Point of Sale software solutions are a must-have in all retail stores regardless of size. They are widely popular for how easy they make managing retail operations. Besides improving billing functions, enhancing employee management, and more, POS solutions are the perfect tools for managing inventory. In this article, we discuss the perks of managing your retail store’s inventory with a POS system. Let’s get started.
Track stocks in real-time
Knowing what stocks are available and not available in your inventory enables you to make the right restocking decisions. Traditionally, store staff manually count the items in the inventory to keep tabs on how much is available. It is a time-consuming and immensely laborious process. Not to mention, it opens up room for errors.
POS systems can integrate with tracking devices like GPS, NFC, barcode scanners, and RFID. This allows you to keep an accurate track of what is there and what is not there in the inventory. The software solutions can also track the location of items that are in transit to your store from the supplier.
Having sufficient stock in your inventory enhances customer satisfaction. That requires you to place orders for restocking items on time. The late placement of stock orders will lead to delays in procuring them. And it isn’t always possible to check up on inventory levels to identify what items are running low.
Point of Sale software solutions free you from frequently monitoring your inventory. They can automate your purchases. Whenever a particular item becomes scarce in your store, the software applications can send out auto-filled purchase forms. They are sent to a designated supplier with the correct details of what items are needed.
It is common for retail stores to have multiple suppliers. Some suppliers may offer to sell goods at lower costs and with faster delivery services compared to others. So some suppliers may be more favorable than others. Comparing their price lists and managing returns and transportation using paper-based tools or spreadsheet software is cumbersome. But not with a POS solution.
POS solutions allow you to effortlessly create, save and manage suppliers. You can easily generate purchase orders for select goods from specific suppliers. It is as simple as selecting the goods you want to buy and then choosing the supplier from whom you want to purchase. Thereafter you can track the status of the order. Furthermore, POS solutions also make it incredibly easy to manage supplier returns and refunds.
Inventory management on the go
The inventories of retail stores are dynamic. Stocks deplete and replenish cyclically. All of the inflow and outflow of stocks need to be tracked. Manual retail billing solutions like spreadsheet software and paper-based tools do not only make it difficult to track stocks. They also make it hard for you to manage your inventory remotely. They lack the integrations for it.
With a POS software solution, you can manage your inventory on the go. You can seamlessly access your inventory data via the cloud. You can use any smart device that supports a browser and internet to manage your store’s inventory. Devices include desktops, laptops, smartphones, and tablets.
There are many operations that closely tie in with inventory management. Some of them are sales, marketing, customer management, promotions, and more. While you oversee the myriad of operations in the store, you may forget to track, monitor, or execute a crucial task. And ensuingly, it may or may not lead to costly and time-consuming repercussions.
Point of Sale software solutions prevents such instances from occurring. They are equipped to send you notifications and alerts via SMS, e-mail, and in-app notifications. You can customize them to trigger in response to various events like low inventory stocks, stock arrival delays, canceled stock, and more.
Get inventory reports
As your store’s inventory exhausts and stocks up on items, the inventory log can reveal a great deal of insightful information. To view it, you must consolidate all your inventory data and identify trends, opportunities, bottlenecks, and more. Performing this manually is a daunting task. Instead, you can use a POS solution.
POS solutions automatically crawl through the information in its databases and instantly generates inventory reports and analytics. You can schedule them for when you want to receive them. They display insights such as what items are fast selling, what items are least selling, and more.
Efficient inventory management results in higher sales, lesser costs, and excellent customer satisfaction. It’s not just about stocking your inventory up with a myriad of items, you must stock up on items that are in demand. Point of Sale software solutions are holistic retail billing management solutions that help you efficiently oversee your store’s inventory. They are without a doubt, far superior to spreadsheet software.
If you’re looking to purchase a world-class POS solution, then I highly recommend SmartPOS. Besides managing your inventory with cutting-edge features, it also enables you to manage marketing, sales, customers, employees, and more. Visit their website to book a live demo today.