Monitoring stock levels is a big part of running a successful retail store. You need to make sure you have enough products for your customers but not so much that you end up with excess inventory gathering dust on your shelves.
Guessing stock levels can lead to missed sales and lost profits, so it’s important to have a system in place.
Read this article if you want to find out how to monitor stock levels in retail stores so you can keep your business running smoothly.
A retail store consists of various types of products with different levels of demand. If stock levels are not monitored and managed properly, it can lead to several issues, such as:
Now that we understand the importance of monitoring stock levels in retail stores, let’s look at some ways to do it effectively.
Shoplifting is a common issue for retail stores and can significantly impact your stock levels. The most efficient anti-shoplifting security system is:
EAS (electronic article surveillance) systems.
These systems use electronic tags that trigger an alarm when someone tries to leave the store with a product that has not been deactivated at the checkout counter.
At Milestone, we offer AM, EM, and RF EAS security systems. Each one has its advantages and can be customised to fit your store’s needs.
RFID (radio frequency identification) can be used for various purposes. From security and inventory management to customer behaviour analysis, RFID technology has proven to be a valuable asset for retail stores.
It allows you to track each product individually and monitor its movement throughout the store. This helps in identifying popular items that need restocking and prevents shrinkage by keeping track of all products.
RFID is also useful for real-time stock monitoring, as it enables you to receive alerts when products are running low or out of stock. This allows you to take immediate action and avoid losing sales due to unavailable products.
Your staff members play a vital role in maintaining accurate stock levels. They handle products every day and keep track of inventory.
Therefore, it’s crucial to train them on how to monitor and manage stock effectively. Some key points to cover during training could include:
Proper training can help reduce human errors and improve the accuracy of your inventory management system.
Even with advanced technology and trained staff, it’s important to conduct regular audits to ensure the accuracy of your stock levels.
Audits involve physically counting and comparing the number of products on hand with what is recorded in your system. It can help identify any discrepancies and allow you to take necessary actions, such as restocking or investigating potential theft or loss.
Whilst conducting audits might be perceived as cumbersome, difficult, and time-consuming, they are essential for maintaining efficient inventory management.
With RFID, you can effectively, quickly, and easily conduct audits in a fraction of the time it would take manually. Auditing partial inventory per department is also possible and can be done on a regular basis
Effectively monitoring your stock levels is crucial for the success of your retail store.
Consider one or more of the ways mentioned above to keep track of your inventory and make informed decisions to improve your overall business operations.
For more information on EAS security and RFID, contact us at Milestone today! We have the knowledge, technology, and expertise to help you manage your stock levels with ease.
So, don’t wait any longer; secure your profits and optimise your inventory management now!