Managing inventory can be a hassle for any business that is starting to achieve a decent level of success. When you’ve got loads of products coming and going out, it can be easy to lose of track of something important and wind up with an upset customer.
Those kinds of mishaps can be easily avoided if you have the right systems and policies in place for dealing with inventory management in an efficient manner. Check out these tips to make managing your inventory a breeze.
1. Use A POS System That Can Track Inventory
Having inventory tracking built right into your point of sale (POS) system is the easiest way to automatically update the stock information for each product as soon as a unit is sold. This type of direct integration has become the industry standard in the retail industry, so there’s no sense in giving your company an obsolete and archaic workflow by not having this capability.
2. Use Structure And Scheduling To Improve Organization
Taking care of inventory tracking tasks randomly throughout the day is never a good approach because things can always get lost in translation amidst the hustle and bustle. Instead, set aside designated times during which all inventory management duties are handled in a structured and procedural way. This kind of consistency will help you reduce the likelihood of errors while also making inventory management seem like just another part of a work shift.
3. Have A Simplified Way To Check Stock Levels
If you’re selling products in a single physical location, then having a POS track all of your inventory is the simplest solution. However, if you have a product that is stored across multiple locations including your own warehouses or third-party fulfillment centers (mentioned more below). There are many online store plugins, extensions, and services that will automate the process of giving you a regularly updated list of your exact stock levels up-to-the-minute.
4. Use A Third-Party Fulfilment Service
If you’ve been packaging all of your products and shipping them out independently, you might be making your job harder than it has to be, especially if you’re shipping enough volume to justify the use of a third-party fulfillment service. These are essentially warehouses where you can have your inventory shipped and then on-site employees will take care of your package labelling, shipping, and inventory tracking.
5. Categorize Your Product Catalog Extensively
Going back to the earlier tip that recommended improved organization, you can drastically simplify your inventory management duties by thoroughly categorizing your catalog and using product code systems to pull up product pages or stick information. This is a particularly important step for larger companies or those with extensive catalogs that are difficult to keep track of.
Inventory Tracing Is A Must For Every Modern Business
If your company stocks a significant amount of inventory or uses an off-site warehouse to store inventory, it’s absolutely imperative that you take the steps above to minimize your chances of experiencing blunders and shipping errors that can result in bad reviews and unnecessary damage to your company’s reputation.
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