Among the many factors that decide the fate of a retail store, holding the right inventory at the store is crucial. With the advent of technology, the market is fortunately abuzz with smart inventory management apps that help the retailers to manage inventory effectively. Read more to learn the advantages of using a stock management app for a retail business.
Prioritise Best Products
Some products are demanded more by the customers than others. It is wise to keep such products always well stocked and at the front of the shop to prompt the customer’s demand further. An inventory management app gives you regular sales report to identify and prioritise such best sellers.
Clear Dead Stock
Not all products sell like hotcakes. A sizeable chunk becomes non-moving and thus needs marketing tactics to get cleared. Else, it keeps occupying your valuable shop shelves or the backstore space, sabotaging the overall sales and profitability! A stock management app also gives an idea of such slow moving or dead stock to help manage the shop inventory well.
Lower Risk of Being Out of Stock
Not having the idea of availability of the stock can hamper sales if a shop runs out of stock during the peak selling period. An inventory management app sends alerts to the retailers regarding the products likely to get over soon and helps you work proactively to replenish the stock.
Minimizes Product Pilferage
Products may get misplaced/ stolen at the store if a retailer doesn’t keep a proper track, and it is indeed difficult to do this manually. Managing inventory through a stock management app makes sure that any such stock discrepancies come to the notice and prompt corrective action.
Cut Costs
Old or dead stock may occupy lots of space and increase the costs of the business as a retailer may have to purchase new racks to store such products or miss out on stocking the best selling products due to space constraint. An inventory management app assists in cost cutting by identifying such old stock.
Download an inventive stock management app to manage your shop’ inventory efficiently.