Any retail store must rely on an advanced inventory management system. Some retailers are still using a handwritten ledger or an Excel file. Others have opted for expensive apps and software. But merchants should be looking for retail inventory management that is combined in their retail POS system. This saves money and makes the whole process more accurate and effective. So what features should you be looking for in your retail inventory system? Today, we’ll look at 9 key retail POS features for inventory management that all retailers should look out for when shopping for your point of sale system.
1) Automated Ordering and Restocking
Your retail inventory system should make keeping your shelves stocked easy. With automatic order placement, it will be. Just create a stock order in your POS system. When product numbers get down to a certain level, the same system will send an order to your suppliers. For seasonal ordering, this can also be done on a timeline rather than a product level basis. For any retailers, it’s imperative to avoid stockouts at all costs.
2) Optimization of All Product Order Levels
Prior to an automatic order being sent out, your retail point of sale software can suggest optimal reorder times. By analyzing the history of your ordering as well as your sales, the inventory software will set minimum and maximum levels for each item in your inventory. This can be adjusted, but if your business is consistent, should be perfectly accurate. Order optimization even takes delivery time into account.
3) Cloud-Based System with Real-Time Updates
Your retail inventory POS MUST be cloud-based. This means that any changes made, whether it’s a sale, a return, a delivery, etc. will be updated immediately in your system, allowing for more instantaneous action if need be.
4) Product Variants and Composites
Many retail stores have many different products with just a slight difference. For instance, if you sell 8 identical hats of different colors, perhaps you want to consolidate them into one product, with just a color option cued upon checkout. Product composites allow for faster checkout speeds. If you offer a discount for 6 pairs of socks, you shouldn’t have to manually enter the discount. Your point of sale should automatically account for this upon scanning.
5) Barcodes and Handheld Scanners
Inventory is much easier with barcodes on each product and handheld scanners. Label each item with a barcode as it’s delivered. This ensures it will be tracked until the final sale. Once in inventory, use the barcode for quick scanning. Rather than logging it by hand or inputting the information into a spreadsheet, a scanner means the product levels are immediately transferred to your inventory count in the POS.
6) Import Bulk Lists of Products
Some retail stores have tens of thousands of products. Manually entering each item is painstaking. Your retail inventory system can upload groups of them all at once into its system, saving you tons of time.
7) Stock Transfers
Similarly, if your business is growing and it’s time to open a second store, make sure that your retail POS can simply transfer all crossover items to the POS at the new store. This transfer is simple and instantaneous.
8) Promotions, Discounts, and Bundles
If you’re running a deal at your retail store, don’t rely on manually entry at the POS from you or your staff. Have it automated in the system beforehand. It minimizes mistakes, confusion, and keeps checkout times fast. And creating the deals with the right price and correct inventory reconciliation is easy to do.
9) Check for Inventory Irregularities
A certain level of inventory shrinkage will happen to even the most astute merchants. So when it does happen, your POS should give your insight into how it might have occurred. With a proper inventory system, you’ll be able to figure out where any discrepancies are happening. If you have a problem with your return policy, internal theft, or supplier errors, figure it out quickly through your point of sale inventory management.
Top Retail POS Features for Inventory Management
Your retail inventory system can help your business in amazingly productive ways. If you’re thinking about a new retail point of sale, look out for these inventory management features and tools:
- Automatic Reorder
- Optimized Order Level Suggestions
- A Cloud-Based POS System
- Variations and Combinations on Products
- Mobile Barcode Scanners.
- Bulk Import Capabilities
- Mass Stock Transfers between Locations
- Integrated Promos and Loyalty Programs
- Discrepancy Analysis
KORONA’s retail POS has all of these features. Click below to find out more about our solution and for your free trial.