Running a successful retail business means ensuring every product on your shelves earns its keep. This is not easy. You know the items are ringing up the most sales. What is more challenging is to see if the slow sellers are boosting revenue by selling other products. This is where your point of sale software's Stock Companion Report can help.

Measure An Item's True Value

Go to Cash Register Reports > Sales Register > Stock Companion Sales by Period. See the green arrow below.

Select the stock item, put in the last 12 months, and you will get a detailed report listing profit, numbers, etc. 

You'll get a detailed report showing the item's profit, sales numbers, and more. With this data, you can evaluate whether a slower-selling product with low direct sales attracts customers who purchase other higher-margin items.

Insights for Smarter Merchandising

One client used the Stock Companion Report for dry cleaning. This service had low profitability, so they debated whether to keep it, but they found it brought in good customers who bought other products. So they kept offering it.

The Stock Companion Report is just one example of how our POS software arms you with the insights you need to optimize your product mix. Slower-selling items may be necessary to attract foot traffic and complementary sales. Understanding these hidden contributions lets you make informed merchandising decisions that maximise your total store revenue.

Let our POS system provide the robust reporting you need to understand what's driving your sales. 

This is just another example of how our POS System provides you with stuff you can use. Call us to learn more.

Check this image out. At the green arrow, the package said this sweet is 25 gm. Look at the red arrow for what it is: 17 gms. Selling such a sweet could be a fraud. Something similar happened to our of our customers. They ended up sending a few boxes back to their supplier. I wonder if the supplier forwarded it to another newsagent or fixed it. 

This is a problem we do not need.

Shrinkflation helps manufacturers quietly cut prices, but it sometimes creates headaches for retailers as products get sneakily downsized without transparency.

Shrinkflation Equals Retailer Frustration

Shrinkflation refers to products shrinking in size or quantity while prices remain stagnant. Instead of buying ten in a package, the package now has eight. Companies hide the quality reduction with tricky packaging tactics to mask these changes from consumers.

Numerous studies show consumers are far more likely to be negatively impacted by price increases than the reduction in size of a product. The strategy might even bolster certain sectors, like consumer staples, because these companies can sustain their margins by implementing shrinkflation tactics.

However, obscuring shrinkflation can seriously impact retailers once discovered. Suddenly, for example, your computer records contain incorrectly labelled products that no longer match what is programmed into your point-of-sale system. More importantly your shelf labels are now wrong.

This causes many problems no retailer wants to deal with. 

• Angry, confused customers
• Labor-intensive inventory adjustments
• Point-of-sale system inaccuracies
• Reputational damage and eroded consumer trust

Protect Your Business With Proactive Steps

Retailers can take proactive measures to catch this shrinkflation before major damages occur. 

Carefully Screen Inventory

When new products arrive, if they are different, there should be a separate item in your POS System with a unique barcode. 

Conduct Random Audits

I like this idea: if the computer scale is in the shop, it is easy to check the weights. If not, bring your kitchen scale to work and test many items in the shop.  Verify your figures match what’s on the supplier's packaging, if different, check what is in your POS system.

If you find an error, contact your suppliers to reconcile the differences and move forward. Most likely, you do not have their current catalogue file to import.

Shrinkflation Stings Customer Trust

Vigilance against shrinkflation directly translates to trust-building with customers. When shoppers find your inventory transparently reflects accurate weights and measures, they feel confident you offer reliable products.

Conversely, shrinkflation erodes consumer faith when its obscuring tactics are revealed down the line. Shoppers may wonder:

• What else is wrong with this retailer’s inventory controls?
• Are they overcharging me for other items, too?
• Can I trust product information here?

Once customer suspicion sets in, it becomes challenging to regain their loyalty. It is far better to prevent the problem through proactive measures.

We are continuing to expand our supplier category files which you can find on our website.

We just added HENDERSON GREETINGS click here for the category file. 

What we do is get the files from your suppliers directly, and then test them to make sure that they are okay for you to use. 

