Things To Keep In Mind For Effective Stock Control And Inventory Management - PowerPoint PPT Presentation

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Things To Keep In Mind For Effective Stock Control And Inventory Management

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Gone are the days when retailers used to manage their inventory in a spreadsheet. With the rise of digitalisation in retail and the introduction of new technologies and software, it has become much easier for retailers to operate their business. Explore PPT for more information. – PowerPoint PPT presentation

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Title: Things To Keep In Mind For Effective Stock Control And Inventory Management


1
CHECKLIST Things To Keep In Mind For Effective
Stock Control And Inventory Management
2
Effective Stock Control And Inventory Management
  • Gone are the days when retailers used to manage
    their inventory in a spreadsheet. With the rise
    of digitalisation in retail and the introduction
    of new technologies and software, it has become
    much easier for retailers to operate their
    business.
  • However, small retailers operating on a tight
    budget still record their inventories in a
    hand-made worksheet.
  • Lets determine factors that should be kept in
    mind to streamline the stock control process and
    reduce shrinkage.

3
Check Delivered Stocks
  • The first and most important point to ensure
    effective inventory management is to check the
    delivered stock.
  • Many times, retailers face situations where
    suppliers send them incorrectly packed product
    orders and without checking it, retailers place
    the product on the shelves.
  • Most of the times in such cases, retailers lose
    their sales and credibility.

4
Be Aware Of Expired Products
  • Delivering expired products to customers may
    result in legal fines and raise a question on
    your integrity. So, it is essential to keep track
    of expiry dates of products in order to clear the
    stocks before they expire.
  • Once are aware of the products that are going to
    be outdated soon, you can sell them fast by
    lowering their price or pairing them up with fast
    or highest selling inventory. If you are unable
    to get all your products sold before their
    respective expiry dates, simply remove them from
    the shelves and replace with fresh ones.

5
Create Product Labels
  • If you want to keep your warehouse organised and
    operate at peak efficiency, label all your
    products.
  • Each product in a stock must have a label which
    should include the product number, quantity and
    basic details like vendor name and other
    important information.
  • It helps in identifying products easily which
    saves your time and effort.

6
Set The Timeline For Restocking
  • No two businesses have same peak hours. There is
    always a difference in times when their sales
    increase or decrease.
  • As a consequence, the curse of stock-out
    situations at one store becomes a boon for the
    other.
  • This is the reason why retailers need to actively
    look after the products that are selling fast and
    fill the shelves with new ones.

7
Priorities Matter
  • The total sale usually comes from 40 of
    products. So, rather than focusing on restocking
    all products, try to keep tabs on products that
    generate more sales.
  • Prioritise management operations like stock-level
    monitoring, forecasting and reordering of the
    products that got sold out.

8
Final Thought
  • For every retailer, it is essential to invest
    their time and effort strategically in operations
    that contribute to inventory management and drive
    maximum benefit. Scrutinise each product
    available in the warehouse, update the stock,
    restock sold items and check all inventory before
    delivering it to the customer.
  • Looking for a high performance, low running cost
    inventory management solution? We offer a wide
    range of POS Bundles that combine various POS
    hardware and consumables like paper rolls,
    thermal paper rolls together to help you avoid
    the hassle of buying hardware separately.

9
Contact US
  • By Post Suite 610/12 Century Circuit
    Baulkham Hills NSW 2153
  • By Phone 1300 026 062
  • By Email sales_at_possales.com.au
  • Website https//possales.com.au/
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