6 Ways to Master Your Inventory with a Cloud-Based POS Inventory management is at the heart of your business, but it’s also the weak point of many retailers. They either buy too much inventory that doesn’t sell, or they can’t keep up with demand for popular items.
Inventory management is a delicate balance, but if your store’s POS system has robust inventory management features , you have all the phone number list tools you need to achieve that perfect balance and long-term success.
Whether you sell bundles of products, add serial numbers to your merchandise, or sell items with multiple color, size, and style variations, a cloud-based POS system will help you balance your inventory across all your stores and even online.
6 Ways to Master Your Inventory with Cloud-Based POS Software
1. Know what products you need to stock
The logic is simple: you need to know what your bestsellers are so you can sell more of them.
A cloud-based POS system will help you identify products that aren’t selling as well as you’d hoped so you can mark them down, sell them, and what is a growth manager make room for more popular products.
Tracking your inventory, year-over-year or season-over-season sales, unit costs, and profit margins will help you make smarter inventory purchasing decisions and increase your return on investment.
2. Gain visibility into your inventory wherever you are
A cloud-based checkout lets you open pop-up stores or start selling your products at trade shows. How? By centralizing all your inventory management and payment processing tools into a single system that you can access from a laptop, tablet, or smartphone. When customers ask if a product is in stock, you can find answers quickly because they’re literally at your fingertips.
3. Create purchase orders and place orders
After creating an order, you can fax, email, or, if you use Lightspeed Retail , place orders with some of the largest suppliers in your industry using our integrated product catalogs.
Additionally, you can even set automatic product replenishment points .
What are auto-reorder points? 6 Ways to
Auto-reorder points are essentially a tool that allows you to set the lowest quantity of a given item you want in stock at any given time. Once your inventory levels reach that amount, you’ll be notified so you can order more before you start running low. Then, you can automatically include the product and quantity you want in your next order. Pretty cool, right?
4. Quickly find items for your customers
Organize your inventory into customizable categories and tag all your items that share similar attributes. By using tags and categories to help south africa business directory filter your inventory searches, customers can find the products they’re looking for faster—and even see other complementary products they might want to add to their cart, which is ideal for increasing cart value.