractive to your potential buyers.
In this article, we are going to share a few tips with you on how to improve inventory management with POS system:
- Consider every customer purchase like a vote – Once a customer makes a purchase, this customer is telling you that he likes what you offer and he wants the product to be available again for a purchase. You can consider this as a vote in a contest and you should always pay attention.
- Create purchase orders automatically – Once the inventory levels stabilize, you can use the information to create regular purchase orders. You can use your sales history. With the most POS systems, the purchase order can be sent electronically.
- Track lost sales – The truth is that lost sales occur, for example, when a customer comes in looking for a certain item, if the item is out of stock, you offer them to buy something else, and they say no. This is a lost sale and you can enter it in the POS system. You can see how many sales you missed just because a certain item was not available.
- Track special orders – The businesses that special order products for customers need a routine tracking strategy. The Point of Sales software will help you know exactly what to order and also remind you which customer placed the order. You can use this feature to give customers what they want and increase sales.
Implementing just a few of these strategies (if you want you can implement them all) will make sure you have items your customers want at the right time!