Inventory management is an essential part of any retail store, because it connects businesses with their suppliers and customers. However, research has shown that only 63% of the time businesses are accurate in their inventory levels. This number clearly shows a need to improve inventory management. In this blog, we will explain 4 ways that POS software with inventory control can upgrade your retail store.
Overview
Streamline sales processes
As a retailer, you might have multiple stages to complete when serving customers. They often start with customers searching for a product in-store or offline, followed by the payment (and shipping) process. Then during the post-purchase stage, customers may want to refund or exchange the items they have just bought.
POS software with inventory control can simplify and streamline these steps. With this modern invention, everything can be handled within a unified platform. Sales and customer data can be stored in the system with real-time synchronization. As a result, you can search or continue a particular order with ease.
Support multi-warehouse management
Many big businesses nowadays have more than one warehouse. This makes it harder for the owners to control their inventory without the help of technology. Having multiple warehouses can result in data discrepancies, such as when a product stated ‘available’ in the system turns out to be out of stock at a particular location.
POS software with inventory control could be the perfect tool for multi-warehouse management. Many businesses nowadays prefer to have an MSI (Multi-Source Inventory) management system to optimize the process, such as ConnectPOS. With ConnectPOS, users can easily manage their inventory, warehouses, and suppliers with extensive and more powerful tools. MSI systems have become a good supplementation in addition to the POS system.
Store data on the cloud
Storing data on the cloud helps big businesses save a lot of budget and time. With a cloud-based POS, users can access data anywhere, provided that they have an Internet connection. For example, if you are not currently in store but still want to adjust the inventory level, cloud-based POS will allow you to do so.
Moreover, this POS software also makes room for much greater data than the traditional type. Since information is stored in a remote server, you don’t have to worry about the amount of data you enter into the system. This helps you focus more on the other necessary tasks.
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Generate inventory reports
POS software with inventory control can also enhance your understanding of the business. The system automatically generates reports and analytics based on the sales data. As a store owner or staff member, you can see the sales and inventory trends of your business. Some of the data you can spot are the bestsellers and the dead stock. After that, you can come up with suitable strategies in the future, such as restocking the best-sellers and putting the dead stock in a promotion program.
Wrapping up
From these points, POS software with inventory control is a multi-functional tool for retail businesses. If you are looking for a POS like this, you might want to have a look at ConnectPOS and the MSI system. Our POS system excels in real-time synchronization and inventory management across online and offline platforms. Let’s talk about how we can help.