According to recent reports, Australia's retail industry is expected to grow by a massive 4.6% between 2019 and 2024. The growth will see increased competition in the industry, with businesses fighting for a piece of the pie. Keeping costs low is one area businesses focus on, and investing in stocktaking solutions is one way to achieve the objective. However, before you settle on a solution, you should first know the critical features that make it practical and productive. Read on.
Not many retail businesses have enough staff to keep tabs on how much inventory is remaining and when to make an order. While some stocktaking solutions provide real-time updates as the stock reduces, they are not enough for a business owner who is always on the move. Such a retailer needs a system that notifies them when the set minimum inventory threshold is reached. For instance, if a retailer sells glass kitchenware and only monitors movement from the store, they have to continually monitor the system to know when to order a new batch of glass plates. With such a solution, it is easy to make orders late. However, a stocktaking solution with notification capabilities allows you to set a minimum stock threshold, and you receive a timely notification once the limit is reached. It enables retailers on the move to comfortably order new batches of stock as and when needed.
Everything is going to the cloud — well, at least anything that can be stored electronically, and stock data is no different. Cloud-based stocktaking solutions are not only easy to use, but they also eliminate the need for storage hardware. All you need is the point-of-sale device, as the data you input is stored directly in the cloud. Another advantage of a cloud-based solution is that it is highly secure, which makes it virtually impossible to access without the right credentials. Only authorised personnel can access and conduct a stock audit in the cloud at any time and anywhere, and they can still generate stock audit reports remotely.
In this fast-paced retail environment, it is not enough to sell your products through a single sales channel. Sales from your website, online market places, mobile market places and the shopping cart all affect your stock the same way. As such, it doesn't make sense to have different stocktaking solutions for each sales channel. An appropriate solution should integrate all multi-channel sales platforms for robust inventory control. Moreover, it will help you to optimise your order management.