Windward Insider Blog
5 Benefits of Inventory POS Software for Retail Companies
Maintaining an accurate product inventory is one of the biggest challenges in retail, but it’s also essential to running a successful operation. Inventory POS software is an effective tool in helping owners and managers keep track of stock levels and maintain effective cost control.
Look a little deeper, and there are endless ways in which advanced inventory control programs can streamline your operations, and save you time and money.
1. There’s always room for improvement
By making use of the reporting functions of inventory POS software, you’ll become aware of sales trends over time, including:
- Your top selling items (based on style, brand, colour etc.)
- General sales volumes and patterns
- Seasonal demand for particular products
- Products or departments that need improvement
This can help you plan ahead to optimize stock levels by bringing in products that are proven sellers.
2. Reduce shrinkage
Regardless of why it happens, stock shrinkage is a challenge facing many retail operations. By utilizing an integrated POS system for retail that features real-time reporting of inventory levels, you’ll be able to reduce stock movement errors and reduce the risk of shrinkage.
3. A happy customer is a repeat customer
Having the ability to quickly respond to customer requests and queries is an important aspect of customer service. Something as simple as performing an inventory check on a particular product can make for a more meaningful customer experience.
Even if the product in question isn’t available, reliable POS software will allow you to order it in, which demonstrates to the customer that you appreciate their business and that you’re willing to take all the necessary steps to retain it.
4. So many ways to search
With automated inventory control programs, you no longer have to search for items blindly. You can see everything you have in stock simply by looking at a screen. The only question is, which method will you choose to search for a particular item:
- Part number
- Sub category
5. Real time data for accurate ordering
If you’re going to make an accurate order, you need to know three basic things:
- How much stock has sold?
- What are your current stock levels?
- What are your optimum stock levels?
With that information, you can make an informed decision on what to order. Of course, factors such as seasonal trends will have a bearing on how much you order, but that’s where the program’s reporting features come into play.
By having a fully integrated system capable of collecting real-time data from your registers, mobile devices and other point-of-sale equipment, you’ll have the most up-to-date information at your fingertips when you place an order.
To learn more about how POS software can increase your operation’s efficiency, read: Three Ways Inventory Control Software Will Streamline Your Business Operations.
Is it a challenge to stay on top of your inventory control? Talk to the experts at Windward Software. We offer inventory POS software that works as part of a fully integrated business management system designed to increase efficiency in all aspects of your operation.