Read about the top practices when it comes to managing your clothing store.
Keeping track of your inventory within your clothing retail store is very important. If you do not know how much stock you have of an item, or all your items, how can you properly analyze your operations?
Inventory management should easily be at the top of your to-do list, and if it’s not, then you have started a recipe for retail disaster.
Here are 4 tips to help you properly manage your inventory for your clothing retail store:
As a business owner or manager, you may already have a list of tasks on your plate. Hand off inventory tracking to someone experienced with the retail and inventory system.
You'll need to hire someone who understands the importance of keeping track of your items, as well as someone with proper business ethics, so you can trust them to not falsify reports.
High inventory can instantly lead to high overhead or increased expenses. You need to hire someone who is on their game and will notify you or upper management of any potential issues.
This person should also keep track of incoming inventory and double-checking packing slips. Don’t trust a packing slip to always be accurate!
Many businesses recommend using some sort of inventory tracking software throughout your business. This helps all employees and staff connect with the current inventory.
This can help employees who deal with customers directly as they can advise if something is in stock or not. It can help with managers who want to analyze if more ordering of supplies need to be done also.
Inventory tracking software can also send out alerts when stock is low or too high. There are also plenty of inventory counting tools (even apps!) that can help keep track of inventory.
Using a system that works is key to proper management!
No matter what inventory tracking system you use, you need to have a way to create proper reports that will show the state of your inventory.
This report should easily showcase what items are 'hot sellers' or what items barely come off the waterfall arms. The report can also show you seasonal activity, which will help you when planning inventory throughout the year.
Sometimes one of the simplest ways to fix an inventory problem is right in front of our eyes!
Double check your warehouse layout. Are items properly stored? Proper storage is essential to keeping items in proper condition.
Are items easy to reach or find? If your inventory manager can’t find a box that may be hidden away down a dark aisle and they can’t inventory it -- your inventory will be off the charts.
Make sure you have a warehouse layout that works for your business, employees and for properly accepting orders.
Proper inventory management has so many benefits - from preventing overhead to detecting potential loss.
With proper management of your inventory, you can be sure that your 'hot sellers’ are always in stock during your busy season!