Good inventory management is an essential part of every successful retailer’s business strategy.
Retailers are different than wholesalers and manufacturers in several ways. They mainly work with consumers, and they must accept many types of payments, including cash, credit cards and checks, from customers who are checking out. Retailers should use inventory barcode software to allow them to scan products out and immediately update their accounting and inventory records.
Fishbowl Manufacturing and Fishbowl Warehouse use Authorize.net and Intuit Merchant Services to integrate with point of sale systems so that retailers have access to the POS tools they need. With these tools, inventory management becomes less complex. When a retailer uses a barcode scanner on a product, the inventory software gets immediately shows the reduced quantity in stock.
Retailers need to have the right number of products on hand to meet consumer demand. Having too few products is risky because it could lead to stockouts, dissatisfied customers and financial problems. Having too many products is also risky because customers could decide they want something different, leaving retailers with a bunch of products they’ll have to sell at a deep discount.
Using inventory software, retailers can save money by preventing product overstocks and shortages, and helping them reach equilibrium in their inventory levels. This helps them keep more money in their pockets, which they can put to good use in building successful businesses.