If you own a small retail business and with your consistent efforts, you have made it through the market besides all that could go wrong from last couple of years, you can pat yourself on the back. You may be relying on the simplicity of a manually managed inventory all this while, but with growing success, you will be more than ever ready to move forward with additional ideas and reach to a larger customer base.
Manual inventory management may provide a sense of control to a businessman wherein he can count the stock before placing an order, assess the status of his merchandise and thereby reduce the chance of selling defective material to a customer. Unlike the present times where retail inventory management software are creating a big impact, some businessmen are still content with keeping an eye on how their material count moves up and down.
It’s not the smartest move when a manually managed inventory can increase the probability of errors that could include lost transactions or a miscount of goods. This adds extra orders that may increase company’s inventory carrying costs and use up precious storage space. Moreover, it can also result in the shortage of goods at the time of urgent bulk order. If your offerings are not marked with barcodes and managed through a POS software, it leads to wastage of precious time in entering and organizing your stock count, leaving your employees clueless and aimlessly searching for misplaced, lost, or broken goods, etc.
Age-Old Faulty Methodologies of Inventory Management
Lets search a little deeper to find out where businesses are losing at the hand of ancient, tedious and faulty inventory management practices:
- Ineffective Performance Measurements: Some businessmen are confused about management of retail inventory, especially when the orders are coming in and have difficulty tracking what they are sending out. Imagine a scenario where one of the facilities is running low on a part and you as a business person won’t know until a day or two before it was needed. This is why it is necessary to monitor fill rate more regularly according to inventory-turn measurement frequency of your business’ sales and production cycles.
- Inaccurate Forecast of Product Demand: Here, a forecast refers to an estimation of what and how much the customers will purchase. A wrong forecast can lead to either excess or shortage of required material. The excess accounts for increased raw material, finished products, the costs associated with it and the shortage leads to sales drop. Many small businessmen want to improve their customer level services, but they aren’t even close to starting it as they are still puzzled with back-order reports and solving age-old persistent stock-keeping issues.
- Hiring Unqualified Employees: Many companies repeat the mistake of hiring employees who are unaware of their duties. This results in loss of time increased interdependence and loss of opportunity for accelerating business growth. You should hire personnel that has a strong background with inventory and can be trusted with the company’s strategic goals. Sometimes, the lack of proper training, for e.g., operating a retail inventory management software severely affects your ability to keep up with orders. It can lead to wrong products being sent out that may cause customer satisfaction and retention levels to drop.
- Resistance to Learn and Adopt New Technologies: It’s sad to notice that businessmen are losing on the big money with the use of the outdated methodology of pen- paper status reports, spreadsheets, etc. People are still reluctant towards the use of present-day technology like handheld devices, barcode scanner, and RFIDs that can better manage inventory and transactions being processed correctly. A good POS software for retailers may need a little investment at first but it can lead to multi-fold ROI in the long run.
Here’s Zopper Retail to Solve Your Inventory Management Problems
Solve all your inventory management issues with Zopper’s retail inventory management software that can keep count of each and every product marked with created barcodes when integrated with a barcode scanner. This helps in managing more customers and enormous sales of your business. Zopper Retail is a retail inventory management POS software that can help you easily manage multiple outlets with real-time updates. One can remotely manage, operate and configure your business at any point of time.
Additionally, it is also equipped to generate and send purchase orders to the vendors easily. Zopper’s POS software for retailers offers a more convenient POS interface as it is equipped with the latest technology that works both online and offline. One can reward their customers by discovering the most loyal ones and rewarding them with special offers. Offer them reward points for various actions like purchase, referrals and track these points through an easy-to-use app.
It’s time to leave age-old manual labour over maintaining your stock record and scale your business to a new height with Zopper Retail.