The Importance of Inventory Management for Small Retailers
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Retail industry is one of the fastest growing segments of the economy, not only in developed countries but all over the world. The emergence of online stores has made it easier for anyone to get into the venture as well. Thanks to the Internet, it no longer takes as much money as it used to do for marketing and initial introductions of your brands. Despite all those seemingly easy starting steps, retail business remains a complex process that involves a whole bunch of meticulous management systems including inventory control. Here are 3 (among many) of the most important things to consider when starting a retailer business.
- Social Media Campaign: the only way that you can do business is when people know about your company as well as the goods you sell. In the old days, it would take considerable amount of money to build a strong consumer base, but now it gets easier with social media. Almost all channels are available free of charge for examples Facebook, Twitter, YouTube, Instagram, and what have you. Every time you post information about your products, chances are your followers/subscribers/friends will get notified; it opens the doors for free marketing at a large scope especially if you’ve been active in social channels for a while. You can even attach a link that directs people to an official company page.
- Proper Website Design: it does not matter if you run the retail business on your own, with a small team, or with hundreds of employees, keeping an active reputable online presence is crucial. A small retailer business may not have a lot of full-time employees to handle every aspect of the company, but at least a properly-designed website filled with quality product images and relevant contents demonstrate your professionalism in taking care of company and consumers. Well-designed website that allows visitors to browse or navigate easily through product categories also improves consumers’ satisfaction.
- Inventory Management: one of the biggest challenges in retail business is keeping good inventory control. Stock management system helps you maintain steady flow of supply to fulfill market demands. Lack of items means your potential customers are forced to look for the products elsewhere, hence bolstering the competitors. Inventory managements basically tells you the exact number of items currently in stock, have been sold, and in delivery. In rare cases, it also allows you to track mysteriously missing items due to misplacement or even theft.
Inventory management is only one part of the entire accounting system in a retail business; it is as important as bookkeeping. Assuming you plan to start a retail business soon or have already been in the business for a while but need an improvement, please feel free to contact 360 Accounting Services on 1300 360 749 or fill the enquiry form on the website for free consultation.