What is inventory management? Inventory management is the activity of forecasting and replenishing inventory, focused on when to order stock, in what quantities and from which supplier. Whether your goal is to simplify your inventory management processes, increase your efficiency, avoid stock-outs and excess stock, implement a lean quality system, balance the supply and demand […]
One reason retail operation manager uses the retail inventory method of accounting is because it is quick and efficient to arrive at a current value of your inventory. However, it is neither accurate or sufficient. That’s why it’s important for retailers to perform a periodic physical inventory count. How often that count is performed is […]
Technology breakthroughs and rising consumer trends are reshaping the entire shopping landscape in the post pandemic era. However, even with the popularity of online shopping, it is important to remember that a lot of consumer still go into stores which offer exceptional shopping experience. Therefore, it is inevitable to provide your customers with the best […]
In 2016, Business Insider reported that there would be 27.7 million of mobile point-of-sale (POS) devices in the United states by 2021. Of course, that doesn’t mean that all of them will be retail-centric. While Mobile POS systems were first introduced in the restaurant business; they became so popular in retail stores where heavy-duty traffic […]
When you meet your customer over the point-of-sale (POS) terminal, you hope everything goes right. However, there are several things that can go wrong. And sometimes, when sudden glitches happen, your customers get frustrated. Having an unreliable problem could lead to a ripple effect of negative impacts including higher attrition ratios, consumer dissatisfaction, lost sales […]
Pricing has a tremendous impact on your bottom-line, and the truth is a lot of small retailers struggle to know exactly how much to charge their customers. How can you get it right? The harsh reality is that fewer than half of new entrants survive after 10 years in business. An August 2018 Investopedia article […]