If you want other suppliers, click here.

Enter the supplier whose file you want, and the latest copy we have will be shown there, which you can automatically import. This will save you time instead of manually entering the details. You can automatically get the required stock details.

The big plus for you using these files is that these stock files have been independently tested.

We are committed to providing our clients the best possible service and support. These supplier category files are a valuable resource for optimising their operations. So please take advantage of this opportunity and start exploring our website now. With our user-friendly interface and extensive range of products, we are confident you will find something you need to grow your business.

Correct information at the right time can mean the difference between success and failure in retail. This is commonly significant in the administration of stock. Here is a current list of stock imports available for you to import now. We are continuously updating here this list. If you need some more suppliers added, let us know.

Here are the benefits of importing your data from your suppliers.

Accurate and Up-to-Date Inventory Data

The most significant benefit of importing data from suppliers is that it gives retailers access to the latest, most up-to-date information. 

Operational Efficiencies

Importing data from suppliers increases operational efficiencies. When retailers import data into their POS system, it is much quicker to enter stock information than manually entering it. Only some want to enter long product descriptions, so most use abbreviations when entering their data. This often results in a receipt or invoice, in which the customer often needs an explanation of what the item is. With us, the retailer can use ChatGPT to expand and import these descriptions into their POS system, but this has problems and can be messy and can be unreliable.

Stronger Relationships with Suppliers

When you have more information on your stock, it is easier for you to collaborate and communicate with your suppliers about their products. In particular, the same product codes will increase the efficiency of your supply chains.

Improved Product Information

Your pricing information is up-to-date. Cost and prices change regularly today. This makes it hard to keep your pricing information up-to-date. With electronic, it is much quicker and better.

Data accuracy

When importing suppliers' data, retailers depend on the supplier data being right. If the suppliers' systems contain incorrect information, well, by importing, you bring those issues into your system. 

To avoid this, retailers should encourage their suppliers to import stock data in an industry-acceptable format. A copy of our marketplace's most popular data import specifications is here. If your supplier does not have a data file import, suggest this format to them.

Summary

> Faster and easier to import

> Accurate and up-to-date inventory data

> Operational efficiencies in entering stock information into POS systems

> Stronger relationships with suppliers through better collaboration and communication

> Improved product information and up-to-date pricing information

>Please encourage suppliers to use industry-acceptable format for data imports

With Our Advanced Systems, you Take Control of Your Inventory.

Introduction

In the retail industry, your inventory management system is a crucial component that can make or break your company's success. You can ensure that you have a more significant number of valuable products on hand. They are manageable if you have an advanced inventory control system like ours in place. Businesses can improve accuracy, increase profits, and streamline inventory management procedures by utilising POS software.

By the time you get to the end of this article, you will have a clear understanding of how our point-of-sale software can help you. So, improve your retail business. Take your inventory management to the next level.

How POS Software Can Aid in Inventory Control

An explanation of how POS software can improve inventory accuracy

Well, you get inventory control. You can track inventory levels in real time using POS systems that integrate with barcode scanners and other devices, ensuring they always have an accurate picture of what's in stock. Overstocking and stockouts, which result in lost sales and dissatisfied customers, can be avoided.

Managing your inventory is streamlined by POS software.

As well as increasing inventory accuracy, POS software can simplify inventory management processes. POS software allows you to manage stock, reorder products, and track inventory levels. With this, you can help you concentrate on other aspects of your business while reducing errors and saving time.

Real-time inventory levels

You can access inventory data at any time and location with POS software to make better decisions about your operations. You can be better prepared for the future and anticipate possible stockouts. You can work more efficiently due to this. 

Costs associated with poor inventory management

Less revenue is generated, and more is lost due to stockouts. Stockouts often result from poor inventory management.

Inventory management can lead to increased labour costs, as employees spend more time managing the merchandise and less on other tasks.

