Want to boost the productivity of your retail companies? That’s where Retail Inventory Management Software comes in. With the deployment and use of it, retailers of all sorts can effectively handle stock, distribute, reduce waste, and improve their bottom line.
But, it can always be an arduous and upsetting process. Peculiarly, if you own a big retail, you have to manage that inventory system properly and effectively.
Let's go through the advantages of using retail inventory system, best features, and what best fits your retail inventory management.
1What is Retail Inventory Management Software?
Retail inventory management software is a digital tool that designed for retailers to manage their inventory and control their stock, sales, customer data, bundling, and multi-location inventory both accurately and efficiently.
Encompassing inventory tracking, order management, and reporting capabilities, this sort of software is accessible for retail businesses of all sizes. It can be deployed on-premises or installed via the cloud. An ideal retail inventory management software can streamline your supply chain, improve sales productivity as well.
2Features of Retail Inventory Management Software
Enncompassing inventory tracking capabilities, retail inventory management software enables retail owners to track the movement of commodities in their stores, from when they are received to when they are sold. Inventory tracking can help retailers identify as stock levels are running low and reorder products before they run out of stock.
Generally speaking, it can help retailers manage their commercial orders more and more efficiently. This function contains tasks such as order processing, order tracking, as well as order fulfillment. By automating these tasks, retailer owners are able to save time to focus on other transactions and thus have more leisure time.
It can also project the competitive market trend and inclinations to schedule your purchased orders.The shop inventory management software do help you prepare better for very future and get rid of understocking or overbuying.
This sort of software typically includes reporting capabilities. This allows retailers to generate reports on product sales, inventory levels, and other key metrics. Reports can be used to identify trends in customer behavior and adjust inventory levels and marketing strategies accordingly.
5Scanning System for Inventory
Barcode scanning capabilities allow retailers to scan products as they are received and sold, which can help improve inventory accuracy and reduce waste through this retail inventory system.
This software can support multiple stores. This means that retailers can manage inventory levels across all of their stores from a central location. This can help improve efficiency and reduce costs.
3How Can Retail Inventory Management Software Help?
Nowadays, businesses of all sizes are using this software to streamline their business processes and boost productivity.
The easy-to-use software application has been developed with fast speed and it comes as an affordable retail management software solution, with specific benefits. Regardless of whether you own a small business or a large retail supply chain, it can assist you in managing your inventory effectively and outpacing your peers, especially your competitors ignored it.
If you run a retail store or warehouse, utilizing retail inventory management software can do help you simplify your operations, decrease redundant spending, and enhance customer satisfaction.
1Improve Inventory Accuracy
Speaking of this benefit from the usage of this software, which serves as an outstanding service for business owners, it can markedly help enhance inventory accuracy from receiving inventory, counting inventory, and store-to-store stock transfers to store fulfillment, which provides real-time updates on stock levels and reduces overselling or underselling. This enables retailers to promptly and swiftly identify low stock levels and reorder products before they run out. Furthermore, it can also be applied as a efficient system to help retailers recognize slow-moving items and take measures to minimize waste.
During the global pandemic, with the high IT cost for recording retail operations, high time consumption in inventory management, retail inventory management face inefficiency by many of the tasks not associated with retail inventory management levels. This includes tasks such as order processing, stock level monitoring, and performance reporting.
Generally speaking, most retail owners often feel difficult to copy and maintain the transactions records in their businesses, and businesspersons are sometimes easy to neglect the order status like tracking solutions to customers after payment has been received.
Therefore, through automating these process, retailers can save time to pay more attention to other important aspects of their operations, namely, customer service and marketing.
3Enhance Customer Service
Now that customers expect exceptional services, especially during the long-standing supply-chain shortages, and the automation has to back up the sale. As an essential inventory management software in retail, it can enhance customer satisfaction for numerous businesses in the competitive market.
Via providing real-time visibility of inventory across all sales channels, retail stores can deliver compelling in-store customer experiences by making sure that their services are always available for purchases. And it allows businesses to meet customer expectations, and enables customers to enjoy high business value at the lowest cost ever.
