Managing your stock well is essential to life as a retailer. If you’re not already aware, this will likely be the value from which your company is derived for the most part. Without this to sell, every single system of infrastructure you have set up within your business is less than useful, and its funding will quickly decrease.
But how can you manage your stock as retailer effectively? Without the willingness to try and keep a deadlock handle on this, you might find yourself losing out on potential income, and this harms your cash flow.
There are many considerations that might help, but these are some of the best:
To manage your stock effectively, you need to afford yourself the use of tools to help you complete that task. We’d recommend using Miva Merchant e-commerce software, as this can help you not only manage your inventories, but assess how they are selling when they are selling, and many other metrics that help you effectively improve their flow off the shelves.
Remember that inventory flow is a game of numbers, and with a simple remedy of calculation like this with custom built software for the task, it should only take you a matter of moments to understand variables and assess outliers in the regular expected behavior. This can save you plenty of time and stress when it comes to managing stock, which is not insignificant. It’s likely that this isn’t your main and only responsibility as a manager, so having everything to help you at your side can be more than worthwhile.
It’s important for you to secure your inventory because this is likely where you’ll be making most of your money. From locks and security cameras to gated access and only trusting a few in your team with this responsibility, no matter how you look at it every effort must be made to keep hold of your goods.
Protecting against people is only one half of the duty. You must also ensure your stock refrains from becoming wet or otherwise exposed to elements that can harm it. One of these big considerations is fire. Ensure that the room is well ventilated, has fire doors, or at least fire detection systems to ensure that you can protect your stock in the event of an outbreak. More than one way to access the stock can help you retrieve it in this event, or at least storing stock in multiple different places.
Stock rotations are incredibly important, especially when selling goods with a best before date. Placing older items at the forefront of the shelving unit, as well as ensuring your staff has access to this can help you sell in the correct order. This prevents you from losing goods due to waste or incompetence, which is always a good place to start. In the event that stock becomes close to the sell-by date, you might consider offering these items at a discount to help them leave the shelves. This also works for clothes and non-perishable items like them, although here you might want to sell them cheaply when the season ends and you need to bring new stock in.
With these simple tips, managing your stock as a retailer will become second nature.
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