Tips for Tracking Your Business’s Inventory
As most retailers can attest, inventory is one of the more time-consuming tasks a business must face. However, advents in mobile and wireless technology have made the process simpler and portable. Through mobile POS systems, you can track inventory in real-time right on your screen. All you need is a smartphone or tablet.
Inventory on the Go
Traditionally, employees had to go through store rooms, mark or scan each item individually and compare the numbers to sales. With POS systems such as Clover or SmartSwipe, you can track every item that leaves your store, updating your inventory in real-time. When it comes time to take stock, you have a clear number to match.
Preventing Inventory Shrinkage
Inventory shrinkage costs your business money. You never want your merchandise to expire or become obsolete. When you take inventory of your stock, make sure to note in your system expiration dates, manufacturer updates and expected release dates for upgraded versions. Stay ahead of obsolescence and stock merchandise that sells.
Pay Attention to Sales Analytics
Your sales tell you everything you need to know about your inventory. The longer you track consumer behavior, the more information you have to control your inventory. Pay close attention to seasonal trends and adjust your orders accordingly. As demand rises or subsides, you can reflect the shift in you stock, never buying more or less than you need.
With mobile POS systems, you can update product information, such as pricing or quantity, right on your smart device. This allows you maintain the most up-to-date accounting information and cost analysis. Whether you’re having a sale or discounting last season’s merchandise, you can see in real-time how it’ll affect your bottom line.
Your inventory is too important to neglect. For more information about inventory tracking solutions and mobile POS systems, contact the experts at Merchant Account Solutions at 1-888-697-2396 today.
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