Effective inventory management is crucial for any business, especially retailers. However, many fail to take full advantage of the inventory management features in their point-of-sale (POS) systems. Here are some practical ways to leverage your POS system for better inventory control and business efficiency.

1. Specialty Inventory Management: Key Cutting & Heelbar Shoe Repairs

For businesses offering specialized services, such as key cutting or heelbar shoe repairs, a POS inventory management system can be incredibly beneficial.

With key cutting, for instance, the POS system generates a stock report showing how many keys have been sold. This report helps the business owner know how much stock to order from suppliers and prevents theft by employees.

The same process applies to heelbar shoe repairs, where various items are involved. Running a stock report ensures accountability by showing how many repair items have been sold and how many remain in-store. This system minimizes theft risks and provides a clear understanding of inventory turnover.

2. Goods Items: Barcoded and Non-Barcoded Products

Managing barcoded and non-barcoded items can be a challenge, but a point-of-sale system inventory control simplifies the process.

For barcoded goods, staff simply scan the barcode to book the item in the system. For non-barcoded goods, they select the item by name.

This distinction allows for better inventory tracking, reducing the likelihood of mistakes or manipulation by staff. By running regular stock reports, business owners can gain a clear picture of how many items were sold and how many remain, ensuring accurate record-keeping and minimizing theft or stock discrepancies.

3. Order the Right Products and Quantities

It is basic for any business to select the right products to order and maintain appropriate stock levels. With a POS system inventory management, you can monitor which items are selling well and which are not.

This insight helps ensure that your top-selling products are given sufficient shelf space and that you always have enough stock to meet demand. Furthermore, a good POS system reports overstocked or understocked items, helping you make informed ordering decisions based on real-time sales data.

4. Create an Online and Offline Inventory Central

Today’s retail landscape spans both online and physical stores. Your inventory should remain consistent regardless of where customers shop. A robust inventory POS ensures stock levels are updated per real-time data across channels. It synchronizes customer data and allows for a seamless experience between online and offline sales. Such a feature helps businesses manage promotions, loyalty programs, and inventory levels with greater ease.

5. Effective Control over Shrinkage

A POS system plays a crucial role in reducing shrinkage by allowing entrepreneurs to track their inventory accurately. It makes it possible to identify the missing items quickly and implement security measures to prevent any such loss in future.

Closer inventory controls warn the employees that the stock is being monitored and they better avoid theft attempts.

6. Sales History Analysis for Smarter Decisions

While intuition plays a role in deciding what types of products to sell, setting stock levels should rely on hard data. A POS system provides valuable insights into your sales history, helping you decide which products to continue prioritizing and which ones to discount or phase out. This data-driven approach ensures that your store’s prime floor space is dedicated to high-demand items, improving overall profitability.

7. Accuracy and Efficiency throughout Inventory

In the past, manual tracking of inventory was labour-intensive and prone to errors. With a POS system, the entire process becomes automated.

When receiving new stock, you can easily cross-check the purchase order against the quantity received, ensuring that everything matches. This practice not only maintains inventory accuracy but also saves valuable time and labour. Automated tracking allows for better control of stock levels, ensuring that you’re never caught off guard by shortages or surpluses.

Conclusion

Inventory management is a critical aspect of running a successful business, whether you’re dealing with retail goods or specialized services like key cutting and shoe repairs, laundry and dry-cleaning, etc.

By fully utilizing the capabilities of point-of-sale inventory management, you can optimize stock levels, prevent shrinkage, improve efficiency, and make data-driven decisions that enhance profitability. Implementing these strategies will help your business run smoothly and increase your bottom line.

If your inventory management lacks a feature-rich POS system to make each of your tasks efficient, time-saving & faster, reach out to Axcess IT now!