Retail inventory management software, at its most basic level, assists users in maintaining a precise inventory count. Among the core features are the ability to filter products by department or category, the ability to set minimum quantity requirements, and the ability to get notifications when stock levels fall below certain thresholds. Advanced systems may contain a matrix for tracking products by size, colour, and style, as well as open to buy modules and integration with buying modules to enable the automatic production of purchase orders.
Why use myBillBook?
What is retail inventory management?
Retail management is the practice of maintaining the products that consumers desire, but not too much or too little. Retailers may fulfill consumer demand without running out of goods or holding an excessive amount of inventory if they manage their inventory well.
Effective retail inventory management leads to cheaper costs and a more complete grasp of sales patterns in practice. Retail inventory management tools and procedures provide merchants with more information to manage their companies, including the following:
- Locations of products
- Quantities of each sort of product
- Which stocks do well and which do not, according to location and method of distribution
- Profit margins for each style, model, product line, and individual item
- The appropriate level of goods to keep in back stock and storage
- How many goods and how frequently to reorder
- When is it appropriate to terminate a product
- The effect of shifting seasons on sales
Why use myBillBook retail inventory management software
Keeping track of stock quantities with spreadsheets or a physical inventory count takes time. However, retail inventory management software assists you by automatically checking out-of-stock goods and comparing reorder items. The automatic method helps you discover issues quickly.
Retailers can better trace products and resources with inventory management software with batch tracking. One may choose goods with specified batch numbers, expiration dates, etc. This streamlines manufacturing and refilling.
- Finding valued products
Perfect retail shop management is when the retailers must discover the best-selling items to invest in those stocks. The retail business may avoid out-of-stock concerns by making strategic investments. A good inventory management system will help product managers. It helps them identify hot and cold products, allowing them to reallocate funding to more valued items.
- Real-time data
Modern inventory management systems give merchants real-time notifications and precise data that help them respond smartly and seize sales opportunities. This technology allows you to produce exact stock reports immediately. Using this data, one can easily compare stock and rearrange it.
- Better insight
Retailers may utilize an inventory management system to prevent staff theft, another important source of income loss. According to the international retail fraud survey, the retail industry has lost its revenue in sales due to employee theft. A stricter inventory control system helps merchants detect and fix such issues faster.
- Avoid stockouts & overstock
As stated above, retail inventory management software will aid product managers in effective restocking. The report will tell you what’s in stock and what’s trending, allowing you to make better purchase decisions.
- Instant stock closure
Adding sales and purchase data to an automated inventory management system generates a stock report. Automated reporting saves retailers time closing out stock. The data must be verified.
- Easy spot recognition
An inventory management system can detect minor errors instantly. This automated system can even detect a simple warehouse step skipping.
- Scaling your business
The system can grow with your business. It saves money because it automates most retail processes.
- Forecasting ability
These reports help forecast future sales. It’s possible to increase inventory turnover by using sales peaks, past trades, and customer demand data. This way, the unsold stock isn’t taking up storage space when it could be discounted or donated.
- Integrate accounting
Surprisingly, your dedicated retail inventory management software can integrate with other systems. The real-time report generation saves time when integrated with accounting software.
- Minimized overselling
Overselling results in unhappy customers lost promotional control, and in some cases, suspension from e-commerce sites like Amazon and eBay. Keeping track of stock and sales will help. This tool automatically updates your inventory when an item sells on a marketplace.
- Fewer operational costs
From manufacturing to shipping, the inventory management tool will track it all. This automated process can easily save time and resources.
- Satisfied customers
You need customers to succeed. It gives you an edge in retail. Customer service can be improved with an inventory management tool. Retailers can easily track all shipments, inventory, and any errors. It also improves customer relations by speeding up problem resolution.
- Better deals
It also helps product traceability and informs potential supplier negotiations. You can find out who benefits the most and what needs to be improved.
Significance of inventory management in retail store for small businesses
You may be aware, as a small company owner, of the necessity of finding a balance in all aspects of your shop’s operations. If you acquire more stock than you can sell, you will have a budget shortage. However, if you do not have adequate products on hand, you risk degrading client service.
This is why you need an effective inventory management system to handle these scenarios and free up your time to focus on boosting sales and earnings.
A successful offline and online retail shop is built on an efficient inventory management system. When you have a solid inventory management system in place, you may enjoy a variety of benefits, including:
- Real-time inventory status and level data
- Accurate fulfillment of orders
- Minimal business interruption
- Enhancements to inventory planning and ordering
- Enhancement of consumer pleasure
- Inventory order accuracy
- A well-organized warehouse or storage facility
- Cost savings associated with storage
- Increased efficiency and output
- Time and financial savings
- Maintain a healthy balance across different sales channels
- Increase repeat business
- Increase brand loyalty
- Integrate with other critical tools, such as
- Pos (point-of-sale) systems
- Accounting systems
- Accounting software
- Systems for customer relationship management (CRM)
Inventory management involves several factors that might have a beneficial influence on your company’s bottom line. Having the appropriate inventory management software system may help your company become more productive, lucrative, and well-equipped to serve its consumers.
Features of retail inventory management software
It promises to deliver a seamless and glitch-free invoicing and inventory management experience to business owners.
- Simplify your billing operations
You can make bills inclusive and exclusive of GST. All you need is:
- GSTIN of both parties
- Billing and shipping address of the party
- Consecutive invoice numbers
- Date of issuance
- HSN code of items
- CGST/SGST/IGST on items (as applicable)
Customize the contents of the bill in a way that’s suitable to your business and industry.
Personalize the invoice to your preference using a range of themes and colours available.
Reduce billing time by using the barcode scanning feature.
Share the invoice instantly over e-mail or WhatsApp.
Create vouchers, payment receipts, sale & purchase orders, sale & purchase returns, delivery challans, etc. You can also send a notification to parties whenever a voucher is created in their name.
- Keep track of your business with timely business reports like:
- Sales summary
- Profit and loss reports
- Party statements
- Stock summary
- GSTR 1 (sales) [paid feature]
- GSTR 2 (purchase) [paid feature]
- GSTR 3B [paid feature]
And over ten other kinds of exclusive reports that ensure smooth functioning of the business.
- 24×7 automatic data sync and backup between the desktop and mobile app
You may not be able to access your pc at all times. By enabling data sync and backup between mobile and pc, retail inventory management software ensures that you never lose your work – you can access your work on the go!
- Keep track of accounts payable and accounts receivable
- Retail inventory management software automatically sends out payment reminders and collects payments with a single click.
- It also notifies you of any overdue payments you need to make.
- Keeps your data secure
- Data is backed-up automatically
- Your data is 100% secure
- Iso 27001 certified
- Customized greeting and business cards
- Share personalized business cards with all your parties.
- Send festive greetings to your parties without any extra effort.
- Add staff members to the app (paid feature)
Add your salesman, stock manager, delivery boy, accountant, partner to the store inventory management app with assigned permissions for each role.
FAQs – Retail Inventory Management
What distinguishes inventory management software from warehouse management systems?
Weighing and storing items within a warehouse, as well as processing related activities including shipping, receiving, and fulfillment. It manages and optimizes inventory movement, storage, and tracking inside a warehouse. However, inventory management software optimizes what to stock and how much. Inventory management systems optimize safety stock, reorder points, and economic order quantities (eoq) to satisfy future demand.
What are the four major types of inventory?
- Raw materials
- Inventory of work-in-progress (WIP)
- Finished goods
- Goods for maintenance, repair, and operations (MRO)