In Retail, if you fail to plan your inventory management system, you are planning to fail, therefore managing Inventory is one of the most important aspects of retail.

7 Tips for Effective Retail Inventory Management

 Prognostore is the best point of sale system in Nigeria


In Retail, if you fail to plan your inventory management system, you are planning to fail. Managing inventory is one of the most important aspects of retail, it is also the most time-consuming tasks you'll face in operating a retail store. No matter the range of your product mix, i.e. everybody should have a system whether they are big or small; you'll spend a significant chunk of time tracking inventory. Although it requires work and discipline to maintain, a good inventory system will make it easier to meet the needs of your customers -- the key to growing a successful business. If you do not have accurate inventory total, you will have a much harder time replenishing stock, preventing spoilage, selling through stagnant merchandise and maintaining proper displays.

Here are some advantages of a good inventory tracking system:

  1. Theft control: Without an inventory system, it's impossible to know if you're being ripped off by customers or employees until it's too late.
  2. Customer service: You can avoid running out of stock and can determine if an item's in stock and locate it more readily if you keep track. You can also locate out-of-stock items, their prices, and manufacturers.
  3. Financial management: Inventory systems help you keep track of how you're doing. It makes little sense to go for an entire year without knowing the status of your stock.
  4. Product tracking: You can track specific items and weed out low sellers with sales or markdowns.

There are a number of computer software programs available for tracking inventory. Some are relatively inexpensive. Many allow you to print and read barcode labels, print invoices, and provide a complete array of reports and statistics. While you may have a software that calculates your current inventory, performing a visual inventory also tells you if your loss-prevention techniques need to be changed and allows you to spot items that may not be performing as well as they should. Below are quick ways of quick ways of performing a visual inventory;

  1. Print out a current inventory list: This list should include everything you currently have on hand in your store as well as the current amounts of each item. If you have stock-keeping units (SKU) on your products, make sure that the inventory list also includes a description to make the inventory process easier.
  2. Assign each employee to a different section of the store: If you have a few helpers, assign each one to a specific area of the retail store. For example, one can handle jewelry and accessories, while another handles men's clothing. If you are doing the inventory on your own, start with one department and work through each one before moving to the next.
  3. Go through each item on the list and count the current stock: You may want to count through each item twice just to double check. It is easier to be certain of your hand count the first time rather than having to go back to figure out potential problems later.
  4. Mark down on your printout how many items you actually have: Ideally, this number will match the number on your printout. Write down your number in pencil in a separate column or next to the printed quantity.
  5. Go through any damages or returns you may have had: Often, inconsistencies in stock amounts can be traced back to damaged items or returns that were not properly accounted for. If you have a return stockroom, go through these items and match up their SKUs or descriptions.
  6. Reconcile the hand count with the printed count: This last step will help you determine the actual inventory in your retail store. If necessary, recount any items that may not match up.
  7. Update your inventory software with the correct amounts: Once you have determined the actual inventory, make sure to update your software with the new amounts.

Many retailer managers don’t see the value in doing physical inventory counts. That’s a mistake. Paying attention to the stock you have on paper vs. what is actually in-store will help you maintain inventory accuracy and identify causes of shrinkage, as well as ensuring that you have the products in stock to meet customer demands. Overall, accurate inventory management is an indicator of your store’s health, influencing your potential to increase revenue and forecast the future.

Follow the inventory management techniques above and your retail store or e-commerce business will soon be running an efficient and effective small business inventory management system.

PS: Prognostore is an Inventory Management software built specifically for small businesses. Test us out here for a free 14-day trial, and see the difference that accurate and efficient inventory management software can make for your business.

