Best Practices in Retail Inventory Management
1. What is Retail Management?
Retail merchandising or Retail Management is the process which helps the customers to procure the desired merchandise form the retail stores for their personal use. This includes all the steps required to bring the customers into the store and fulfill their buying needs.
2. Why Retail Inventory Management?
Retail Inventory Management saves time and ensures the customers easily locate their desired merchandise and return home satisfied. An effective retail inventory management system avoids unnecessary chaos at the store.
Beside it is also true that the retailer must keep a record of all the products coming into the store so that it could be easily identifiable as and when needed. Also, the products must be well arranged on the assigned shelves according to size, colour, gender, patterns as well for successful retail inventory management of outlets.
Also, the layout of the store should be planned accordingly to attract customers. And for all this to happen, Retail inventory management must kick off from within the company to help manage the retail portfolio.
3. What is the scope of Retail Inventory Management?
Retail Inventory Management is the process which helps the customers to procure the desired merchandise form the retail stores for their personal use. Beside it includes all the steps required to bring the customers into the store and fulfill their buying needs.
It seeks to create a new generation of smart retail professional of international caliber and aims to equip them with the best practices being followed across the globe.
4. Features that are associated with Retail Inventory Management
The requirements of a retail business vary, which can be taken care of by the right retail ERP software. If one implements retail ERP systems, it will surely reduce errors and increase customer satisfaction. Most importantly, any retail billing software should have the following 7 features associated with retail inventory management -
- Alerts Management
Alerts Management allows you to configure alerts to communicate messages for specific events. You can also choose from different modes to send alerts to each showroom in a chain of stores to ensure that distance doesn’t break the chain of communication in your retail chain of showrooms. It can be used to provide critical information the right time, i.e., notify price revision or sales promotion at the same time to all the show rooms. And also pick a convenient mode of communication from e-mails, SMS, balloon tips, and message boxes. You can also select the type of alert that would call an appropriate user action based on the severity - categorize alerts into fatal alerts, warnings, and information.
- Point of Sale Counter Management
Point of Sale counters are used to handle sales related operations like billing, return of goods, cancellation, cash receipts, cash payouts, and so on, in a retail outlet. This why having the best POS software is essential for any retail store.
- Managing Inventories
A retail management system should be able to handle a high volume of SKUs (items) and transactions. Effective and flexible inventory options make retail inventory management seamless which is very helpful in retail ventures.
- Catalogue Management
Handle large volumes of your retail business data using catalogues and appropriate business regulations. Catalogues comprises of business data like products, supply chain network, stores, configurations, and data communication schedules.
- Categorization at various levels
Categorization of inventory can be based on country, zone, state, city and the store levels.
- Streamlining with Goods and Services Tax Standards
The GST standards are said to be the most extensively used supply chain standards system in the globe.
Tally ERP 9 enables you to produce the GST Standards Numbers for the stock items based on the Global Trade Identification Numbers (GTIN) allocated to your business. This truly helps with businesses tackling international brands or having retail managed stores across the world.
It does not matter if it’s a singular POS store or a chain of retail outlets, a retail management system improves security management with better security controls.