A majority of retail business owners still rely on employees and staff to keep an eye on inventory. Manually checking the shelves at random times to know what is left and what is in stock. Inventory is a major asset for retail businesses and if mismanaged, can create endless problems for the business. From inconsistent high or low stock levels, supply delays, theft and even loss of precious sales.
As the decision maker for your business, finding out inventory issues only after it has happened can be disastrous. Example: finding out that one of your top selling products is out of stock only when a customer orders can make the customer feel gravely disappointed, lose trust or go to the competition. In all scenarios, you lost a sale and this compounded can lead to even more loss of sales.
With this context in mind, let’s jump straight into why timely stock alerts can keep you from losing sales:
Firstly, it can be hard to predict seasons of high sales and low sales. Having automated and timely stock alerts in place mean that, during the period of high volume sales, you won’t be caught by surprise with running out of stock on top items, and this will greatly improve your customer satisfaction and their trust in you. The perfect recipe for out of the roof sales.
Furthermore, timely stock alerts can be your salvation from making huge losses on perishable products. If you know a certain batch of items are about to expire long before it happens, you will be better prepared to put in strategies that can help you get these items flying off the shelves faster than initially planned. No more stock wastes. Without timely stock alerts, you will see lots of inventory (precious capital) being disposed due to uncaught expiries. You will find that most pharmacies are caught in this painful situation.
Last but not the least, timely stock alerts can give you quick insights into items that are not selling. With wide variety inventory, it’s easy to have lots of stagnant stock. Imagine having 10 types of products for example: Product 1 through 10. You notice that for long periods, you keep getting stock alerts for Product 1,2,3 and 6 very frequently, shortly after you have restocked, but the you only get stock alerts for the other products once in a while. This simple insight can quickly draw your mind to the fact that your other products are not selling and in retail businesses with very wide product varieties or large inventory sizes, such information can be a gold mine. Stagnant products means locked up capital and too much of that means stagnant growth and the threat of a business collapse.
Automated stock alerts can be the reason why your retail business is saved from a certain death, and leaving this to be done manually by your employees or yourself is a warmup to disaster. Your inventory is the blood of your business, don’t take monitoring it if for granted.
If you haven’t already adopted a system that can help provide you with automated stock alerts, then don’t hesitate to give Sumundi Keepsales a dive.