retail space

3 things store managers need to do to improve inventory management

For a retail store to be able to provide stellar front-end service, everything needs to be optimally functional on the back end. After all, no matter how helpful or well-trained a staffer is, that employee can’t offer a customer ideal service if the item the patron wants isn’t in the store.

“For a retail store to provide stellar front-end service, everything needs to be optimally functional on the back end.”

Good inventory management represents a central asset for all retailers. But it’s also one of those things that tends to only be noticed by customers in its absence – that is, if a patron can’t find the item he or she is looking for, that person will think, “This place doesn’t do a good job with its inventory.” But while inventory management may not be as visible to customers as, say, amazing customer service or a cool new product line, it’s absolutely essential to retaining loyal shoppers. Because for the shopper who’s just noticed that his desired item isn’t available, his next thought will likely be, “Time to check another store.”

And customer loyalty isn’t the only thing robust inventory oversight benefits. It also has the potential to bring a business’ supply chain up to current-day speed, as evidenced by a Wall Street Journal article which traced improvement’s in Wal-Mart’s inventory strategy to a much-needed updating of its overall strategy, including a greater push into e-commerce.

CONTROLTEK productsWith better inventory management, stores can reap big benefits.

Implement inventory tracking software: When it comes to keeping track of inventory, no store should be relying on an outmoded system when top-of-the-line tracking software exists. This kind of software provides a key window of insight for store leaders into the state of their merchandise. No matter if your business is in the health, industrial, financial or retail arena, inventory software stands to benefit in significant ways. Among the many advantages stores that leverage inventory software reap are time/money savings, elevated order accuracy and bolstered productivity. Perhaps most importantly, however, such software tools help prevent the scenario where a customer is disappointed because the item he or she wants is out of stock.In order for stores to realize the full benefits of inventory management, they need to take certain steps to improve its quality. Here are three key things inventory leaders should keep in mind in order to elevate inventory oversight:

  • Roll out the tools to make inventory and in-store product maintenance easy: Whether an item of inventory is in a store’s storage center or on the shelves of the business itself, business leaders will want to ensure that the item is kept track of until it’s sold to a patron. RFID technology is the way this happens, and when it comes to RFID, stores will want to make sure they have the readers equipped to do the job. RFID readers and related software, like what is offered by CONTROLTEK, provide store inventory leaders with an invaluable visibility tool that’s central to inventory maintenance, and also can play a key role in limiting shrinkage numbers.
  • Make sure all staffers are up to speed: Whatever inventory solution your store decides to put in place, make sure that all staffers are familiar with it. Because inventory is such a central part of every facet of the business, it doesn’t make sense for inventory management knowledge to just be shared with a select few staffers. When everyone who works at a store is on the same page regarding the inventory measures in place, that will heighten the inventory management system’s efficiency, and provide the store with a more sustainable model of tracking products as they come in and are purchased.

These are only three tips for inventory experts – there are many more. For retailers, CONTROLTEK is the ideal partner when it comes to inventory visibility systems. Our tools can equip your business with the inventory management solutions it needs to provide an even better experience for customers.