Spring Cleaning: Refresh and Recharge Your Inventory
Inventory management is one of the keys to success in wireless retail.
Due to the current uncertain times, we understand that in-store traffic may be slow and that businesses are likely undergoing a significant impact. Providing back-office best practices your managers can focus on, like spring cleaning your inventory, can help you prepare for when business returns to normal.
Here are some sure-fire ways to de-clutter your inventory and refresh your processes so you can be fresh for when things begin to level out.
If it’s not on the floor and you know you’ve got it, having clear, concise, consistent names for SKUs can make a world of difference. Not only is it easier to find what you (and your customer) are looking for, but it also ensures you can serve more customers more efficiently, restock items easily, and keep your minimal storage space organized.
All the insights
Purchasing trends open the door to an incredible level of depth in understanding your consumer. Not only that, but when you’re analyzing these ebbs and flows, you can predict what items will do well with your shoppers and which will be passed up. That means you can bring in what customers want, when they want it, all without running out when the crowd comes.
Don’t lose stock
Completely understanding your store’s needs — on a location and company-wide level — is the foundation for keeping costs in control. Whoever is in charge of your inventory should be able to know what to order individually and what should be ordered in bulk. It’s not as cut-and-dry as you’d expect; for example, you may assume that a high-end item would be purchased less likely but what if it’s the hottest item on the market or consumers see value in it and purchase it more often? Assumptions become data-driven learnings when this information is known. That makes your ordering effective and your costs minimal.
While this is a start, there is so much more a wireless retailer can do to heighten profitability from inventory. Discover all the changes you can make, big and small, that will let your store move product more than ever before.