Have you ever thought where do most retailers go wrong?
You got it right! It’s Inventory Management.
Inventory management forms the crux of your business, and most of the time, retailers go wrong while managing it. Either there is too much inventory or the popular products are not stocked.
Managing inventory is a delicate matter, but if you have a POS (point-of-sale) that has robust inventory management features, be assured that your inventory management will be more accurate and real-time. Whatever kind of products you sell, despite the variation in size, colour, and style, the right kind of POS will help you to keep a check on the stock across all your store locations, online and offline. This saves you time, letting you focus more on business growth.
Keep reading this post to know how a cloud-based ERP POS can help you to master your inventory management.
Helps you identify which products to stock
This is pure logic: You know that you need to stock products which are in demand and sell more. You need to stock the bestsellers in your retail store. A cloud-based POS will help you to identify which products are top sellers and which are not selling. It will help you to plan accordingly and build an inventory of the right products. Inventory tracking will also help you to make smart purchasing decisions, thus boosting your profit margins.
Easy visibility of products
A POS solution helps to centralize your inventory management and payment processing in one tool. The benefit is that you can access it from a smartphone, laptop, or a tablet. Hence, when a customer asks you for a particular product, you can easily answer because you have the information at your fingertips.
Finds products faster
Cloud-based POS software helps you to organize your stock by tagging and customizing categories of the products that are similar. This helps you to filter inventory searches and ensure that customer find the products faster. It also helps to see other related products that they might want to buy, thus providing you with a chance to sell more.
Manage stocks for multi-stores
The current cloud-based POS systems are technologically evolved. The plethora of features that they possess will help you get rid of the headache of managing your inventory across multiple locations. One such POS solution is Posible, a cloud-based ERP (Enterprise Resource Planning) software solution. Posible enables you to see all your inventory from one place, whether you own a single retail store, or have an online store, or have stores at multiple locations.
Helps to create purchase orders
Today’s POS systems allow you to create a purchase order, and you can email it, message it or print it. Many of the systems will also help place your orders with the vendors using its incorporated product catalogues along with letting you automatically re-order the products.
Managing your inventory can be made simple if you are equipped with the right POS system with an amazing set of inventory management features. It will help you move the stock efficiently in each of your stores, and thus, you will be able to direct your resources effectively and figure your next business move. A system like Posible has other features that will also allow you to build a rapport with customers, market them the right products and thus boost your sales revenue. Ultimately, that’s what your business goal is!
While you are at it – check out the amazing set of features that Posible has (including a powerful inventory management tool). Click here.