Inventory is an essential part of any retail business, as it directly influences the quality of products and ultimately customer satisfaction. However, in one of the largest retail industries – the US, research has shown that the average retail operation only has an inventory accuracy of 63%. This is when POS systems come in handy. In this blog, we will discuss the benefits that POS systems can have for inventory management.
Have real-time synchronization
One of the most notable benefits of POS is that it can automatically sync inventory data between your store and the POS system. Retailers can stay up-to-date about the inventory level and avoid disparities that can arise between the stores and the system. This benefit will be the most useful for new arrivals when store owners have not yet entered data manually into the controlling system.
You may be wondering – what if you need to alter the smallest item in a POS system? Many POS on the market nowadays makes this process as simple and quick as possible. ConnectPOS is a prime example for retailers to adjust inventory within simple steps. With this feature, you can add, edit, or delete stock within just a few clicks.
POS systems can also help retailers in the stocktake process. While traditional inventory management can be time-consuming and result in low accuracy, POS systems can save time and labor costs with stocktake features. Some POS systems in modern days, such as ConnectPOS, allow users to check item trends by tracking stock numbers at each period of time. In this way, inventory management can not only happen in a more logical way but also be more effective to develop suitable strategies in the future.
Identify sales trends
Many POS systems nowadays come with built-in reporting features. It can automatically generate sales reports based on the inventory changes. Store owners can thus understand their stocks and business better based on such informative data.
Sales reports generated by POS can bring out a real and holistic look into your transactions, so that store owners know which products should be restocked (best-sellers), and which items have stayed on shelves for long (dead stocks).
Support multi-store/warehouse management
For large businesses with multiple store locations or warehouses, POS is even more important. This is because when business is expanding, it becomes harder to control every activity that happens in each location. Inventory levels can easily fall out of the capabilities of store owners. This is when technology like POS becomes useful. With a single cloud-based POS, business owners can keep track of their different stores within one screen and an Internet connection. In addition, staff members can also easily assign stock in a specific warehouse to a specific store location. Quick, convenient, and correct – you name it!
Enhance the delivery service
If inventory levels are managed efficiently, your delivery service can also benefit from it. This is because inventory and products being sold are closely related to each other. If you have correct and updated information about stock levels, packing and shipping can happen on time. For example, a powerful POS system can tell you which nearby warehouse has a particular item, thus assigning it to the appropriate order. Furthermore, with a POS, your list of (to-be) delivered packages can be displayed and filtered based on certain characteristics for better management
Now you know the various ways about how POS can support controlling stock levels. Knowing the importance of a POS system in inventory management, ConnectPOS has developed the leading point of sale software with powerful features in stocktake, real-time synchronization, and inventory adjustment. Start writing your success by contacting us today or starting a free trial.