Promotions are a great way to get people through your doors, but they can also be a massive undertaking when managing inventory. Inventory management is key to success in retail. However, if you’re managing your inventory well, you could avoid having too much or too little of an item, both of which can hurt your business growth. If you are wondering what steps you can take to manage your retail inventory, here’s nine steps to take:
Successful promotions with Inventory Management with 9 easy steps;
-
Itemise all your products in one place
-
Identify where your inventory is located
-
Make it a habit to count inventory regularly
-
Simplify reporting and purchasing
-
Specify a strategy for discounts and promotions
-
Design a process to receive stocks
-
Create a return procedure
-
Determine the excess stock procedure
-
Pick KPIs