Why Retail Inventory Management is so important
Retail inventory management is the backbone to any retail business, essentially enabling you to keep your business in order. It’s the system and processes you implement to keep a record of your stores inventory. Whilst we can probably all agree that some type of inventory management process is crucial. Having the right automated inventory management system in place can make all the difference. Out of stock items equals frustrated customers and loss of sales which over time could damage a retailer’s reputation and lose future customers and sales. An effective retail inventory management system will provide the tools to manage this whole process.
The impact of not having the right retail inventory management system
With so many systems out there, it can be daunting thinking about choosing and implementing the right inventory management solution. However, if you think about the long-term benefits or conversely the costs of not selecting the right tool. A study from IHL Group revealed that “Out-of-stocks cost retailers $984 billion” *. If you want your business to grow quickly and efficiently, your customers to be satisfied, implementing the right retail inventory management system makes sense.
Retail Inventory Management Some Considerations
When looking at retail inventory management systems some high level considerations should be
· Is the solution scalable, can the system support your business growth strategy?
· Is it multi-country, Multi -currency, Multi-company, Multichannel?
· Is it proven to have data integrity?
· Centralized data is all retail data in one place,
· Ease of use, does it have an intuitive interface?
· Does it have great customer references with proven return on investment
· Will it give you the time and cost savings, by automating processes and minimize costs by increasing accuracy of inventory
Island Pacific SmartSuite
Island Pacific SmartSuite is a software solution provides an end to end solution which can be used by todays globally retailers for managing their multichannel activity. Retailers can select the module which most suits their key pain points and evolve over time and add on future modules or look to replace their entire retail infrastructure
Island Pacific SmartSuite has broad and deep capabilities built on best practice retail processes including Planning, data management, extensive purchase order management, allocation and replenishment, forecasting warehouse, financials as well as the ability to cope with all channel activity from web B2C, wholesale and franchise B2B, Bricks and mortar with point of sale both fixed and mobile.
The Island Pacific SmartSuite solution has been carefully crafted with continuous improvement in mind., Island Pacific SmartSuite provides a robust and feature-rich
product that can be continually upgraded to match the fast pace of change in the retail environment.
Quotes which referenced
*https://www.ihlservices.com/news/analyst-corner/2018/06/worldwide-costs-of-retail-out-of-stocks/
Find out more about the key benefits of Island Pacific’s retail inventory management capabilities.