In the retail sector,
An accurate understanding of inventory can make or break your business. That’s why it’s important to learn how to manage that Inventory Software for Small Business.
When is a product sold out? When is the best time to restock your best-selling products? How much does it cost to stock products that don’t sell? You may not be able to answer these questions, but this information is vital to the success of your Inventory Software for Small Business.
Spreadsheets can’t cope with the demands of modern inventory management
You may be tempted to use spreadsheets to manage your inventory, but they’re not really designed for this.
Spreadsheets leave you vulnerable to a number of problems because they.
require a lot of time and effort to manage them
are particularly prone to errors (90% of spreadsheets contain errors).
Cannot grow with your business, becoming large and complex as you grow.
Cannot interact with your other systems, such as accounting or point of sale (POS) software.
Slow to update, meaning data is almost always out of date.
Doesn’t allow you to understand how your products are working.
Dedicated inventory management software doesn’t have these problems.
4 reasons why your retail business should use cloud-based inventory management software
It’s worth the investment to achieve this.
Inventory management should grow with your business
Your retail business may be small today, but as you grow, your inventory will become larger and more diverse.
You may want to open another store, add a new product range or start selling online. Plus, they allow you to compare sales data across your Inventory Software for Small Business.
The cloud allows you to synchronize with other retail software
Traditional inventory management is a complex web of ordering and receiving inventory from suppliers, storing and tracking that inventory, and tracking sales. It involves a lot of manual data entry into multiple systems.
When you integrate cloud-based inventory management software with other web-based products, data can move automatically from one system to another. So when something is sold, your checkout system (or online store) will let you know.
Accounting software that records receipts and payments
Stock management software that automatically reorders when stocks are low.
A business performance dashboard that shows you your store’s profitability in real time on your phone.
You can also connect to other analytics and reporting tools to get more information on all the moving parts of your business.
Such an automated, integrated suite of systems is updated in real time. You can also share data with your partners and financial advisors to get their feedback and advice.
Up-to-date data to help you make important decisions
To get the most from your retail business, you need to know your products inside and out. It’s not enough just to know which of your products sell the most. You need to know who’s most likely to buy them, when you should restock and how much stock you should hold.
A cloud-based inventory management system can highlight this information in real time and display it at the click of a button. The best systems offer analytical tools that tell you everything you need to know about your business.
Get the data. Get accurate, real-time sales data from all your sales channels.
See the details. Get insight into customer segments, product types and individual orders.
Find your star products. Identify your best and worst performing products so you can order the right products, in the right quantities, at the right time.
Make cost comparisons. See which suppliers offer the best deals.
Stock analysis tools can give you the insight you need to make faster – and better – decisions. Proper reporting can identify opportunities to reduce costs and improve marketing.
Manage your inventory on the go
With cloud-based Billing Software for Small Businesses, you can access your inventory data anywhere, anytime – all you need is an internet connection. If you’re looking to grow your retail business, it’s important to be able to access your inventory on the go. You can receive alerts, check stock levels and re-order products from the road.
As your business grows, you may want to consider opening new stores. This means new challenges in managing stock – you need to keep track of stock across multiple stores.