6 Points to Consider for a Standardised Inventory Management Process
Imagine yourself going into a store with your heart set on purchasing a particular item, only to find out after making the effort to visit the store, the item you were looking for was out of stock. Frustrating? What do you do next? First, you might search out a store associate to help you. If that doesn't do the trick, you'll likely just pull out your phone to search for another store and simply place that order online.
This story is often played out in retail stores on a daily basis, and it’s disheartening to say the least. This example is far from the goal of providing great customer service by having the right product at the right time. As a result, your company’s reputation may potentially be tarnished, and brand loyalty is now even more of an uphill battle. However, all is not lost! Gaining a better understanding of your inventory can be a part of the answer. Having confidence in your inventory accuracy provides both you and your valued customers with an opportunity to increase visibility and at the same time drive sales.
An accurate on-hand inventory can help improve store performance. And as a result, the improved sales may help drive further investments into areas of the business that provide consistent and positive shopping experiences for your customers. You may ask yourself, “How can this be accomplished?” The best way is to make sure your inventory is accurate by having a standardised inventory management process in place. Below are some critical focal points to consider:
Customers’ trusts and expectations
Gaining customers’ trust by having the products they want on hand is the first step in building loyalty and retention
Pleasant shopping experience
Satisfying the wants and needs of your customers strengthens your relationship with them
Potential new customers
Attracting new customers from positive word-of-mouth and online reviews
Providing an alternative and convenient way to shop through inventory transparency
Lower shrinkage and discrepancies
Knowing your inventory needs can better direct company initiatives, allowing you to focus on trouble areas
Better business strategy with cost savings
Understanding the various aspects of your inventory can help achieve business goals, allowing for better business decisions
The shopping experience is so crucial in a brick and mortar store, and the accuracy of your inventory can directly impact store performance. Let RGIS help you take the stress away from inventory, so you can focus on customer service with an optimised inventory program.
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See Infographic: 6 Points to Consider for a Standardised Inventory Management Process