Customers who aren't happy

Poor inventory management can also result in customers who aren't happy. When they can locate the required products, customers may become frustrated. They might not come to you the next time, so they might go to the shop with what they know has what they need.

Obsolete stock

Overstocking can also be a problem. What happens here is that you are accumulating unsellable inventory. This clogs up valuable resources and costs money.

Cash Flow

Improper inventory management hurts cash flow because it ties up funds which are often financed through debt.

Beginning inventory tracking

Requirements for hardware and software

To begin using POS software for inventory control, you must get the required hardware and software. Barcode scanners and a POS system are part of this.

Training

After installing the hardware and software, you will need to use the system correctly. Training on data access, sales processing, and inventory tracking are part of this.

The significance of a stocktake

A stocktake is a procedure of counting and confirming the number of items in stock. Regular stocktakes are needed to guarantee that the inventory records are accurate and current. There is no other way to get accurate numbers. It is easier as our software includes built-in stocktake functionality, making stocktaking faster and more effective.

You can identify discrepancies in inventory levels. Then make necessary adjustments with regular stocktakes. Improved productivity, accurate inventory records, and prevention of stockouts and overstocking are possible.

Take Control of Your Inventory

You can manage products, prices, and inventory with the Ordering New Stock feature. You get control over your stock. You'll be able to quickly and effectively add new products to your store. Also, set prices with this feature. This ensures that your inventory is always accurate. By staying on top of your inventory levels, you can reduce the likelihood of stockouts and overstock. This allows you to make better business decisions and increase efficiency as you can manage your inventory efficiently. This feature helps you better control and manage your stock.

Advanced Inventory Reporting

With POS software, you can now access advanced inventory reporting features. This provides in-depth data on sales, inventory levels, and other KPIs.

Sales by Vendors

After that, you can keep track of your suppliers' sales using advanced inventory reporting. It is too familiar today for retailers to understand less what sells in their shop than their suppliers do. Many bad decisions can result from this. Using our advanced inventory reporting, you can make more informed purchasing decisions now if you know more.

Inventory by Category

You can get in-depth information category. You can use this to determine which products are selling well and which aren't. Businesses can use this information to decide which products to keep on hand and which to drop.

Conclusion

Controlling inventory using POS software can significantly benefit your retail business. It can provide real-time visibility into inventory levels, streamline inventory management procedures, and enhance inventory accuracy. It can help you make better business decisions and increase overall efficiency by offering features like tracking sales by supplier or category and ordering new stock directly from the inventory system. A solid inventory management system can prevent stockouts, overstocking, and lost sales, resulting in increased profits and customer satisfaction. You can control your inventory and take your retail business to the next level by investing in the necessary software, hardware, and training.

Your company's success will be supported by good inventory management.

Call to action

Please use a cutting-edge inventory management system like ours to ensure you always have enough of the right products. Our point-of-sale (POS) software can assist you in gaining control of your inventory and taking your retail business to the next level by streamlining processes for inventory management, increasing accuracy, and increasing profits. For more information about our system and to set up a demonstration, get in touch with us right away. Don't delay; Now is the time to take charge of your inventory and begin reaping the rewards of better inventory management.

Extra questions

Q: Can my retail inventory be connected to eCommerce?

A: You can connect your retail inventory to eCommerce, yes. You can link your physical stock with your online store with the built-in integration capabilities of our inventory management software. This assists you in monitoring stock levels across all channels and ensuring that your online store always has up-to-date inventory information without using another system.

Q: Can you help me predict future sales? 

 A: Of course! Our system helps you forecast sales using your historical sales and stock levels over time. This it uses to estimate future sales of your products. This is a great way to plan for your future needs.

Q: Is it possible to keep track of information like inventory levels and serial numbers?

A: Yes, you can track data like inventory levels and serial numbers with many inventory management systems. Businesses that sell high-value items or products subject to warranty or recall can benefit most from this. By keeping track of serial numbers, you can quickly determine which items are in your inventory and where they are. This can help you track and manage your inventory more effectively. It also helps you manage warranty claims or recalls better.

