Understanding the Importance of Retail Inventory Management in 2023

Inventory management has always been an integral part of running a retail business, but due to factors such as the COVID-19 pandemic and the rise in overall retail sales, it’s more important now than ever. Having systems in place for managing inventory, ideally a combination of automated and manual processes, will go a long way in setting your business up for success. Here’s why retail inventory management continues to be so important: 


Online Ordering Relies on Inventory Management

Whether your customers are ordering online and picking up in store or doing Ecommerce transactions, your inventory management system needs to be on point. Your customers need to know if you have items in stock before they put in an order. For that information to be available to customers, you need to have it down on a business level. An automated inventory system can help you take the guesswork out of keeping track of inventory. 


Retail Sales Continue to Grow

Despite fears about the economy, retail as an industry continues to grow, especially in the Ecommerce sector. Every retail business needs to either get with the times or prepare to be left behind. With so many options available for automated inventory tracking, there’s no reason to stick with manual processes. As sales continue to grow in the retail industry, manual retail tracking is quickly becoming a thing of the past. 


Prevents Overstocking and Out-of-Stock

The worst thing you can have is too much or too little of an item. You always want to have just the right amount on hand, and with inventory management systems in place, you can ensure that you’ll never run out or be stuck with more inventory than you can sell. This is especially important if you sell any perishable products, as overstocking can lead to a significant amount of waste. If you sell items with seasonal value, you risk those items becoming obsolete if you don’t sell out during the season. 


Makes Supply Chain Management Easier

One of the biggest hurdles of our post-COVID world is dealing with supply chain issues. Products created in overseas factories ceased to be made due to lockdowns and outbreaks. Keeping up with your inventory can help your company be more prepared in the event of an overall supply chain breakdown. It also makes the day-to-day operations easier because you know what you have, what’s on the way and what you need to order.


Retail inventory management is more important now than ever. Want to see how you can improve your inventory management or ordering process? Give Pollock Orora a call at 972-263-2126 or reach out online.