How to Optimize Your Retail Inventory Management
Optimize Inventory Management for Your Retail Stores
For all retailers, success depends on your inventory management. If your stores are out of stock, you will lose sales. If you are over stocked, it will negatively impact your store’s cash flow. Runit meets this challenge by combing real time access to your critical stock information with powerful, yet easy to use inventory management tools – ensuring you have unprecedented control over your businesses’ cash flow and one of its most important assets.
Maximize your inventory investment by better managing each locations optimum stock level. Real time updates allow your business to reduce inventory across all locations and to correctly time your stock replenishment. From any store you can view quantities for any location. This information can be viewed “on the fly” while in the midst of generating a purchase order, transfer order, sales receipt, or other system activity, so you can keep the optimum stock balance between stores using the most accurate stock information.
Inventory Management Details:
■ Inventory screens show store and company totals on hand, on order, received, sold, and in-transit for each inventory item.
■ Inventory is tracked by vendor, brand, department, type, subtype, style, season, color, size etc.
■ Flexible inventory formats include sized matrixes with unlimited extensions per style.
■ Better manage your inventory profitability with the automatic pricing option which calculates you initial retail prices based on pre-set markup from cost price.
■ Accurate tax features accommodate United States, Canada, Mexico and Australian compliance standards, including special tax rates on merchandise that is above or below a threshold price.
■ Increase sales by automatically suggesting complementary inventory items to the customer’s receipt at the register.
■ Optimize your inventory with superior price management features that offer to boost merchandise sales and sell thru by focusing on merchandise groups, inventory status, and historical sales.
■ Setup and activate price changes at any time during the day – allowing you to quickly take advantage of new opportunities or simply match competition’s prices.
■ Exceptional inventory detail– each inventory item has a three level department structure, dedicated price-point field, multiple user defined categories such as season, gender, material, etc. Plus, unlimited UPC and barcode formats, a 25 character small description field and a larger description field with an unrestricted text capacity, an area for a digital picture, serial numbers size, color, and much, much more.
■ Physical inventory reconciliation to ensure strong shrinkage controls.
Read More: How to Optimize Fashion Inventory for In-Store and Online Customers