08, Jun 2025
Why Retail Businesses Need Inventory Management Software:
As a retail business owner, you’ll have to deal with the management of your inventory, regardless of the size of your company. If you’ve experienced inventory management, you’ll understand that it’s one of the most stressful, challenging, and, not to mention, costly aspects of running a business. There’ll come a point where you need to take a step back and think about whether it’s time to consider adopting an inventory management system.
How Inventory Software Simplifies Business Operations:
Inventory software can make running your business significantly easier and addresses these key issues:
The efficient processing of customer orders means ensuring you have stock to fulfill the orders.
Reduce stock shrinkage, also known as lost stock.
Provide real-time clarity on how much inventory value ($/£) you are holding at any given moment.
Quickly respond to any inquiries from customers.
Manual Inventory Management Is Time-Consuming and Costly:
Organising your inventory and procurement process manually with paper and pen is time-consuming, costly, and wasteful.
Streamline Procurement with Inventory Software:
Inventory software allows you to keep on top of your suppliers so you can create and email purchase orders to them, then easily book stock against the purchase order when it arrives.
Automate Reordering to Avoid Stockouts:
You can set reorder levels so that when your stock level of a certain product reaches its minimum quantity, the software will automatically order new stock, ensuring your customers are never disappointed.
Access Detailed Order History and Sales Forecasting:
Inventory software can also give you access to your entire order history, so you can view exactly who ordered what and when. This can be great for forecasting your sales and working out those re-order levels.
Real-Time Sales and Order Tracking:
Depending on the software, it can also provide live updates and keep track of all your sales and orders.
Manage Inventory Across Multiple Channels:
If your inventory software works on multi-channels, it can deal with inventory across different shops, offices, and warehouses, allowing you to see which marketplaces your products are listed on, and also edit them.
Analyze Channel Performance with Multi-Channel Inventory Software:
Multi-channel inventory software can also be great for comparing channels in graphs, so you can see exactly where your sales are coming from, allowing you to identify which channels are performing best for your business.
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