People don’t start retail businesses because they love inventory management; we get it. But this is one of the biggest reasons implementing a strong inventory management solution is so critical. The less time you spend thinking about your inventory, the more time you can spend focusing on the things you actually want to do - like growing and scaling your business.
Relying on manual systems like paper invoices, or even spreadsheet documents on your computer, expose you to all kinds of things that could be detrimental to your time, mental energy and sales. Manual work is prone to human errors and can lead to inaccurate stock quantities, causing oversold products and unhappy customers. As you grow, it will become more difficult to control.
A central, automated inventory management solution affects more than you may think. And if you implement the right one, you’ll not only get time back that you can dedicate to those more desirable tasks, but you’ll also increase sales and decrease overall stress.
Here are four reasons establishing a smart inventory management solution is crucial to the growth of your business:
No matter if you sell online or offline, through one channel or many, inventory control dictates your sales performance. When inventory is traveling in and out of your warehouse, the more knowledgeable you are about where it’s going, the more effective your sales efforts will be. Implementing an inventory management solution allows you to automatically pull sales order data from various channels and keep you up-to-date on your best sellers. You’ll be able to track sales data so you can respond to product demand faster. All of this will occur with little to no work on your end.
People don’t like surprises. Well, at least not the kind where you run out of an item they want. When a customer completes a transaction online, the last thing they want to hear is that the item they purchased is unavailable. This is not the kind of surprise you want to experience as a business owner either. Having a strong handle on inventory quantities in real-time is crucial in avoiding situations like this. Improve customer retention by implementing an inventory management system that gives your team quick access to stock quantities and order tracking. You can act much faster to avoid situations that may lead to negative reviews.
As your team grows, it takes a lot of effort to get new employees up to speed. Hours spent on training can drag on and, let’s be honest, you have barely enough time to shower, let alone time to develop a proper employee training process. Simple cloud-based inventory management software allows you to train your team members on how your operations work. You’ll all be working from a centralized system that eliminates confusion and encourages employee engagement. Imagine if your team could log into a computer to view, in real-time, what’s being picked, packed, paid and shipped. Stop the endless email threads and constant questioning. Your team all exists on the same (inventory) page now.
Marketing and inventory management. Not the most conventional duo, but when done well, they can be quite harmonious. When you can analyze your best selling inventory, you can then test various product marketing tactics to improve sales. If you see that Product A is your best seller among a particular group of people, perhaps you can then curate content and design that better connects that group. Or maybe you realize Product B is buried on your website, which is why it’s never purchased. This kind of reporting helps you justify every marketing decision you make.
If you are a business that wants to scale, then inventory should be one of your central focuses. If you’re ready to do the same, check out Stitch Labs free for 14 days.