In addition, the benefits can assist retailers, in a more accurate way, identify best-selling products and ensuring that they are always restocked. It means that customers are less likely to leave the retail store empty-handed due to the unavailability of their desired product.
4Better Information Analysis
Real-time information analysisis key to making the right labor, procurement, merchandising, pricing, and promotion decisions which retail organizations emphasis on.Nevertheless, data fragmentation remains an issue for mostof them.
Equippedwith this information, you are able toanalyze business performance and make informed decisions about how to maximizeyour inventory and marketing strategies to meet retail management demand better.
Statistics show that business users can decrease out of stocks by as much as ten times, labor costs can be reduced by up to thirty percent, and fulfillment times can be slashed by as much as 87 percent.
As a cost-effective solution for retailers looking to get rid of redundant expenses by minimizing unnecessary waste and optimizing inventory levels, this software functionality offers low-cost options that are highly affordable, and guarantees that products are always in stock, preventing over-ordering and reducing the amount of unsold inventory.
Moreover, retailers can utilize this software to take necessary measures to avoid waste. The main factors that decide cost are the size of your business, the volume of your inventory, the number of orders you receive, and the number of locations you need a store inventory management system to cover.
4How Can AirDroid Business Help?
Deploying retail inventory management software appropriately is not always an easy deal for your business, that’s why you have to find out the best solution provider both in efficiency and value for money.
AirDroid Business, an award-winning MDM company, owns all your needed features and powerful solutions that benefit you to manage Android devices including phones, tablets and rugged devices to the point of sale, kiosks and digital signage for running your retail business securely.
Here are the key functionalities of AirDroid Business that can help you cope with the problems in retail inventory system and bring you continuous productivity.
AirDroid Business prioritizes security and always develop its technologies to deal with concerns that are common in mobile devices used in the retail industry. With AirDroid Business, all data transfers are encrypted using TLS (Transport Layer Security), making sure corporate privacy. You can lockdown devices remotely. To unlock, the screen-lock password needs to be entered on the device.
In addition, AirDroid Business owns Black Screen Mode technology that documented in European Union authority. With this Mode, you can make the device screen black thus the commercial and sensitive data on the device is not visible, which can effectively protect your data.
By the way, you might have multiple mPOS devices due to your business. At this time, with AirDroid Business, you can make groups for mPOS devices and manage them effectively.
2Remote Control and Access
With this function, you are able to remotely access and control any Android devices you own. For instance, your IT team can remotely control your company-owned devices to fix any issue so that you can eliminate downtime and its damages. Besides, managers can take advantage of the device in long-distance without being on-site, saving the costs.
Furthermore, it supports the remote camera and real-time voice chat thus you have the capability to view the device's environment. If there are coworkers in the field, you can also communicate with them instantly.
3Monitor, Workflow and Alert
Through AirDroid Business easy-of-use dashboard from where you can monitor different parameters of the accessed devices, wherever and whenever you. And you could set up groups of devices for easy monitoring.
With AirDroid Business, you have the ability to set filters on critical parameters. If any aberrant events occur on your Android device, you will receive alerts and automated workflows will be executed to quickly resolve any issues.
It offers bulk and automated configuration, as well as flexible permissions. Additionally, users can group devices to improve workflow.
4Tracking and Geofence
AirDroid Business lets you track the locations of the connected devices instantly in real-time. Meanwhile, you can create Geofence to receive notifications and alerts as the devices cross the setting boundary.
Therefore, you can find and track your mobile device if it gets stolen or you misplace it. You can track locations, and monitor, as well as analyze the specifications of all company-owned devices from the central dashboard.
5Mobile Applications Management
With AirDroid Business, you can simultaneously deploy applications on long-distance mobile devices in your retail businesses. With creating an app library that can have your company's applications and the applications that your retain business needs. In addition, you have the ability to roll out updates of the applications in stages to minimize risks of device going wrong because of the updates.
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Retail inventory management software, as an essential tool for retailers of all sizes, can play a key role in creating incremental efficiency, improving customer service, providing greater data and information analysis, and reducing costs. With AirDroid Business, retailers can streamline their business managing operations, offer a 360-degree view of their inventory and stock transfer, allow them to get rid of shrinkage, save time and money on repeated and redundant tasks, and thus keep their retail running profitably.
