Overcome Supply Chain Issues with a Retail Inventory System
Supply chain issues continue to impact retailers across the board. Labor shortages and infrastructure problems such as ship delays and long container dwell times have led to difficulty in getting products where they need to be. Experts predict that these issues will persist and may even worsen through 2023.
Now more than ever, it’s crucial for retailers to gain better inventory control with a retail inventory system. Here’s how these systems can help you remain profitable despite the widespread supply chain interruptions.
Better Inventory Forecasting
Good inventory management involves striking a delicate balance. You want to accurately predict product demand so that you don’t miss out on potential sales, but you also need to avoid overstocks on items that won’t sell. This balancing act can become even more stressful during the supply chain crisis. Therefore, reliable real-time inventory information is crucial for tracking an item’s status throughout its life cycle.
The right retail inventory system can track inventory in real-time and alert you when it’s time to re-order, so you can create purchase orders right when your stock is getting low. In addition, it can give you more visibility into your inventory, which can help identify monthly or seasonal trends in your business so you can adjust your product sourcing and stock accordingly.
Gain More Insights with a Retail Inventory System
The supply chain crisis has brought huge uncertainty, making it harder to make snap decisions. However, the more data you can access, the better informed your decisions would be. A retail inventory system will allow you to monitor inventory data across stores and analyze sales reports to identify your top sellers. And when you know which items are moving too slowly, you can take action before losing too much profit. For example, you can utilize customer data to segment marketing lists and create relevant promotions for products that aren’t selling.
When retailers gain insights into data like top sellers, it not only helps them understand what to order more of, but smart business owners can use this data to gain a deeper understanding of how much of their top products come from one supplier. Supply issues can occur at any moment, so retailers should resist the temptation to concentrate too much of their business with one supplier. Diversifying your suppliers can help mitigate capacity constraints at the individual supplier level and create opportunities to increase capacity as demand continues to fluctuate.
More Accurate Inventory Counts
In addition to keeping the proper inventory in stock, it’s crucial to ensure you have accurate counts on your inventory. If your employees still use manual processes to receive shipments and complete inventory counts, you’re leaving opportunities for human errors to be introduced. An incorrect count or transposed number entered in the wrong column on a spreadsheet can throw off your forecasting and result in overstocks, which take up warehouse or shelf space and tie up capital or understocks, resulting in disappointed customers.
A system that connects to your point of sale (POS) solution can add even more convenience and accuracy by automatically updating your inventory counts when items are purchased. As a result, retail inventory systems reduce the possibility of discrepancies while increasing productivity and streamlining operations.
Streamline Operations and Eliminate Manual Processes
One smart way to streamline operations is through purchase order creation. With orders arriving late more frequently than ever, it’s critical to get items out on the floor as fast as possible. Purchase orders can help make the receiving process easier and more efficient. With an iOS retail inventory POS system and barcode scanner from Paradise, your employees can quickly scan items and get them in front of customers (even printing labels with an integrated barcode printer). POS inventory data will also help you know when it’s time to order and the quantities you need without accumulating excess stock — valuable information that can shave hours off purchase order generation.
You’ll need your employees to be on equal footing when it comes to understanding and using your system to avoid inconsistencies, especially across multiple locations. An iPad retail inventory system offers a significant advantage; it will be easy and intuitive to learn and use because many employees will already be accustomed to iOS devices for personal use. These systems make training efficient, saving time and money. And fewer human errors will occur when you eliminate manual processes such as having to write down inventory information and enter it into a spreadsheet later. Instead, the information goes directly into the system, updating your inventory data in real-time so you can make the best forecasting and purchasing decisions.
Choose the Right Retail Inventory System for Your Business
Some supply chain issues, such as how long containers with your items will sit in a port or loading dock, are out of your control. But a retail inventory system allows you to maximize efficiency when managing aspects that are in your control, including forecasting ability, accurate counts, and purchase orders, giving you the best shot at maintaining profitability.
It all comes down to finding the right retail inventory system to suit your unique business needs. Many providers are also experiencing supply chain issues, but with Paradise, you can rest assured that we have products in stock, backed by 24/7 customer support. Our team will ensure a simple installation and easy training so that you can get your business inventory under control as quickly as possible. If you’re ready to discover the benefits of our solutions, contact us today!