Retailers often use a lot of tools and systems to help manage or improve their business, including point of sale, finance management, marketing tools, CRM, and more. The one thing that can sometimes be forgotten about is inventory management. Inventory management is so important to mid-level and enterprise retailers because they are often dealing with a mix of online orders, along with in-store purchases at multiple locations, and sometimes even in-store purchase orders (online purchases made in-store).
Here are three reasons why retailers need solid inventory management systems to succeed.
1. Better Customer Service
Having a solid inventory management system not only makes the job easier for the retailer and employees, but it allows for a better customer experience. With SuiteRetail and NetSuite, retailers can look up items to see what is available before having to search the back room, and be able to provide the customer with an ETA on the item if it is not currently in stock. Additionally, the retailer can easily see what is in stock and appropriately recommend another item.
Buy online and pickup in-store options are also becoming popular among consumers that do not want to shop in-store, but do not want to wait a week for their items to arrive or pay shipping fees. By having an inventory management system that works together with your physical and digital stores, retailers can successfully add this "click and collect" option for their customers.
2. Accurate Store Data
Having accurate store data is important for any retailer. Not only will an inventory system provide the retailer with the number of items in-stock, store location, etc., but it also allows them to measure the success of the business and adjust their strategy accordingly. By using an inventory system that is integrated with the rest of your retail business, you can track what items are being sold most by which employee, the items bringing in the most revenue, and how your marketing is influencing these sales.
3. Make More Sales
Lastly, efficiently tracking and managing inventory will result in more sales for retailers. By using an inventory management system to track which items sell less, retailers can respond to this by not reordering stock of that item or adjusting the price to help make the sale. They can also see if certain employees have lower sales numbers and provide training to help them make more sales, or consider assigning them a new role.
Retailers can also use this information to ensure that their most popular items are always in-stock. This will help employees make more sales which will make for more happy customers.
SuiteRetail has partnered with RF-SMART's retail inventory management and NetSuite to provide retailers with a solution that will manage the entire business on one platform. SuitePOS, built for NetSuite, allows retailers to manage their point of sale, finance, marketing, ecommerce, and more all on one platform. Coupled with RF-SMART, retailers can manage their inventory with advanced tracking and analytics.
Learn more about SuitePOS by contacting our sales team today.