Is it worth having retail inventory management software?
Only you can determine whether a retail inventory management solution is a worthwhile investment. Consider whether the software can help you save time and energy, reduce errors, increase sales, provide better customer service and ultimately make your business growing.
What is the best cloud inventory management software?
The right cloud inventory management software for you will depend upon your own business needs. Each solution may offer different features. We encourage you to try AirDroid Business because of its powerful solution and the more favourable and flexible pricing.
Zoho Inventory is an online inventory management software with a robust free version and affordable paid plans. For small businesses or start-ups, Zoho Inventory lets you add items, fulfill orders and view inventory from any device, making it the best free option.What result can I expect from using inventory management software? ›
Inventory management allows you to track the acquisition, storage and sales of your products at every stage to ensure product availability and optimize production costs. It helps businesses keep track of their stock levels, so they can make informed decisions about how much to produce and when.How can a retailer manage its inventory efficiently? ›
Retail inventory management works by creating systems to log products, receive them into inventory, track changes when sales occur, manage the flow of goods from purchasing to final sale and check stock counts.How do you keep up with retail inventory? ›
- Fine-tune your forecasting. ...
- Use the FIFO approach (first in, first out). ...
- Identify low-turn stock. ...
- Audit your stock. ...
- Use cloud-based inventory management software. ...
- Track your stock levels at all times. ...
- Reduce equipment repair times.
Using Excel as a low-cost inventory management solution
With integrated tools, features, and formulas to make spreadsheets more dynamic and interactive, Excel is also capable of handling basic inventory management for small businesses.
- Must have #1: Forecast analytics for optimal demand planning: ...
- Must have #2: Optimized Procurement: ...
- Must have #3: Inventory controlling: ...
- Closing word.
One of the most critical aspects of inventory management is managing the flow of raw materials from their procurement to finished products. The goal is to minimize overstocks and improve efficiency so that projects can stay on time and within budget.What is the simplest way to manage an inventory? ›
- Define Product Sourcing and Storage Methods. ...
- Decide How To Track Inventory Data. ...
- Create an Internal SKU System. ...
- Organize Inventory Storage Areas. ...
- Use Forecasting To Order Inventory. ...
- Set Up Inventory Receiving Procedures. ...
- Keep Track of Inventory Levels.
The four types of inventory management are just-in-time management (JIT), materials requirement planning (MRP), economic order quantity (EOQ) , and days sales of inventory (DSI). Each inventory management style works better for different businesses, and there are pros and cons to each type.How do you overcome poor inventory management? ›
- Centralized Tracking: Consider upgrading to tracking software that provides automated features for re-ordering and procurement. ...
- Transparent Performance: ...
- Stock Auditing: ...
- Demand Forecasting: ...
- Add Imagery: ...
- Go Paperless: ...
- Preventive Control: ...
- Measure Service Levels:
The 80/20 rule states that 80% of results come from 20% of efforts, customers or another unit of measurement. When applied to inventory, the rule suggests that companies earn roughly 80% of their profits from 20% of their products.What is a good inventory for retail? ›
An ideal inventory turnover ratio for retail is between 2 and 4. However, it can vary among different industries, so you should research the benchmarks for your specific industry. A low inventory turnover may reflect issues in your sales strategy or low market demand for your products.How often should a retail store do inventory? ›
We recommend scheduling a physical retail inventory quarterly or annually. Deciding when to count your inventory will depend on the purpose of the count. Counts for tax purposes are usually done at the end of each year, while counts to monitor inventory levels and prevent loss are done more regularly.How do I create a spreadsheet to track inventory? ›
- Create a spreadsheet. To manage your inventory in Microsoft Excel, begin by creating a new spreadsheet. ...
- Add any necessary product categories as columns. ...
- Add each product that you carry to the spreadsheet. ...
- Adjust the quantities as you make sales.
