If you operate wireless retail business, then your number one goal involves moving inventory. Your inventory is your bread and butter. Too much of it or too little inventory have severe consequences and there inventory management is one of the most important parts of running a successful business.
You Don’t Want to Run Out of In-Demand Items
The worst scenario for a business owner is having customer upon customer walking into your store with cash in hand and ready to buy a particular device only to find out that you are out of stock!. That can be devastating to your wireless as you not only lose the immediate sale, but create a reputation in the customers’ minds that you never have what they want. We live in an age of instant gratification, and everyone wants what they want now. They are not willing to wait and will go elsewhere to get it. When you turn customers away, they’re likely to go to a competitor and perhaps never return. Having proper stock can avoid turning customers, and profits, away!
…but You Don’t Want to Overstock, Either
Just as having too little stock can be devastating, having too much can be a problem, as well. The longer a device or accessory sits in your stockroom unsold, the higher the chances that you’re going to end up taking a loss through price drops and dead inventory. Having too much inventory also creates cash flow issues for your business as your cash, which can be used for other important business functions, is tied up in inventory sitting on the shelf.
Proper Management Prevents Costly Losses
One of the biggest issues that wireless retailers face is merchandise loss through theft. In addition to using other security measures such as cameras technology, it’s also important to properly manage your inventory so that you can easily pinpoint the problem and prevent future loss. Failing to notice missing inventory over time can cost you tens of thousands of dollars in missed revenue, and can be prevented with routine inventory checks of physical stock against point-of-sale inventory reports.
Bookkeeping Becomes Simpler
At the end of each fiscal year, it’s important to count your inventory for accurate reporting on your tax returns. If you wait until the very end of the year to do this, you’ll find yourself drowning in work. A good inventory management software certainly can make the task much simpler by automatically tracking inventory for you.
The success of your cellphone business rests in your ability to manage inventory properly. A custom-made, point-of-sale software, such as CellSmart POS, with a thorough inventory management module is the solution to your inventory worries.