Retail business thrive and survive by profiting from their products and services. Though, profit simply means more than just earning more money. Having a profitable retail business means knowing how to manage products and services so that income is not wasted on items that cannot be used. Inventory optimization is a move that every business needs to take in order to succeed.
What is Inventory Optimization?
Inventory Optimization is the mechanism of balancing your inventory with your business needs. By having the right POS system in your business is among the key factor for effective retail inventory optimization.
How can you manage your Retail business Stock Merchandise?
As owner or stock manager you might be wondering, what should you do first and foremost for inventory optimization of your retail business? In many cases, a manager either manually orders new product or sets up an automated ordering system.
This is typically using four ways: –
- products are ordered by looking at the shelves and determining the correct numbers to refill the shelf.
- products are replaced as orders dip below a certain level.
- products are ordered in pre-established product quantities on a daily, weekly, or monthly basis.
- products are ordered and replaced as items are sold.
These above methods of ordering are problematic for a different reason. Waiting until your stock is too low can lead to sell the products which are out of stock, of which will cost businesses money in lost sales. Stock product that is automatically ordered, whether is on sale or timetable, can lead to a product surplus. Having too much products in stock wastes money on extra stock and often leads to products that need to be placed on clearance up valuable space on the shelves. The best method to fix this problem is to avoid it from the beginning. A reliable retail business POS system will help in this regard.
How Can kokotoa Biashara Help?
kokotoa Biashara is a system that perfects inventory optimization for retail business. kokotoa Biashara knows how much inventory you have in stock, how quickly or slowly specific items are sold, and how many of each need to be re-ordered. kokotoa Biashara removes the likelihood of human error by automatically calculating how much stock needs to be re-ordered.
Using kokotoa Biashara has been shown to increase the value of items you have in stock by 20-30 percent. It has been historically proven to produce savings of up to 50 percent in some cases. In fact, kokotoa Biashara does such an excellent job of optimizing inventory that it pays for itself after only a short amount of time in use. In addition, kokotoa Biashara offers inventory optimization for retail along with a wide array of point-of-sale services.
To learn more about optimizing retail inventory and what we can do for your business, do not hesitate to give us a call.
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