However, we soon learned that loungewear was extremely popular, and we would constantly face low stock alerts and stockouts if we continued to order in such conservative quantities. It will also give you a better picture of your inventory so you can make more informed purchases in the future.įor example, at my boutique, when we first introduced loungewear to our brand, we ordered in minimal quantities to avoid having excess if the launch was unsuccessful. Keeping an eye on your low stock will help you avoid stockouts and frustrated customers. Then, you would receive notifications to place a reorder when any product reaches 45 units. With both Square and Lightspeed, for example, you can set a low stock threshold, say, at 45 units. Also, you can track low stocks automatically by using a POS system that sends out alerts at set minimum inventory levels. You can do this manually by constantly checking your inventory and spotting low-stock products. Keep tabs on your low-stock items for good inventory management. Here we will look at some of the most critical metrics in retail store inventory management, how you can calculate them, and what they tell you about your business. It will help you track your stock levels so you can calculate the different metrics we outline below.ĭownload our Free Inventory Management Workbook ![]() Lightspeed is best for multiple location stores or those with a slightly higher budget.Īlternatively, if you would rather use a spreadsheet, download our free inventory management workbook. Lightspeed: Lightspeed is a cloud-based POS system that gives you unparalleled inventory control and retail analytics (it’s our top POS inventory software).Square for Retail: Square is our favorite low-cost cloud-based retail POS system that allows you to get real-time data, review reports, and set inventory alerts so that you never run out of an item.We recommend using a point-of-sale (POS) system to track these metrics via built-in reporting features and easily monitor them in real time: ![]() Understand Retail Store Inventory Metricsīefore you can start inventory analysis, running promotions, and placing orders, you have to understand the metrics businesses use in retail inventory management. Here we outline the best practices for retail store inventory management, including the tools to use for your business. As a retailer, you know that your merchandise is the crux of your business, so creating an accurate and efficient system to manage products will play a huge role in determining your store’s success. Retail inventory management is stocking products buyers want, pricing and promoting to sell those products profitably, and maintaining stock levels that meet demand without over-purchasing.
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