Inventory is the core of retail businesses. It is what will be sold to customers and gain profits for merchants. However, research has shown that only 63% of the time inventory is accurate in retail businesses. A POS system integrated with inventory management tools is a great choice for retailers to better manage their stocks. Therefore, this article will give you 4 ways that POS software with inventory control can upgrade your business.
Overview
Automatically track inventory levels
Long is the time when you have to manage your inventory data manually. A POS system can automatically track the inventory level when you enter the list of new items to the system, or when a product has been sold. This function can save you a lot of time inputting data into a spreadsheet. In addition, the accuracy of inventory information can also be maintained with the help of a POS system.
For multi-store businesses, POS software with inventory control can help synchronize your data between different store locations. For example, a customer may want to buy a particular product, which is sold out in one location but still in stock at another location. A powerful POS can notify you which location it is, from which you can assign the appropriate method to sell that item (such as home delivery). This is a strength of cloud-based POS in which data is kept in a single online platform.
Avoid stockouts
Do you know that one-third of businesses miss the shipment deadlines because they accidentally sold an out-of-stock item? To avoid this situation, POS software with inventory control can make alerts when an item is running low. This is particularly beneficial for businesses with a large number of products, as it will be difficult to stay updated about the inventory level of each item. Many POS systems now have the ability to notify staff members about the possibility of stockout, thus helping them re-stock these items timely. The less likely stockouts can happen, the more sales the business will get.
Recognize sales trends
POS software with inventory control can also recognize sales trends. Based on the inventory data, POS systems can analyze the trend and automatically generate reports. In this way, businesses can easily get insights into the best-selling items, or the products that have stayed in the store for a long time. They can also analyze the effectiveness of the marketing strategies, for example, if a promotional campaign leads to an increase in sales.
Without a doubt, sales trends are important resources for store owners nowadays to understand their strengths, weaknesses and come up with better solutions.
Support omnichannel shopping experience
Many customers now prefer online shopping or an omnichannel experience that allows them to continue the buying process across different channels. A great example of this behavior is curbside pickup when customers buy online and pick up in store.
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A POS system with powerful inventory management tools can maintain a seamless omnichannel shopping experience. You can track the purchase orders and their delivery status anytime and anywhere. A streamlined inventory system across offline and online channels can also maintain better customer service. You can provide accurate information about customers’ order status whenever they ask.
Our story
It is inevitable that POS software with inventory control is powerful for retail businesses. Knowing these benefits, ConnectPOS offers top-notch POS solutions with excellent inventory management features. We take pride in real-time synchronization between multiple channels and the top click-and-collect features. Start writing your success with us today!