Outgoing Stock: =SUMPRODUCT(($B5=item)*(movtype=”Outgoing”)*(quantity)) The outgoing stock formula works with the SUMPRODUCT function to help you easily calculate how much inventory has been sold and shipped. This formula can help you keep better, more accurate data and avoid overselling.What software do stores use for inventory? ›
- Magestore. Magestore is a point of sale (POS) system that comes with a powerful in-built inventory management software. ...
- Shopify. ...
- Lightspeed Retail. ...
- Square for Retail. ...
- Vend POS.
- ShipBob Merchant Plus: Best for hybrid fulfillment.
- Fishbowl Inventory: Best for QuickBooks users.
- Skubana: Best for dropshippers and Fulfillment By Amazon (FBA)
- Sortly: Best for small retailers and asset tracking.
- monday.com: Best free inventory management software.
- Prioritize your inventory for better inventory management. ...
- Track all product information to manage inventory better. ...
- Audit your inventory for better inventory management. ...
- Analyze supplier performance for better inventory management.
Ans: Inventory management has two main concerns. One is the level of customer service, that is, to have the right goods, in sufficient quantities, in the right place, at the right time. The other is the costs of ordering and carrying inventories.What are the two major methods for inventory management? ›
First in, first out (FIFO) and last in, first out (LIFO) are accounting methods (also known as “costing”) based on how products move through your warehouse. FIFO is a useful system for businesses that sell the oldest inventory first.
Regular supply at reasonable prices builds customer confidence. Inventory holding results in effective utilisation of human and equipment. Effective inventory control enhances market share. Inventory control improves product quality.What are the major three purposes of inventory? ›
To ensure a continuous supply of materials and stock so that production should not suffer at the time of customers demand. To avoid both overstocking and under-stocking of inventory. To maintain the availability of materials whenever and wherever required in enough quantity.What are the skills of an inventory manager? ›
- Leadership and management.
- Verbal and written communication.
- Organizational and logistics skills.
- Strong attention to detail.
- Problem solving.
- Data analysis.
- Interpersonal ability.
- Team oriented.
- Improved Inventory Control and Forecasting/Projection.
- Barcoding & Scanning.
- Improved, Actionable Inventory Analysis.
- Integration and Interfaces.
- On-Premise versus Software as a Service and Cloud system.
There are four different top-level inventory types: raw materials, work-in-progress (WIP), merchandise and supplies, and finished goods. These four main categories help businesses classify and track items that are in stock or that they might need in the future.What is an inventory checklist? ›
Inventory Checklist is a record of the items stored in a specific area or department of a company. It helps in tracking and controlling the goods in an organized way. This document can be also be used for inspection because all items in the inventory are recorded here.What are the three most common inventory control models? ›
Three of the most popular inventory control models are Economic Order Quantity (EOQ), Inventory Production Quantity, and ABC Analysis. Each inventory model has a different approach to help you know how much inventory you should have in stock.What is the three basic types of inventory? ›
- raw materials inventory.
- work-in-process inventory.
- finished goods inventory.
These include limited storage space, higher inventory carrying costs, or lack of a dedicated inventory team to address issues fast. While every business tends to develop its own inventory control strategies, the culprits of poor control tend to be the same in most cases.What reduces wasted inventory? ›
To reduce inventory waste, it's essential to keep your manufacturing processes lean and ensure other processes like transportation and storage are as efficient as possible. Effective resource management is key for keeping your overhead costs and inventory waste down.
Inventory is unpredictable
For businesses with fairly fluid order patterns, knowing how much stock to have on hand can be difficult. This stress is understandable – managers face competing pressures to have enough stock on hand for every eventuality while at the same time avoiding costly, inefficient overstocking.
Summary: Common SCM inventory golden rules are: (a) avoid situations where inventory and demand are out of balance, those slow-moving low margin products add no value to the firm and (b) production campaigns result in unnecessary inventory.What is the ABC analysis of inventory? ›
ABC analysis is an inventory classification strategy that categorizes the goods into three categories, A, B, and C, based on their revenue. 'A' in ABC analysis signifies the most important goods, 'B' indicates moderately necessary goods, and 'C' indicates the least essential inventory.What is the average inventory rule? ›
The most common method is to take the total inventory value at the beginning of a period, add it to the total value at the end, and divide it by two. Another way to calculate the average inventory is to take the total cost of goods sold (COGS) during a period and divide it by the number of days in that period.What is the formula for retail inventory? ›
Calculating Ending Retail Inventory
Total sales for the period are subtracted from goods available for sale. The difference is multiplied by the cost-to-retail ratio (or the percentage by which goods are marked up from their wholesale purchase price to their retail sales price).
