Successful Inventory Management Plays a Key Role for Success in Retail

If you ask a retailer what the most challenging part of managing their business is—9 times out of 10 they will probably say inventory management. This is because inventory management encompasses many things that affect many different parts of the retailer’s business--from warehouse management and on-shelf availability to loss prevention and inventory counts. It only gets more complicated as a retailer adds more product SKUs to keep track of, or the retailer adds locations. Managing inventory must be at the top of every retailer’s list of management priorities because it directly affects the retailer’s bottom line. Inventory shortages result in lost sales and lower customer loyalty, while too much inventory results in a higher increase in ‘Cost to Serve’. This ... Read More

Inventory Count with Inventory Adjustment

For many retailers, inventory control is the biggest challenge for running a successful retail operation. Unless you are a very small retailer with a narrow product mix, keeping your inventory counts up to date can pose a huge challenge. If you don’t keep your popular items in stock for customers, you risk lowering customer loyalty. If you have too much inventory just sitting on your sales floor, you encounter cost to serve. For many retailers regular inventory counts mean taking time away from your main focus of driving sales but it is one of the most important tasks that should be done regularly. Good inventory management practices can influence many things. In fact, strong inventory can help control theft because ... Read More

Stop nourishing thieves, Inventory control is now easier than ever before!

According to the latest Global Retail Theft Barometer study, the global retail industry lost more than $128 billion last year due to the inventory theft, frauds and errors.  On average, this means a loss of 1.29% of total retail sales. Another considerable sum of money is every year spent to prevent this, and may not always be effective. Installing cameras or detectors inside the store is not cheap and hardly ever solves the problem entirely. That is because when it comes to inventory theft, according to the study, employees easily top shoplifters. So what can retailer do to prevent employee theft and stop losing his money? The only reliable method is constant inventory monitoring. However, this is much easier said ... Read More