Have You Been Applying These Tips to Your Business?
It is great that POS system Singapore retailers have taken full advantage of new technologies these days. It is understandable why you would be doing the same, as you have invested your time and money in your POS system.
Unfortunately, the one thing that retailers miss is the inventory. So, if you are not taking full advantage of it, then you are doing it wrong and a huge time and money waster!
Reduce Inventory Costs, Lost Sales and Control of Inventory
1. Counting the votes
For better accuracy of your inventory, it is recommended to count your votes – no matter how big or small they are.
Every time a customer buys an item from you, they are voting on what they prefer and with the POS software Singapore retailers are using, it makes it easier to track the votes and it would be easy for you to track on the following:
– Amount of items you need to be ordering
– How often you need to be ordering
– If certain merchandise is worth ordering or not – get rid of slow moving items and replace them with fast sellers.
2. Getting the right number of inventory at the right time is key.
Make your POS software make the suggestion and create the purchase for you. As soon as your inventory order levels are setup, you can create an automatic function for your next purchase orders according to the levels you have set. Another option is to create your purchase order based on your actual sales history as this is a huge time saver.
3. You can send your purchase orders electronically.
As soon as you are able to setup your purchase order, you can submit it electronically or online instead of doing the manual calling and faxing or worse, hand-entering the products into your supplier’s website/email.
4. For special orders, use your POS system to track them.
You’d be glad that POS software makes it easier to track them. It remembers what you need to order and track the customer who made the order, so notifying your customer with the special order as soon as it arrives can be a great way to boost your business.
5. Use the Open to Buy Method (OTB)
You can better track your inventory stocks in a more accurate manner with the use of the OTB function. You can seek the help of your POS system Singapore provider to help you understand this process better.
6. Do a monthly tracking of your lost sales and other financial reports.
Some of the POS software provides business owners an option to track lost sales. How this works is when a customer is looking for a certain item in your store and you do not have it in your stock or inventory, then you can offer to do some special order, but when the customer refuse, then that is a lost sale.
7. Check on the top 100 sellers and make sure that these products have the correct order levels.
Your POS system has the capacity to create that report for you.
8. Make sure to check your sales history every time you create purchase orders or making a decision on how much you need to purchase.
Did you know that the POS system has this option, which makes it easy for you to track and manage? You should look into it or ask your POS software Singapore provider.
9. Checking the history sales
When you are setting the inventory stocking levels, you need to make sure to check on your actual sales history. You don’t have to do an estimate and rely on your gut feeling.
10. As soon as you receive the orders, you need to check whether the documents, packing slips and the item all match together.
Following these simple tips can make your job easier with the use of POS machines.