When running a retail business, one of the most important skills you need is great customer service. Another key ability, is the ability to track merchandise and efficiently control your inventory which in turn helps to facilitate great customer service. It therefore stands to reason that having the right inventory software is worth the investment, helping you to effectively manage inventory to effectively meet the needs of your customers. We explore the little known ways to grow your retail business with cloud inventory management.
The right data, right now
To gain the greatest results from any retail business, it is important that you have a thorough understanding of your products, the top sellers, who your buyers are and any sales trends. Good data drives good decision making. This information allows you to determine what and when to order, as well as how much stock to keep on hand.
Cloud inventory management systems use analytical tools to deliver this information, providing everything you need to know about what is happening in your retail business. This includesreal-time sales data which identifies your best and worst selling items.
Performing in sync
(No, we are not talking about the 90’s boy-band.) Traditional inventory management is a veritable web of procuring and receipting stock, then tracking, moving and storing that stock. This means you may be spending considerable time manually entering all this activity into several systems.
With cloud inventory management, you can integrate your software with other commerce solutions, allowing data to flow seamlessly to and from each system. For example, a point-of-sale system will notify inventory management software every time an item is sold at the register. In turn, the inventory management software will automatically re-order stock when supplies are low. The ability to connect with other analytical and reporting tools will provide a better understanding of all the various parts of your business.
Growing your business
Even if you are currently operating a small-scale retail business, you may wish to expand in the future and if so, your inventory needs will become greater and more diverse as your business grows.
Expansion could include expanding your current store, opening new outlets, selling online or even adding new product lines. Forward-looking inventory software makes it easy to manage sales channels and add new products as well as allowing you to compare sales information across all business functions.
Management on the move
With internet connectivity, cloud inventory management software allows you to access your inventory records from wherever you are, at any time. So long as you have mobile access, you can monitor stock levels, reorder goods and check sales activity remotely.
This automated and integrated complement of systems gives you the tools to understand every part of your business. With these tools, you can rely on accurate, current information to assist and improve your ability to make smart business decisions.
Customer service from cloud inventory management
Often retailers struggle with the balance between providing both value and service to their customers. Inventory management software helps retailer to get your inventory right and keep your customers satisfied.
Cloud technologies enable businesses to reduce operational costs, providing an opportunity to pass on savings. The ability to track consumer purchasing trends allows retailers to have the right merchandise on hand, in the right quantities, providing convenience for their customers.
Article by Melanie Chan in collaboration with our team of Unleashed Software inventory and business specialists. Melanie has been writing about inventory management for the past three years. When not writing about inventory management, you can find her eating her way through Auckland.