Being a retailer is often rewarding. From books and journals to dresses and hats, you get to sell a wide variety of products that make people feel good. But to sell your stock effectively, you need to understand how to maintain inventory in your retail store. Otherwise, you won’t have the items your customers need. Luckily, we’ve compiled a few methods to help paint an accurate picture of the stuff that comes in and out of your store.
Keep a Record of All Your Products
Keeping a detailed record of all your products is an excellent first step in learning how to maintain inventory in your retail store. When you create this record, include a few key details about your stock such as:
- Product name
- Product category
- Size and price
- Lot number and location
- Available inventory
Eventually, add product images and descriptions to your record so that they’re easily identified by staff. When new products or vendors start rolling in, be sure to update your records appropriately. The richer and more accurate your data is, the simpler it will be to manage and maintain the stock.
Do Regular Stock Counts
Make time for periodic stock counts. Stock counts ensure your records are precise and accurate. When you assess how much stock you have on hand, consider things such as shrinkage, defects, and stock returns. If you leave these factors out of your count, it might cause complications down the line. So, don’t brush them off.
The frequency with which you perform these counts will primarily depend on the size and complexity of your business and the type of inventory management system you use. However, most professionals recommend doing an extensive stock count once every quarter or once a year at the very least.
Combine Sales and Inventory Data
Find an effective way to combine your sales and inventory data. This makes inventory reporting and assessment much more manageable. And the good news is, many of the current pos systems for retail businesses are built with integration technology that makes this process simple.
Combining this information allows you to see a clear picture of the items in your stock that are selling very quickly and those that are slower to sell. As a result, you can make more informed decisions about which products to keep in your stock and which you should toss.
Remember, to continue providing products your customers love, you must manage your inventory effectively. Hopefully, this quick overview has given you some inspiration for how you can keep better track of your stock and ensure your business has what it needs to flourish.
