POS Software with Built-In Merchandising
Most small retailers have one main thing to worry about and that is their inventory. Their inventory assortment tells the public who they are and quantity of inventory says if they will be profitable or not. Not enough of the proper assortment will tend to reduce the chances of your customers coming back and too much inventory will ruin your profits. POS Software with built-in merchandising functionality, like open to buy and a retail stock ledger will give you the information needed to make informed decisions on assortments and availability. The cost of inventory is the largest expense item on a retailer’s income statement. If not managed carefully, the cost of excess inventory can be the difference between a small retailer being very profitable and losing money.
Many small retailers think that they need more inventory to be sure they don’t miss any sales, but the truth is that too much inventory almost always will cost you more. When retailers bring their inventories in line, clean up their assortments and make it easier for the customers to shop, sales will go up. The cost of slower turning inventory is much greater than the cost of faster turning inventory. These costs happen from lost sales, lower margins and increased expenses. Retailers that properly manage their inventories, the assortment their customers want and not being overstocked are going to be much more profitable and good POS Software with built-in merchandising will get you there.