5 Foolproof ways to Manage your Inventory

Stockouts are a retailer’s worst nightmare - and that is no exaggeration. Loss of valuable sales, damaged brand name and reputation, declining business growth - the list goes on.

Worst of all is the utter dissatisfaction with the term “out of stock” brings for any customer. Nobody wants to know the product they want is no longer available - it’ll only make them feel let down. After that, customer loss - and even negative customer reviews - is just a short step away.

As any sensible retailer, you’d want to stay far away from stockouts. Lucky for you, we have come up with methods on how you can stop stock outs from happening too often.

The ideal solution to the problem of stockouts is accurate data - and you can’t have accurate data if you’re not updated.

Although modern inventory management programs can do a great job at tracking stocks, you cannot rely on it too heavily. This is where physical inventory comes into the field; set some time aside and make sure the numbers you have for yourself align with your actual warehouse. There are two options to pick from full inventory counts or cycle counting.