Whether you’re managing inventory for one c-store or for 1,000 stores, good inventory management will keep you sane and keep customers coming back. Take the guesswork out of buying and stocking merchandise to ensure you’re getting the highest profit out of your space while carrying the correct inventory and preventing out-of-stock issues.
Many convenience stores are using digital management programs, software packages and apps to manage inventory. But if you’re not ready to hop on the software bandwagon just yet, try focusing on your slow-moving products first. How much stock do you keep on hand? Although some of those items are necessary to offer, perhaps it’s time to adjust how you manage it. Rather than measuring stock by the number of days since the order was received or put on the shelf, set the number of individual products you keep on hand. When stock hits that number, re-order, and you won’t be left storing unnecessary items.
How long have you been stocking each item in your store? If you don’t have an accurate history of each product, you could be missing the mark. With a documented history of a particular product, you can verify sales and margins in your store and monitor seasonal benefits. If you lost money on it last year, will you restock it this year? This information will help you plan for future buying, resulting in a more efficient store!
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