Managing your inventory is always a bit of a challenge: not only do you have to make sure your shelves are always stocked, but you also have to make sure that they’re stocked with the right stuff at the right time. It’s easy to make mistakes in inventory management and here are 3 most common inventory management mistakes that business owners often make, and how to avoid them:
Lack of planning
Planning is one of the fundamentals of effective inventory management, especially during peak times like holidays. You can turn to the sales reports to know your item sales by day, week, month, and year to get a grasp of your sales flow and make data-driven decisions on when to stock up what. Here in ConnectPOS, there are 20+ types of reports, including the basic and advanced ones so you can access a wealth of information anywhere, anytime.
Lack of automation
Automating your inventory management can help you save time and reduce errors. An inventory management software integrated with your online store and POS in your brick-and-mortar stores will track and update stock in real time on all sales channels and automatically alert you when the stock level of an item is low so you can order more in time. You can rest assured knowing what and how many you have on shelves at all times.
If you have both online and brick-and-mortar stores, you might have encountered this problem before: A shopper orders something on your website just as another shopper buys the last of that item in your brick-and-mortar store. This will surely cause a frustrating online experience if you can’t notify the shoppers in time. To avoid this awkward situation, make sure your inventory system automatically updates your online store when you sell things in your brick-and-mortar store.
ConnectPOS, the Leading Magento 2 POS for Retail, is integrated with Embedded ERP by Boostmyshop for an omnichannel Magento system. You can easily manage inventory across stores: view stock of a particular item at each store, transfer stock in Magento backend and directly in ConnectPOS. Inventory information is synchronized in real time to Magento and among all stores, so you can avoid selling out-of-stock items. Common inventory management mistakes can be overwhelming — let ConnectPOS and Embedded ERP relieve you. Schedule a demo with us or register for a free trial today!