Category: Inventory Management

6 Types of Inventory and Sales Reports to Use in Your Retail Store

Reporting and analytics are essential to any retailer because they tell you exactly what’s going on in your business. Analyzing your data correctly enables you to make well-informed decisions around things like stock ordering, promotions, and staffing, among other things. However, having too much data (or worse — looking at the wrong info) can lead to mishaps, overwhelm, and a lot of business headaches. That’s why it’s important to run the right reports for your retail stores. Need help doing that? We’ve put together a list of the top retail reports you should keep an eye on. Check them out!

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How to Forecast Inventory Demand for Your Retail Store

This is a post by Alexandra Sheehan. Did you know that Amazon earns more than one-fifth of its North America retail revenue because local stores can’t forecast accurately? Customers try to purchase the product at a store in these scenarios, but the stores are out-of-stock and so shoppers look to Amazon. Clearly, forecasting essential, but we should note that it’s more than just predicting demand for your products. Demand forecasting also helps businesses effectively manage cash flow and maintain lean operations. If you’re carrying extra stock or don’t have enough to meet demand, you’re losing money. When working with one large

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Early Holiday Planning: How Retailers Can Get a Jump Start on the Busiest Season

This is a post by Alexandra Sheehan. Summer’s not even over yet, but forward-thinking retailers are already looking at year-end goals and, more importantly, the holiday shopping season. And it’s a smart play; the more prepared you can be, the smoother and profitable the holiday season. For the 2017 holiday season, consumers spent more than $680 billion in retail stores — it’s a spending holiday you definitely want to capitalize on. So if you’re prepping for the holidays this August and September, we’ve put together a guide so you can get your ducks in a row ahead of time. Create a

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12 Stockroom Organization Ideas and Guidelines to Implement in Your Retail Store

This is a post by Cara Wood. It may not be the sexiest part of your store, and it doesn’t get a lot of customer eyeballs, but your stockroom is still a critical part of your physical location. In many ways, your stockroom acts as the headquarters of the store’s operations. It’s where your management office will be located, where you’ll receive shipments, where your staff will first discover the exciting new inventory, and where your extra stock will live. Many of my fondest memories from my time as a sales associate took place in the stockroom. Manage it right,

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5 Inventory Costing Methods to Consider When Valuing Your Stock

This is a post by Cara Wood How much have you spent on your current inventory? How much did you spend on inventory that you’ve already sold? These are some of the most critical things retailers should be asking, and believe it or not, there is no one “right” answer to these questions, because of the various inventory costing methods out there. In this post, we’ll explore the different ways for valuing retail stock. Check them out below and see which one is right for your business. What are the different inventory costing methods in retail? 1. The retail method

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Everything You Ever Wanted to Know About SKU Numbers

This is a post by Cara Wood. Have you ever looked at a price tag and wondered why on earth there are so many numbers and letters on it? What are they all for? One of those numbers sets is usually the SKU number (stock keeping unit). SKU numbers are unique to each store and allow the store to keep track of each item in inventory. SKU numbers can be anything you want to be but are most often about 8 alpha-numeric digits. SKU vs UPC vs Serial numbers There are quite a few numbers associated with products and inventory-keeping

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How to Source Products for Your Retail Store: An Easy Guide to Buying Inventory that Sells

Having a fresh and appealing product selection is one of the pillars of retail success. You can’t attract customers with dated or uninspired merchandise, so it’s important to constantly stay abreast of the latest product trends and be on the lookout for merchandise or suppliers that can help you keep up. But how exactly should you source your products? Well, that’s what we’ll tackle in this post. Below, we’ve outlined the different product sourcing methods in retail, along with key tips and resources to help you find the right manufacturers, suppliers, or materials for your inventory. Let’s dive in. How

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8 Inventory Management Techniques to Help You Stay on Top of Stock Control

This is a post by Alexandra Sheehan. One time, inventory management could be as simple as handwritten tracking in a notebook. As time and technology have evolved, retailers are expanding their businesses to other channels, selling more types of products, and offering more fulfillment options. With these changes to the retail industry, a more sophisticated approach to inventory management isn’t just crucial, it’s practically mandatory. There are tons of different inventory management methods to learn about. When it comes to retailers, certain approaches may be more effective than others. Below, we’ve taken a look at the more common inventory management

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What is Inventory Reconciliation and How Will It Help You Save Time and Money?

How accurate are your inventory records? As a retail business owner, your inventory is in a constant state of flux. It’s virtually guaranteed that for the most part, your latest inventory records don’t match your actual physical inventory with 100 percent accuracy. That’s why you have to periodically reconcile your inventory records against your physical stock. Doing so helps you identify the source of discrepancies, improve your procedures, and prevent loss due to theft. Verifying inventory records is a monumental task even for a small business. Most companies shut down for several hours in order to perform inventory reconciliation, missing out

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