 Q: How does it help me to arrange my products better?

A: Our system easily controls and tracks your inventory by allowing you to develop and organise products into different categories easily. This way, you can quickly find and control products. By monitoring inventory by type, you can also see which products are selling well and which aren't. This allows you to make better decisions about items to keep and dump.

Q: Does it help with product classification?

A: It allows you to organise products in many methods, typically by department, category, or supplier, so you can easily scrutinise your sales and inventory levels by these methods. This aids you in making better purchasing decisions. Then our advanced inventory reporting feature gives you detailed information on sales by these methods, so you can see which products are going well and which aren't. 

Automation Is Helping Through this Labour Shortage

Retailers have more difficulty finding enough workers to staff their stores, which is why automation assists them. We now have labour shortages, partly because many people have gotten used to not working, many regulars have found new jobs, and girls are considering having children now COVID pandemic is over.

So, retailers must devise strategies for being competitive with fewer staff.

So many retailers are looking into automation, which is now in your POS software—in other words, using what they have better.

Automation in Inventory Management

To run a successful retail business, inventory control is essential. It's possible to cut costs and save time by managing your stock. If you organize your POS systems, your automated focus systems can help you with inventory management. Your artificial intelligence-focused stock automation works best if your store is organized.

It will take less time to process your stock once this organisation is established.

Also, is organised a reduction in physical stress levels will also be noticed.

Additionally, you will know what you have. Currently, you can lose sales by not knowing what you have. A client told me that a customer came into their store a few days ago and asked for a book about the KGB. They searched for it and had to inform the client that they did not have that book. The customer left because he did not want to wait for them to order it. The owner later discovered that they had that book. He was upset because he had lost a sale, and they had hurt customer satisfaction. 

Make sure everything is barcoded. Your POS software has a detailed report that can tell you what isn't barcoded and which departments are having problems. Go over them. In the worst case, you can make in-house barcodes for these products.

Automation in customer service

If you're busy, emergency checkouts can help. But, if you don't have the space, consider adding extra cash draws to one computer. Because one computer in our system can run a few cash draws, two or more people can use the same checkout simultaneously. 

Consider making one mobile checkout in the shop if you need it. Once done, checkouts can be moved to the desired location. 

Besides being more professional, computerised scales are faster. Today the power of computerised scales has increased dramatically.

A faster computer can help the server. They can speed up your whole system. If you add it up, you may spend more on labour than a computer costs you today.

Problems with Putting Automation into Use

In my experience, the biggest obstacle to success is people's unwillingness to try new ways of thinking and doing things. A lot of automation can only be done without spending money. Once done, there is often less work. Plus, your labour is more effective the more automated you are. Employees who spend more time interacting with customers earn more money than those who manage stock and operations.

In conclusion

You must be able to adapt if you want to survive in this competitive world. That is what will ensure your survival. Because technology is changing how much is done today, you need to change your mindset and your expectations about how you run your business.

You must keep up with technology to boost retail productivity.

Efficient Inventory management means you have the correct amount of stock when needed while ensuring that your funds are not tied up.

And today, you should order with a computer as a partner for your Inventory management. 

Although changing your inventory management might seem like an enormous undertaking, once you get the hang of it, it will not be with your POS System.

I suggest you do it not to start from scratch; it is much easier to work with something there. It saves a lot of time as the more the computer does, the less you have to do.

So if your stock levels are correct, your POS Software knows how much inventory you have instead of second-guessing like people often do. Plus, it uses the automatic focus system to determine the sales fluctuations over time. This allows you to stay ahead of the peaks and troughs to maintain the right inventory balance. This is your advantage as you have an integration with the point-of-sale system and accounting software.

Then once the computer does the initial order, you change and adjust to what you see as your needs. This is much faster to do.

You will find that you can get faster and more accurate ordering with less workload. 

Plus, you will find it all on a single screen, making it faster.