Online stores and establishments have been in trend today due to the appearance of different online platforms. Selling and purchasing can now be as quick as a blink of an eye. Though physical and online stores are run almost with the same process, with online stores, transactions are conducted online and with less human contact.
Online stores are convenient and are easier to navigate for both customers and business owners. But just like every business, there is one aspect that never changes: proper inventory management.
Whether your store is inside a mall or it is online, you’re still working with a physical inventory at some point, either through a stockroom, a warehouse, or another area. Managing the inventory in these spaces can be a little tricky, especially when you do not have the right system to help you. Keeping track of your products, knowing which of your items are in-demand and in need of constant replenishing can be confusing and can come out of hand.
One way of keeping your inventory on track and your business in smooth-sailing is to manage your inventory effectively. Here are some tips on how you can manage your products and help keep your business booming.
1. Always be Organized
- Organize your items or products strategically. Effective inventory management lies in your great organizational skills and techniques. One way to do this is to store like products together. Create a list and group similar items and pieces in categories to better keep track of them. By doing this, finding a particular product is easier when orders came in.
2. Track all product Information
- Make sure to have clear and clean records of your product information. Include the necessary details such as SKUs, barcode data, suppliers, countries of origin, and important sizes or numbers. You might also include the cost of each time every time.
3. Be Consistent
- Have a standard process that you and your employees can follow.
4. Track Sales
- Understand daily what are the items you sold, how many items and update your inventory totals.
5. Upgrade to an Inventory Management Software
- If you have a small business, managing the inventory is still doable. However, as time pass by and your business starts to grow, you’ll be spending more time on inventory, and doing it using paper and pen might now work thoroughly.
- As your inventory continues to expand, you will be needing Inventory Management Software. Good inventory management software allows you to manage processes and tasks easier and more efficiently.
6. Invest with Quadrant Alpha for your Inventory Management Software
- QA designed a system that enables any organization or business to acquire information as fast as possible. This helps businesses improve their overall inventory performance.
- Here are some noticeable features of QA’s Inventory Management System:
- Multi-warehouse Inventory Management
- Central Warehouse Commissary to Branches
- Manage Supplier prices
- Set Threshold for each SKU and Warehouse
- Barcode scanning enabled
- Track Damaged, Spoiled and Expired products
- Eliminate Pilferage
- Achieve Inventory balance
During this time, where people are delimited to work because of the pandemic, it is a must to have software that will allow you to have less human contact and let you focus more on the other processes of our business. Online Stores and Businesses are very much in demand today. As people rely more on purchasing items through their phones or laptops. Make sure to keep track of all of your inventory for your online business. Automize your business today!
Get to know more about Quadrant Alpha’s Inventory Management System and let your Online Business flourish and reach greater heights.