5 Ways to Manage Your Products Better
In retail, product management is one of the most important operational concerns. If you don’t manage your inventory effectively, you could have tons of losses, which eat into your profits, spend countless hours looking for your products, wasting time and resources on other activities that impact your bottom line in the negative. Managing products effectively is essential to retail profitability.
Here are 5 ways any retailer can do better at managing their products:
- Monitor price changes – Large retailers have enough to worry about with payroll, multiple vendors to manage, and several moving parts where operations are concerned. One area of operations that you have a lot more control over than you think you do is in price changes. With the right tools, you can monitor sales prices, specials, discounts, and promotions on an ongoing basis and get a handle on your ever-fluctuating prices.
- Categorize your merchandise properly – An effective product management solution should allow you to establish your own attributes for your products. After all, every retail business is different.
- Optimize your transfers – Whether you’re transferring from warehouse to warehouse, store to store, or warehouse/store to store/warehouse, you’ve got to be able to track and monitor all of your transfers in real time so you know where your product is.
- Keep an eye on analytics – One of the most important parts of running a retail chain is the analytics. You need eyes on product history as well as present status. A good analytics system allows you to manipulate the data in ways that facilitate better management. And you should be able to do that from any level within your organization.
- Centralize product management – Keeping your inventory management practices at the department level increases your level of inefficiency. Centralize your product management system so that you can manage all its parts more effectively and efficiently.
Product management is about more than ordering the right product from the right vendor. It involves managing your inventory from the time you place to the order until it leaves with your customer.