POS Software With Vendor Analysis Built into Retail Stock Ledger
There are many ways to use the Retail Stock Ledger built into ProphetLine POS Software, but the one often not used is the vendor comparative. When you carry inventory from different vendors for like product, you need to know how these vendors stack up against each other. If Vendor A gives you better margins, turns and sell-through percentage than Vendor B, you now have the information needed to approach Vendor B for better terms and pricing or you can’t afford to carry their line anymore.
Many retailers feel this is a cost of doing business if Vendor B is selling them high visibility, branded goods. If you are armed with instantly obtainable information on how poorly they perform against their competitor, they will work with you and probably be amazed you had this data available to you. Your relationships with your vendors must be profitable for both of you for this to be a win-win for both sides. If it’s not, the terms of the relationship must be renegotiated.
You can be sure that if Vendor B was not happy with their arrangement with you, you’d be hearing from them. If it’s not profitable for you, they need to hear from you. When POS Software takes your sales history and purchasing history, then automatically runs it back to the Retail Stock Ledger, the battle is won. If you don’t have this ability in your current POS Software/Merchandising System, call and find out what you are missing.