Stock Management 101 / 1
The proper management of stock has an even greater importance since the emergence of on-line sales where inaccurate stock levels can easily lead to retailers being unable to fulfil orders placed on-line.
Accurate accounting of stock has of course always been important and retailers that have not taken this seriously have suffered lost sales opportunities which went quietly by...
Every Dollar, Pound or Euro invested in stock that doesn’t sell cannot be spent on stock that does sell.
The fact of the matter is that you, as a retailer, need to stock products your customers want to buy whilst trying to obtain the best possible price which is the price your customer is prepared to pay for your products at a given time.
This is the first in a series of articles about Stock Management and we shall try to cover most aspects.
If you are already a user of RTL’s Retail Management System, you may be interested in enrolling for “Planning for Profit”. Click on the link on the left for further information.
If you are a shoe or apparel retailer, stock management is even more complex as collections contain a number of styles that come in different fabrics, colours, sizes, leg lengths, cup sizes etcetera.
In the coming months we shall cover lots of different aspects of stock management, so please visit our blog again soon.