How Using an Inventory Tracker Will Help You Manage Your Retail Stock

By February 11, 2019Asset Tracking, Blog

How Using an Inventory Tracker Will Help You Manage Your Retail StockThe most time-consuming part of running a retail store is sorting your inventory. Relying on an inventory tracker to automate most of the task for you will save you and your company hours each week. Instead of walking around and reading labels to figure out where your products are, you can pull up your inventory database and know within seconds how to locate the item you need.

Tracking your inventory doesn’t just save you time. It can benefit your company in a number of ways.

Improve Overall Customer Experience With Better Reaction Times

Customers don’t like waiting. If you take too long to find the item they’re looking for, they can get easily frustrated. Delivering the best customer experience is crucial in retail. It’s part of what sets you apart from your competition and keeps people coming back to buy your product.

When you can determine exactly where your product is in an instant, you’re showing your customers that you value their time. They’ll remember that the next time they need something you can provide.

Manage Company Wide Finances With Detailed Data

Tracking inventory is one of the most efficient ways to get a handle on your company finances. Selling product is how your retail business makes money. If you’re not able to track what products you’re selling and when you might as well not have any control over your finances.

Collecting product data over time can also help you identify when your company is busiest, and when sales tend to be slow. Being able to predict the sale cycle will help you optimize your employee availability to keep up with demand. You’ll also know when you don’t need as much help and can plan on scheduling your workers for fewer hours.

Use Your Inventory Tracker to Identify Sale Patterns

Not all products earn their keep. Some products fly off the shelves, while others sit and take up shelf space.

Using a cloud-based inventory tracker, such as Asset Panda, can help you track product sales over time. Knowing what sells and what doesn’t can help you determine which products you need to order more of, and which ones should be retired for good. And if you can retire the products that don’t earn you any profit, you’ll have more room for products your customers actually want.

Prevent Theft From Customers or Employees

If you don’t know where your items are, it’s easy for someone to just walk away with them. Neglecting to track your inventory provides opportunities for customers or employees to take the product without paying for it. You won’t know where the product has gone, and won’t be aware that you’ve lost money.

However, when you have an efficient tracking system, you’ll know when things disappear. This will give you what you need to investigate and solve the problem right away.

Store All of Your Inventory Information in an Accessible Database

Trying to manage inventory when the records are only in one location is frustrating. You and your team members have to go all the way back to where the records are and try to remember what changed. Or, you’ll have to write it down, which is a recipe for disaster.

Keeping inventory data in a cloud database means that your team members can access records on their phones. They can correct entries as changes happen on the floor, instead of trying to remember it for later.

You don’t have to accept the losses that come from inefficient inventory processes. Find an inventory tracking system that works for you and start seeing the benefits of using it immediately.

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