A convenience store must rely on proper inventory management to succeed. After all, c-store customers shop there for quick service, a large selection of products, and a stocked inventory. Anywhere between a quarter and a half of customers are unlikely to return to a retail store in which they faced a product that was out of stock. Depending on the size of your business, that could mean thousands to even millions of dollars a year in lost revenue. That means that proper inventory management for convenience stores is of the utmost importance. Luckily, your point of sale system can help you improve this. So today let’s look at 5 features you should look for in your convenience store POS system.
1) Advanced Reporting – ABC Analytics for Your Convenience Store Inventory Management
Your POS software should have advanced inventory reporting features such as this. Using sales history and basic product information, ABC analytics classifies each of the items in your store by its value to your business, giving them an A, B or C grade. This gives you more actionable data, helping you with ordering, shelving, promotions, and store layout in your convenience store.
2) Reorder Level Optimization and Min/Max Levels
Your convenience store point of sale software should also assist with your ordering procedures. Smart reporting allows you to set par levels of each product so that ordering is automated. These programs also take estimated delivery times into account so that your inventory is always up to speed.
Even better, your POS can suggest the minimum and maximum par levels for you. By analyzing past order and sales histories, the point of sale can predict optimal levels for each of your products going forward. If desired, these can be manually adjusted as well.
3) Create Stock Order Cycles and Automatic Ordering
A great point of sale solution can also create recurring order cycles for each individual product. Again, these can be manually updated, but the software identifies the ordering pattern and automatically requests the new order according to the cycle. Once implemented, it’s completed entirely by your POS.
4) Best and Worst Seller Notification
It’s optimal to have a system that quickly identifies your best and worst performers. It takes the guessing out of the equation and helps you guarantee maximum profits. As a convenience store owner, it also helps you identify brands that might need to be changed. Because you need to carry so many different products, you don’t have the luxury of carrying so many brands. So when one isn’t selling well. It might be a tip-off to try out a different brand for that product.
5) Real-Time Inventory Updates
With your cloud POS solution, all inventory updates are made immediately upon an order, delivery, sale, or return. This ensures that your inventory count is accurate, and you never be out of stock.
Inventory Management for Your Convenience Store
So your c-store POS should have a variety of tools to make your inventory easier to navigate, more accurate, and less time consuming. So look for these 5 tools:
- ABC Analytics
- Minimum and Maximum Levels with Reorder Features
- Auto Ordering and Order Cycles
- Top and Bottom Seller Identification
- Cloud Inventory Management
KORONA has all of these features built in so you don’t have to worry about using any other inventory management apps or services. KORONA is truly an all-in-one point of sale solution for convenience stores.