Whether your business is strictly storefront, online or both, keeping accurate inventory records is vital to its success. From productivity and loss prevention to customer satisfaction, retail inventory management is at the heart of streamlining your business operations. Here are five benefits of keeping accurate retail inventory records:

Satisfied Customers

Keeping accurate retail inventory ensures products are stocked and available when customers want them. Inaccurate inventory can lead to backorders, causing the customer to wait longer for the item to arrive. This often leads to dissatisfaction and a loss in sales. Customers who have a positive experience with your business and are able to get the products they need in a timely manner are more likely to purchase from you again. 

Increased Productivity

Accurate retail inventory records optimize daily operations. It makes it easier for associates to check product availability and locate items quickly. Inaccurate inventory can result in time wasted searching for product that is misplaced or out of stock. It also allows better order fulfillment and production forecasting, which streamlines the ordering process.

Efficient Order Fulfillment

Accurate inventory records ensure proper ordering. It reduces the risk of overstocking, which can lead to financial loss due to items not selling and significant price markdowns. It also reduces the risk of understocking, which can lead to backorders and disruptions to your supply chain.

Financial Accuracy

Maintaining accurate inventory is vital for making the best financial decisions for your business. It allows you to know the value of the inventory on hand and keep track of which items are selling and which aren’t. Inventory discrepancies can result in incorrect valuations, uninformed business decisions and losses for the company. 

Loss Prevention

When inventory records are well-maintained, it’s easier to track losses and pinpoint their origin. Accurate records make loss prevention investigations more efficient and help reduce internal theft and other forms of shrink. 

Pollock Orora is committed to your success. We provide modern and innovative inventory management systems to give you the best tracking, replenishment and analytics resources available. Consider your retail inventory management system SOLVED.