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Inventory management is a common problem for many retailers and since it is the largest expense for a store, this can severely impact profitability. Additionally, many retailers spend too much time on stock control – time which could be used on other areas to like growing the business and increasing sales. For this reason, stock control software has become a must for any retailer that wants to grow their business and ensure higher store profitability. How Stock Control Software Can Improve Efficiency Most POS software systems come with an integrated highly effective stock control software solution, which is much more than a mere program that tracks inventory. Nowadays, retailers can enjoy the benefits of such features as intelligent ordering systems, which optimise stock levels and ensure the right products are being ordered at the right time. Thus, one no longer needs to spend so much time on retail administration and can have staff working on more directly profitable tasks, such as being on the floor to improve sales and the customer experience. By improving the efficiency of staff, a retailer can significantly reduce overheads while increasing sales. Stock Control Software and Higher Store Profitability Stock control software not only updates a database in real-time so that a retailer is aware of exactly what they have available at any time but it also generates reports that are invaluable to ensure optimal inventory levels. Using past data, the software makes ordering recommendations to ensure that each store has adequate levels of the right product at the right times. Thus, instead of blocking money in slow moving inventory and always having a shortage of faster moving goods, a retailer can ensure a better turnover. By limiting their slow moving inventory and investing that money into products that fly off the shelves, profitability is greatly increased as a higher turnover means lower overhead costs per unit sold. This, of course, means a better return on stock. While POS software with an intelligent ordering system can do wonders for a small business with a single store, it works miracles for larger store networks. This is because the software can make recommendations based on the performance of each store, instead of a blanket solution for the entire network, which is rarely effective. Sales of products will vary according to location, which makes it impossible for every store to have the same inventory requirements. With stock control software, this will no longer be an issue because analysis can be conducted with a few mouse clicks from a single computer so that retailers know exactly what they need to order for which store to maximise profitability for each store. So, with stock control software you will be able to improve efficiency and increase profitability for each of your stores by ensuring you always have optimal levels of stock and you are purchasing the right products at the right time. POS software with an integrated stock control software solution is the most cost-effective option for retailers to maximise the profit potential of each of their points of sale and their network as a whole. Enhanced profitability and less time spent on stock control also means that retailers have the opportunity to grow their business as they can focus on more profitable activities instead of retail administration.
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