About Author

Amaka Oguike
Amaka Oguike
Digital Marketing Analyst @ PrognoStore
Add Comment
Robin Blaine
18 days ago
I was not sure if love spell could help but here is my story: I have been in a relationship with my then ex (we broke up for 3 months) since 2015. It was a happy and very active relationship with lots of fun and travelling. We love each other endlessly and we shared a lot. His family was my family and my family his. Few months back he started being controlling and possessive: I told him that I don’t feel comfortable with his new behavior, he apologized and promised to work on himself. But he failed on his promises, this time it escalated to him being manipulative. He accuses me of cheating on him at work. Eventually, I’ll be the one apologizing for something I didn’t do. I broke up when I couldn’t take it any longer. I got a stranger email address from a website that changed my story: I asked the stranger for help to fix my relationship, I told him that my problem was that I am still in love with this guy and I know he loves me too but he has a huge ego, his ego is enormous. I know I am the one who did the breaking up but my heart was hoping for him to say to me ‘I’m sorry baby, I apologize for how I have made you feel these past years, I will seek help and fix myself so that we can fix us’ The stranger is Dr. Wakina, his email; Dr. Wakina showered his healing powers to us through his powerful love spell. Our relationship was fixed as he provided the much-needed help to us. Our destiny was changed for good.
sharon gabby
2 days ago
LOVE SPELL CASTER (DR. GBOJIE) THAT HELPED ME RESTORE MY RELATIONSHIP   I was absolutely desperate to get my husband back. Life without my husband was a real mess for me and my children. i wanted a dramatic change and I thought love spell could be the solution. After discussing the resolution with Him, he gave me hope that he will restore my marriage. I felt confident that he will actually make my husband to return home and he did! It’s fantastic what this great spell caster has done for me, his help is priceless! I don’t know what I would have done without his help, He does his job so well he is organized and highly functional, i believe he is the best service to use i can count on when it comes to restoring relationship, I was floored that his worked was perfect, if you need help, ️ ️ ️ ️ ️ ️ ️ ️ or whatsapp :  +2349066410185 check out his website :    
Piik Inc.
24 days ago
Great Tips to start a new inventory management system. Theses 7 Tips for Effective Retail Inventory Management are very helpful. Thanks for sharing.
Kelvin Brown
26 days ago
This is a testimony about the good work of a man who helped me make my marriage work again. My wife just suddenly hate sex we tried all method non work it became so bad that she had to move out with the kids 12 years and 3 months of marriage. I had to seek for help outside the box, On one faithful day, as I was browsing through the internet, I was searching for solution I came across series of testimonies about this particular spell caster called Dr.Wealthy Some people testified that he brought their Ex back, some testified that he can cast a spell to stop divorce. Etc. There was one particular testimony I saw, it was about a woman called Maria Jose from Atlanta, USA who testified about how Dr.Wealthy brought back her husband in less than 72 hours that got me intrigue. After reading all these,I decided to give Dr.Wealthy a try I contacted him and explained my problem to him. In just 6 days, my wife did not only came back to me but she now love sex and she is no longer scared of it. Dr.Wealthy is really a gifted man and i will not stop talking about him because he is a wonderful man. If you have any problem and you are looking for a real and genuine spell caster to solve that problem for you Dr.Wealthy is the answer to your problem. Here’s his contact.. or +2348105150446.
Retail Management Software
16 days ago
It was a great post explaining the possibility of grown utilizing retail management software. Thanks for sharing such a informative post with us. Keep it up.
Marina Rozier
30 days ago
I have been trying for 3years to get pregnant and needed help! i have Been going to the doctors but still nothing. The doctor said that me and my husband are fine and I don't know where else to turn. Until one day my friend introduce me to this great spiritualist who helped her to get back her lost husband back with love spell and also made her pregnant, So I decided to contact this spiritualist DR PADMAN after interaction with him, He did a ritual for me and also instructed me on what to do, after then i should have sex with my partner or any man I love in this world, And i did so, within the next 3 weeks i went for a check up and my doctor confirmed that i am 2weeks pregnant. I am so happy!! if you also need help to get pregnant contact him via email : ( Whatsapp +19492293867 HIS WEBSITE
maria gusto
4 days ago
WOW...What a Great Testimony....I am by name Maria Gusto from USA, i want to use this opportunity to thank the Great DR.balbosa for helping in getting my Ex husband back to me, i have been in great pains until the day i contacted DR on, or TEXT on +14237810501.he gave me a lasting solution and told me to wait for just 12 hours so that my Ex husband will call me and i did according to the instructions given to me by him and surprisingly, before 12 hours, my Ex husband really called me and started apologizing for all he had caused me.I am the happiest Woman on earth today because Dr.balbosa has done wonderful deeds in my life and I will continue to share this testimony, you can contact him also for help on his Email; and Number on +1(423)7810501(Text Messages Only).Good Luck...
Today at 22:37
I am so happy how Dr Voke cured me from Herpes virus and Hepatitis-b, since 4 year ago i was effected with herpes simplex virus 1 and hepatitis-b, and i have taken all manner of drugs prescribed to me by several doctors,but all my effort was wasted,i cried all day thinking on how i can be cured of this illness, i lost hope while i was looking for solution for my health,but one faithful day, i was searching the internet i came across several testimonies about Dr Voke, and how he has cure so many effected individual ,so i try and contact his email and asked him for solution about my herpes simplex virus 1 and he started the preparation to my cure,to my greatest surprise after two weeks, i was totally cure by his powerful herbal medicine,i never believe that i could be cured from this wicked disease until i met Dr voke i’m very grateful to you and i know your herbal medicine will save more millions of lives. his email Address, Whatsapp phone number +1 (773) 349 2820.