Learning how to manage your inventory in retail is vital as it can make or break your business. Spreadsheets are no longer the way of the forward -thinking retailing business. These are prone to human error, are time consuming and can often lead to inaccuracies. We look at what retailers need to know about cloud inventory management software today.
Inventory management should grow with your business
Even if your retail business is small today, good business growth will see it get larger and more diverse as your retail business grows. Opening up another store, adding product lines and selling online are all forms of retail opportunities to grow your retail business. Due to advance technologies, modern inventory management software now makes it easier for you to add sales channels and new product lines. They also enable you to compare sales data right across all your retail businesses.
Good cloud inventory management software is compatible with other retail software
No longer do you need to make sense of a complex web of ordering and receiving inventory from suppliers, stocking and tracking that inventory and monitoring sales. When you integrate a cloud inventory management software system with other online products, the data can seamlessly flow from one system to the other. So, when something is sold your point of sale (POS) system alerts you, your accounting software records the revenue and tax, and your cloud inventory management software can alert you when you are getting low of certain types of inventory too.
Good cloud inventory management software will have a type of dashboard that shows store inventory sales and profitability on the go, any time and anywhere. The great news too is that when you get automated with a cloud inventory software system, it is updated in real time. The best part is manual data entry errors are minimised, and giving your retailing business an accurate picture as to make better informed decisions, like sharing the data with your retailing business partners and financial advisors to get feedback and keep your retail business growing.
Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. When not writing about inventory management, you can find her eating her way through Auckland.
Make more informed decisions
In retail, you need to know your stock like the back of your hand. No longer is it merely important to see which inventory sells the most (although still so important!). You need to know the consumer who is more likely to purchase them, when it is time to reorder new stock and how much you need to keep in stock. With cloud-based inventory management systems, the data is shown in real-time.
Good cloud inventory software systems will enable retailers to get access to accurate real-time sales, see which products are doing the best, and reordering easily. This together enables retailers to make faster and more informed decisions over these aspects. Accurate reporting can identify strengths and opportunities and weaknesses and threats and improve your overall marketing.
Manage your inventory anytime and anywhere
Cloud-based inventory management systems are the way of the future. As your business grows, you might think about opening up new channels to sell such as new stores and online. Minimise these challenges with a sound cloud inventory management software system that keeps you a head of the game.Topics: cloud inventory management, cloud-based inventory, inventory management, inventory management software, inventory tracking, retail