The level of automation provided by a retail inventory solution will provide greater insight into what should be on hand. The consequences can be dire, as incorrect counts can result in running out of stock and lead to lost sales. In manual methods, the painstaking task of combing data from purchase orders and sales reports means your staff spends valuable time with labor-intensive tasks that are prone to errors. Moving forward with a retail inventory management system will greatly improve your accuracy over manual methods such as Excel. Linking your inventory records to your sales will provide each store with the units on hand against the number purchased–providing stores with data about how many units they’ve sold, and how many they can still sell based on availability. Once your inventory costs are under control, you’ll have more confidence in your inventory control records. This figure will change dramatically depending on price fluctuations, which can happen frequently in the retail industry. Retail inventory software is no different, as it will deduct the sales of products from the initial value plus the retail value of the purchases–creating a cost-to-retail-price ratio. One of the reasons inventory tracking software was created in the first place was to not only keep a record of all purchases and goods on hand but to store info on both the purchase price and the retail price (the price the product is eventually sold at). The top benefits of retail inventory software include: Keep Better Track Of Inventory Costs and Quantities Track, record, and reconcile inventory.Īdd products to your inventory in Unleashed. Inventory Counts: Conduct stocktakes to determine what is in stock and at what location.Centralized Vendor Catalog: Allow suppliers access to your inventory to let them see what is available and influence their order quantities.Automatically adjust inventory levels based on online sales, marketplace sales, social media sales, or in-person sales. Connect to eCommerce apps such as Shopify, WooCommerce, and BigCommerce. Multi-channel inventory: Order and sell products across multiple channels online.When prices are updated across your sales channels, ensure your inventory costing figures are updated as well. Repricing: Set minimum and maximum prices for your goods, create custom rules for these values, and become notified when competitors change their prices.Product Transfers: Check inventory levels at multiple stores and transfer products from one location to another to avoid stockouts and excess inventory.Traceability: Includes barcoding, serial number tracking, lot number tracking, or RFID (radio frequency identification) tracking.Includes FIFO, LIFO, average costing, and others. Inventory Costing: Establish the cost value of inventory for profitability tracking and tax accounting. Import inventory items in Lightspeed Retail. Product configuration is a common need for retailers, so the ability to customize additional product features is something most retailers will look into, along with traceability features such as barcoding and lot tracking. This includes item titles, SKU numbers, product descriptions, supplier SKUs, stock counts, item locations, and pricing. However your business receives the capability, you’ll want to make sure you have the ability to track and access critical product information. Retail inventory systems can be purchased as a standalone system to use alongside accounting software or ERP solutions, or it may be an included application within a larger retail management system. These features combined with the use of point of sale software will increase efficiency and reduce inventory overhead, expedite fulfillment, categorize your inventory, and forecast inventory to better visualize your profits. Outside of these retail-specific needs, retail inventory management software will also provide location analytics, inventory forecasting, procurement, stock replenishment, and more. Inventory management software specific to the retail industry helps your retail business allocate merchandise to stores, plan assortments per store, stock inventory received from purchase orders, pull stock for sales orders, transfer items between multiple stores, process returns, and manage a variety of different styles, brands, and more. This means inventory will need to be coordinated to reflect on-hand quantities in real-time across all of your sales channels. Today’s retailers may have a variety of locations while also selling on online platforms such as Amazon or even their own web store. Retail inventory software manages the stock and merchandise across multiple stores, eCommerce operations, catalog orders, and marketplaces.
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