POS Inventory Management for A Store

 

What is a POS system?

A pos inventory comprises hardware and software that facilitates and processes card payments for products purchased at a mercantile establishment, restaurant or maybe online. counting on the sort of operations, a POS system can include a cash draw, Mastercard reader, receipt printer and barcode scanner. The POS software records sales transactions and either includes or integrates with payment processing services. It often integrates additional business systems also, like your accounting and CRM software. Many of the favored POS systems are cloud-based, with vendors charging monthly subscription fees.

What is POS inventory management?

POS inventory management is far quite listing the things you're selling. It entails managing the SKUs for various items and tracking the things you sell and have available. an honest POS inventory management system automates both inventory tracking and buy ordering.

What are the advantages of employing a POS for inventory management?

Effective inventory management is important for any size business, except for small retailers and restaurant owners, the difference is particularly pronounced. Integrating your inventory management together with your register reduces the prospect of any costly inventory mistakes.

In a year when every sale counts even quite usual, pos inventory system can help make sure that small businesses maintain an accurate view of their available stock, know what's selling well (and what's not), and ultimately never miss a purchase. When you've got a transparent view of your inventory, you'll make better decisions about planning for the longer term, which provides you more flexibility to sell across multiple channels.

Monitoring your inventory movements and trends enables you to quickly find out what’s selling and what isn’t. These insights can inform your decisions around pricing and markdowns, so you'll protect your profit margins. Out-of-stocks are a serious complaint for consumers and that they are costing you valuable sales. Research shows that 66.3% of consumers leave stores empty-handed because the retailer did not have the things they needed.

Proper inventory management can prevent stockouts, so you'll keep customers happy whenever they patronize your store. Consumers tend to favor retailers that consistently carry the products they have, so having a catalog crammed with merch that your shoppers want may be a surefire thanks to keep them returning.

•  Track inventory

A pos inventory management enables a business owner to trace inventory, whether or not they have one store or three. The POS terminals at each location are tied into the accounting and inventory systems of the business. meaning you do not need to be on-site at each store to ascertain what's on the shelve

• Automate purchase ordering

POS software with built-in inventory management can automate the purchase-ordering process by alerting you when inventory is depleted below a group threshold. More advanced tools do the ordering for you.

• Identify trends

An enormous advantage of employing a POS system is that the reporting tools that show you which of them items are moving and which items are languishing. you'll filter this data by week, month and year, which helps you identify sales trends. With this information, you'll adjust your purchase ordering so you've got hot items available when your customers want them.

• Expand your inventory

If your inventory management is optimized, it's easier to handle more products, which suggests that you simply can increase the number of SKUs in your inventory. Having more items to sell improves your potential to extend sales.

•            Improve income

The last item you would like is inventory sitting on shelves. A pos inventory software reduces excess inventory situations by tracking what sells and what doesn't. Stocking the proper products – and therefore the correct quantity of them – lowers your costs and boosts your income.

Margin-driven Pricing

Margin-driven pricing will allow you to control your selling prices dynamically to satisfy your profit goals. Managing and pricing your inventory correctly makes for a more efficient and profitable company. Assign up to 6 prices for every item. Price by store or by color/size with location-specific and SKU-specific pricing.

Merchandise Analysis Reports

More than 40 built-in reports provide current and historical information about your inventory and buying trends. The inventory management module assists with pricing, merchandising, and buying decisions so as to extend your employee turnover and maximize your margin of profit return on investment (GMROI).Transfer inventory easily between stocking locations, receive inventory at  a central location then transfer the proper quantities to your other locations.