The retail sectors most affected by excess inventory are baby and toddler the worst affected (92% of respondents in this category have excess post-holiday inventory), followed by luxury (55%), homeware/DIY & gardening (50 %) and apparel (44%).What is the average inventory at retail? ›
Average inventory is calculated by adding the beginning inventory and the ending inventory within your defined time and dividing it by two.What is the number one rule of retail? ›
Customer is king – the first rule of retailing.How accurate is retail store inventory? ›
What is a good inventory accuracy rate? Research from Auburn University RFID Lab reveals that the average inventory accuracy for U.S. retailers is 65%. It means over a third of the time, an average retailer doesn't know where a certain product is, or whether it is in stock.What are examples of inventory management software? ›
- Economic order quantity (EOQ) Economic order quantity (EOQ) is a term for the ideal quantity a company should purchase to minimize its inventory costs — like shortage or carrying costs. ...
- ABC analysis. ...
- Just-in-time (JIT) ...
- Safety stock. ...
- Reorder point (ROP) ...
- FIFO and LIFO. ...
FIFO is one of the most common Inventory management techniques used in manufacturing. This system helps ensure that the oldest products are used first and reduces the chance of spoilage or obsolescence.Is ERP software is recommended for doing inventory management? ›
An ERP integrates your inventory management with the rest of your operation, making tracking inventory throughout your organization easy. An ERP system gives your staff instant access to a centralized inventory database that's updated in real-time.Which software is recommended for doing inventory management answer mcq? ›
NetSuite – All-in-one solution for inventory management, accounting, and marketing.What are the 3 major inventory management techniques? ›
In this article we'll dive into the three most common inventory management strategies that most manufacturers operate by: the pull strategy, the push strategy, and the just in time (JIT) strategy.What are the 4 types of inventory? ›
There are four different top-level inventory types: raw materials, work-in-progress (WIP), merchandise and supplies, and finished goods. These four main categories help businesses classify and track items that are in stock or that they might need in the future.What is retail inventory management? ›
Retail inventory management is the process of ensuring you have enough inventory to meet customer demand so that you don't end up with too little or too much merchandise. It's essential if you'd like to avoid situations where you run out of popular items or end up with excess items that nobody is buying.What is the most commonly used inventory systems? ›
Three of the most popular inventory control models are Economic Order Quantity (EOQ), Inventory Production Quantity, and ABC Analysis. Each inventory model has a different approach to help you know how much inventory you should have in stock.What is successful inventory management? ›
In simple terms, inventory management is a process that requires businesses to keep track of the company's goods both, at the time of receiving and at checkout. Effective management of the store inventory helps businesses: Request a small quantity of goods available with the supplier.Is QuickBooks used for inventory management? ›
QuickBooks Online has everything you need to manage your inventory. Track what's on hand, get alerts when it's time to restock, and see insights on what you buy and sell.What is the difference between ERP and inventory management systems? ›
ERP system manages and integrates all the core business functions of a company, such as order processing, accounting, customer relationship management, and human resources. On the other hand, an inventory management system, or an IMS, manages the physical inventory of a business.
Inventory Management is necessary for those who need to collaborate with business partners, whether they are suppliers, customers, or within the own organization.Which among the two inventory systems is easier to use? ›
Easy to implement: Periodic inventory offers an easy-to-use system since it involves simple calculations and only a few records, including the amount of inventory available and sold.What system is used to track inventory? ›
An inventory tracking system is software that helps you monitor the movement and location of your inventory. While there are standalone systems that are specifically used for inventory tracking, most inventory tracking systems are actually part of inventory management software. , like Zoho Inventory.