Mastering stock management is a delicate balance. For many businesses, it’s a tale of two halves – buying too much stock that doesn’t sell or not being able to keep up with the demand of the stock that does. So, what’s the solution?
One of the best ways to maximise your investment in stock comes in the form of an electronic point of sale (EPOS) system. Complete with handy and advanced features, an EPOS system can help you strike the perfect balance regardless of what and where you sell.
Here’s how it works.
1. Centralise your stock management
Gone are the days of manual stock takes! By consolidating your business’s online and in-store processes into a single solution that can be accessed via a computer, tablet or smartphone, you can instantly view stock levels whenever and wherever. Not only will this save you huge amounts of time, but it will also minimise the potential for human error and allow you to take pre-emptive action to place orders before stock runs low.
2. Implement intelligent ordering
Some of the best stock management features in an EPOS system are the ability to set minimum stock levels and automatically populate purchase orders with the products you need. An EPOS system will sync numbers across multiple business locations – again, online and in-store – ensuring you never have to play the guessing game again. No over or under stocking. No missing prime opportunities to sell.
3. Identify your best sellers
In order to meet demand and sell more, you need to know what your best-selling products are. It seems simple, but for businesses who are used to manual processes, keeping track of historical sales isn’t always that easy.
An EPOS system will help you to identify those items that are most in demand and which aren’t selling as well as you’d have hoped. It will indicate where the peaks and dips in sales are and how products perform during different seasons or points throughout the year. Once you know, you can reduce the cash you have wrapped up in stock (including insurance and storage costs) by marking down and pushing slow moving stock to free up space for more popular items.
4. Easily search for products
By implementing an effective EPOS system, keeping track of your stock has never been easier. You can monitor when an item sells and where, how much you have available and identify if something needs transferring from one location to another. This ensures your stores are synced in real-time, helping to prevent customers from making purchases of items that are already out of stock.
On the occasions where products are out of stock, the ability to tag items with similar attributes will give you the opportunity to promote alternative related products that can be added to a customer’s basket instead.
5. Set up promotions
After using your EPOS system to identify any slow-moving stock or gaps in sales periods throughout the year, the next step could be to implement site-wide sales that will highlight the products you want to push.
You can also look back at customer purchase history and target individuals with related products and discounts. This promotes customer loyalty and encourages repeat purchases for months to come.
Your ability to manage your stock can make or break your business operations. Ensure you get it right with an effective and robust EPOS system. To find out how Jugo could help, get in touch with our expert team on 02382 002134 or fill out our contact form.