Must-know Tips for Retailers to Manage Stock Effectively

Managing stock is one of the most crucial aspects of a retail business. Retailers must have an accurate idea of stock-in-hand, and in-transit to handle their everyday purchase cycle. Currently, there is no system in place to help retailers get an insight into their stock, and organize order cycle accordingly.

Here are some important tips for retailers to manage stock effectively and efficiently using Purchasing Manager-

Accurate Calculation

Retailers need stock insights and supply chain management to accurately calculate their stock. Outsourcing the latter could burn a hole in a small business’s wallet. Using our purchasing software for small business, you can make accurate projections, which lead to almost accurate supply chain management.

When making a projection, you should not simply consider how much you can stuff in your retail shop. Instead, consider how much you’ve bought and sold in the previous month, and the month before. With Purchasing Manager app, you can check your order history, including item quantity and mapped vendors to make the right projections.  

Correct Order List Creation

Furthermore, retailers need to eliminate miscounts at all cost. Mistakes are quite common with paper-based ordering slips. Using Purchase Manager, you can create order list using an inbuilt barcode scanner so that not a single error occurs.

Discriminate between items

Some of the items are best-sellers while some are slow-moving. As a retailer, you need to sort out and re-adjust your stock management strategies accordingly. For example, an item that moves fast is likely to run out of stock. Hence, it’s procurement and availability are a top priority.

Purchasing Manager enables retailers to quickly create purchase order using their smartphone, and share them with different vendors through SMS, online messenger, etc. So, you do not have to wait for vendors to visit your store and collect the order, which delays the procurement further.

Summing Up

Retail is highly dynamic and competitive. With that, the need for better purchasing and order management is surfacing.  Purchase order software such as Purchasing Manager can help retailers bring efficiency to their purchase cycle without making any hefty investment.