“Retail inventory management is inescapably connected to operating a successful shop,” says the author of the article “On The Importance of Retail Inventory Management.” I couldn’t have said it better myself.
Retailers’ needs differ from those of wholesalers and manufacturers in that they work directly with end users, and they must act quickly to accept credit cards, checks, cash and other payment types when people are ready to check out. That’s why they need an inventory control system that uses barcodes and barcode software to quickly scan products and update their inventory records.
Fishbowl integrates with point of sale systems. This makes the task of inventory management simpler because once a retailer scans a product’s barcode to sell it to a customer that product’s quantity gets instantly updated.
It’s absolutely essential for retailers to have enough products in stock to sell to their customers. If they run out, their customers are likely to leave and go to one of their competitors. But retailers shouldn’t stock up on more products than they need. Customers might change their minds and seek different products.
Inventory software saves retailers money by helping them balance their inventory levels and avoid costly shortages and overstocks. It also lets them keep more working capital available for more important reasons than hoarding products in their warehouses.