Inventory management is essential for all types of businesses, especially retail, e-commerce, and restaurants. Knowing how much inventory you have, how to get it, and where it needs to go is a huge business undertaking. When inventory management is done right, you can increase revenue, reduce operating costs, and improve customer experience and satisfaction.
If you want to greatly improve your business’ inventory management process, consider using an ePOS system. With an ePOS system, you’re able to streamline inventory management through automation, which in turn increases efficiency.
Here are 5 benefits of using an ePOS system to manage your business’ inventory.
1. Access to Real-Time Numbers
An important part of properly managing your inventory is knowing how much of each item you have, which items are selling the fastest, and where items are in the shipping and delivery process. Automated inventory tracking allows you to have direct access to all of this information.
Using a top-notch ePOS system, you’ll have access to real-time inventory numbers from anywhere at any time. This means that you can check an item’s stock quantity by logging into an ePOS register, or you can see overall inventory levels using a connected mobile app.
When you’re able to see real-time numbers as items are purchased or put back on the shelf, you can have peace of mind that your stock is where it needs.
2. Never Run Out of Top Selling Items
One of the worst business snafus you could ever run into is running out of your top selling items. Trending products are extremely important to sales numbers and customer satisfaction. However, without the help of an ePOS system, it can be hard to determine which items are selling quickly, and therefore need to have a stock replenish ASAP.
But with an ePOS system, you can have peace of mind that your top selling items will always be available. This helps to ensure that customers always leave your store satisfied. It also alleviates the risk of a customer shopping at a competing company because they have an item in stock that’s out of stock at your store.
3. Automated Reordering Process
When items are scanned and purchased, the ePOS system database is updated in real time. With the ability to track stock volume, you can monitor product turnover and have an early indication when items need to be restocked.
What's nice about automated inventory management is that you don't have to physically be in front of your inventory in order to determine what needs to be quickly restocked. Instead, you can use an ePOS system to set up thresholds and warnings for when certain items are low on stock.
You can even use the system to set up automated reordering. For example, if a certain item has less than 10 in stock, the system can automatically schedule a reorder of those items. This is less work (and stress!) on you and your employees.
4. Manage Multiple Stores at Once
Managing an inventory located in the same place as your store is difficult. It’s even harder when you have several stores spread across a region, with different inventory warehouses and stock levels. While a growing business is good, it can also be stressful and hectic, to say the least.
Thankfully with an ePOS system, it’s easier than ever to manage multiple stores and inventory locations within the same system. Many ePOS systems that support multi-store functionality allow you to:
- Set up transfers
- Deliver stock from one store to another
- Make bulk price changes
What's even nicer is that some systems allow you to manage multiple retail stores using a mobile app. This means that you’re able to stay on top of inventory numbers when you’re in and out of the office.
5. Remove the Risk of Human Error
There are many things that humans are good at, including making mistakes. We all make mistakes, but some of them can be more costly than others. By using an ePOS system, you’re able to greatly minimize the risk of human error, especially when it comes to inventory management.
Manually stocking shelves, counting item quantity, and notating numbers can be cumbersome and tedious. And when it comes to inventory management, one wrong number, miscalculation, or oversight can have a domino effect on sales and customer satisfaction.
Switching to an automated system removes the risk of human error, which is crucial for proper maintenance of your inventory stock levels.
Gone are the days of manual inventory management. Make the switch to an ePOS system and enjoy the many benefits of automation. Not only will inventory management be more efficient and streamlined, but there are also a host of other benefits worth enjoying.