Tips for choosing the best retail inventory management software
Managing inventory can be a time-consuming, tedious process for those in the retail industry. However, by automating some tasks with the use of retail inventory management software, merchants can achieve time savings and streamline their operations.
Inc. magazine tells the story of Tim Balsimo, the president and founder of Woodbury, Minnesota-based Quality Pet Products, who was able to take away the equivalent of 16 work hours from his company's day by integrating inventory tracking software with his accounting system.
When shopping for an inventory management system, the magazine reports that retailers should take certain things into account, including whether the company has a solid part-numbering system and stocking locations, as well as explicit processes for receiving and shipping goods and conducting regular cycle counts.
Efficient and accurate inventory management systems are important for ecommerce enterprises as well as brick-and-mortar retailers in ensuring high levels of customer service.
The Wall Street Journal recently highlighted the problems that can arise without good management practices. In a test of personal style ecommerce websites, reporter Rachel Dodes ordered a pair of shoes from one website but was still waiting two weeks later, only to be told when she called customer service that the shoes were currently out of stock.
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