The supervision of supply, storage and accessibility of items in order to ensure an adequate supply without excessive oversupply.
What is it?
Inventory control is finding the balance between not running out of a given item while not having an excess on hand that takes up space and is not being readily sold to customers.
Why is it important?
Proper inventory control is necessary for multiple reasons. It can reduce unnecessary costs for the store, keep customers satisfied, and promote positive loss prevention strategies.
Put Systems in Place
Whether it be electronic or otherwise, be sure that systems are in place for tracking all inventory and that employees are aware of how to use these systems effectively. This includes what to do with damaged and returned merchandise.
Be sure you are regularly looking at sales reports to know which items are most popular and which are barely moving. Keeping regular tabs on sales will inform future purchasing decisions. A focus on other aspects such as the season, holidays, and other temporal events that might affect future sales.
Make Loss Prevention a Priority
Focusing efforts on preventing theft both from customers and employees will help maintain accurate inventory lists and reduce risks of running out of stock on popular items.