Retail Inventory Management Software
Take stock of your business with retail inventory software
Keeping track of inventory in a business, regardless of its size, can be challenging, which is why it's important to have a good retail inventory purchasing control system. Retail inventory management software is a key part of this system, helping you better understand and monitor your inventory.
To choose the right retail inventory software, you'll need to consider the type and quantity of inventory you're keeping and also the type of information you want to receive from your software. You'll also need to think about the type of inventory management you'll be conducting, as this can also influence your software purchase.
What is Retail Inventory Management Software?
Retail inventory software plays many roles in your inventory control system, depending on the software itself as well as your inventory and your desired functionality. Its most common uses include:
- Ensuring inventory accuracy. Inventory management software can help you keep track of exactly how much inventory you have and how much of each product you have. This can help you deal with customer inquiries and keep better records.
- Easier inventory ordering. With retail inventory management software, you can set up alerts for when inventory stock drops to a certain level. This can help you keep a good supply of items that you know are popular and in high demand.
- Identifying inventory trends. Inventory retail software often offers detailed reporting, which means you can analyze the flow of your inventory and identify which products are good sellers and which are not. You can also compare these reports to your promotions and advertising to examine their impact.
Types of Retail Inventory Management
There are many retail inventory software products available that cater to a number of different business and inventory types (small business inventory management software, etc.). However, before you can choose a specific product, you should narrow down the type of inventory management you want for your business:
- Periodic inventory management. Periodic inventory management is often used in smaller businesses because it is often the most accurate method (though more time-consuming). Each product is scanned into the system by hand on a monthly, quarterly or annual basis, typically using a barcode scanner and bar code inventory software.
- Perpetual inventory software management. Perpetual inventory management allows you to track inventory in real time, entering products in as they arrive and tracking them as they are purchased. This method is considered easier for larger businesses, who have constant inventory arrivals and who have a larger inventory base.