Most of the Retailers face the issue of mismatch of purchase & sales, it becomes a challenge to identify where he lost the inventory that he purchased and did not go for a sale. It’s a deep concern for every retailer as it impacts his profits. That is where the process of inventory management becomes important for every retailer to prevent the loss due to pilferage, shoplifting, shrinkage, and damages. Irrespective of the store formats it’s required to have proper control measures that do not cost more than the incurring loss nor impact the trust in-store staff or vendors.
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According to the retail expert’s observations with different analysis
- Shoplifting and pilferages – 55%
- Administrative and accounting errors-25%
- Vendor frauds – 10%
- Unknown losses – 10%
There are many other ways that are already in place that help in controlling the pilferages and Retail technology companies are continuously working on best features that can prevent loss for the retail business owners through the best inventory management software & solutions.
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Here are a few measures that need to be taken
1. In-store surveillance and monitoring to get hold of suspicious activities.
2 High-value products to be placed in larger visibility places or secured racks.
3. Manage sales returns properly and make sure it goes back to inventory or it’s written off.
4. A periodic physical stock audit should be in place & should match the stock in software.
5. Products should hold the Price tags properly.
6. RFID tags help to monitor the stock movement of billed and non-billed products.
7. The use of proper software & tools to manage the inventory helps in building good trust with store employees, vendors and can concentrate more on providing better services to the customers.
8. Forget the legacy process of securities punching the bills and validating the billed products. Equip your store with the best POS solutions and skilled staff to handle inventory and purchase.
9. Manage your free items, gift coupons, Loyalty through the software so that the customer is not hassled. Sometimes free items are misused in the store and create uncomfortable situations when customer demands. Make sure while adding inventory and purchase – free items are also added with the respective product in the software.
10. Stores to have their own trolleys and bags that the customer can use while picking the products and then
transferred to customer’s bags once billed.
11. Instruct staff not to hang out personally with customers in stores apart from providing the best services.
12. Rewards and Recognition for Store staff for identifying & controlling the stock mismatch.
13. Make sure any product damages that happen are recorded into the POS software & adopt best practices for damage control.
14. Investing in the right technologies that fit your store size and format and gives real-time reports & alerts of exhausting stocks, Expiry items, damage reports, etc.
15. Business owners to get automated customized reports daily to their phones or emails on all important functions like Sales, Purchase, Profit, and Loss.
Hope the above tips help the retail business owners to track the inventory efficiently as Inventory is Money in retail & warehouse business.
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Overall for any retail business, it’s worth investing in a smart POS Billing Software Solutions with advanced features and upgradable as and how the business grows. Automate your store operations with the best POS software and spend more time in customer services that boost your business with increased profits.