Product Management Is Profit Management
Product management is one of the most important aspects of retail operations. If you don’t know where your inventory is, how can you sell it? Better yet, if you have it priced too low or too high, there is a huge chance that it won’t sell at all. That’s why the proper retail management solution can help you increase your profits by helping you manage your product better.
What, specifically, should a product management solution be able to do for your retail business?
In a word, here are some of the most robust features you should expect from a good retail product management solution:
- Purchase monitoring – This is especially important if you have multiple store locations. You want to be able to monitor all purchases in realtime so that you can know where your inventory is. Subsequently, if you need to move product around, then you can do that easily.
- Sales tracking – It’s not just important to monitor sales. It’s important to track them over time so that you know which products sell better at which store locations.
- Transfers – If you need to transfer product from one store to another, your product management solution should be able to tell you if your product is in store A, store B, or somewhere in between.
- Allocations – How many of each product do you have on hand?
There are many other features as well. This is just the starting point. The ChainDrive product management matrix can help you manage your product from purchase to sell and tell you how you’ve profited from each transaction.