The primary goal of any retail business is maintaining a healthy cash flow by selling inventory. It becomes paramount that you know the right stocks to pile up and the ones that need to go.
Multiple efforts go into managing your inventory that include –
- How much of each item does the stock hold?
- When to consider a reorder?
- Is the inventory too big or too small?
- What items sell best or worst?
- Do you need to reconsider selling a product entirely?
- How much inventory storage is sufficient?
Tips to Maintain a Fruitful Inventory
Kiryana stores need to devise specific ways to stay afloat in the competition, and thus maintain a fruitful inventory instead of piling up stuff that people hardly buy.
Here are 5 tips to help you manage your Kirana store inventory efficiently –
- Keeping Track of Storage Space
Keeping track of the money you invest in your inventory and storage space can help you save money.
Thus, it becomes imperative that you invest in such an inventory that doesn’t take up too much space and is not very perishable.
It would be best if you learned to organise the space in a way so that you get more room on your shelves, and realise how much to display for customers.
This way, you can manage your inventory more effectively as you would fill up the storage room with supplies that can fit and what has had the highest demand in public.
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- Loss and Theft Prevention
While running a Kirana store, you need to ensure that customers don’t shoplift stuff from your inventory. Unorganised spaces in your shop can assist the customers in stealing right from under your nose.
Maintaining your inventory in a well-organised fashion is one of the first things to ensure the prevention of loss and retail shrinking.
Organising your space can assist you in finding stuff conveniently, and you would be better able to track it.
- Mitigating Administrative Errors and Managing Supply Chain
Administrative errors like miscounting stock can lead to lost inventory and theft in Kirana stores. Administrative and paperwork errors cause more than 20% of the loss in shops and stores.
You must maintain decorum and proper records of your entire inventory. This way, you would know what all products you have in your store and what all need to be reordered.
Stay updated with the trends that are more popular in the market, and thus keep your inventory updated accordingly. Reduce the chances of errors while piling up stocks by being more efficient.
Your supply chain is the process of making and receiving inventory for your store. Many different factors are at play that affects a supply chain.
For instance, if you sell onions and their price just skyrocketed overnight, that would imply that you have to pay more to obtain onions for your Kirana store. This would influence the budget of your inventory.
However, it is advisable to procure products whose prices have risen recently, because even if you’d have to spend more to buy them for your shop, you would earn more as well by selling them.
- Clearing Out Deadstock
When you are running a Kirana store, it should come as no surprise as to how quickly things be in vogue one day and lose its charm the following day.
Deadstock is excess inventory that no longer fascinates people into making the purchase and hence is exceptionally tedious to sell.
Market trends are subject to volatility all the time, and often it can be difficult for you to keep your inventory updated.
To clear out the remaining stock, you can put it on display so that those who still need them might make the purchase and help you clear it out.
You can showcase the latest products on your display window for people to know that you own the updated inventory.
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- Avoiding Being Out of Stock
If your Kirana store’s inventory is mismanaged, it can lead to loss of stock, and you might end up losing products that you had decided to showcase on your display window.
If something is selling hot in the market, you need to make sure always to have it on hand; else you would risk losing sales and even loyal customers.
Running a Kirana store is hard enough and not implementing a proper management and inventory management mode of operation can be taxing on your pocket.
Customers would always prefer an organised store that keeps itself up-to-date with the latest inventory.
You must check the tips mentioned above to maintain a fruitful inventory and help yield huge profits and proliferate your cash flow.