Managing inventory is one of the least-sexy but most important tasks any business owner needs to deal with. Without proper inventory management, mid-day sellouts of products can happen in a flash.
Sound like an okay thing? Think again! Selling out of a product feels good at the moment, but every minute after a sellout and before a restock, you’re potentially throwing profit down the drain!
Inventory management gets even more difficult when you’re worrying about selling products online. You may give away product that’s already been sold online–meaning you can’t fulfill orders after taking payment!
Want to avoid all this? Let’s go over the usual inventory issues and talk about how to make sure they’re a thing of the past!
Selling Out During The Day
The more common problem in inventory management is not having enough foresight to order enough product that’s needed. Backroom space is limited, so it’s no surprise that store owners want to keep that area as clear as possible by only stocking what’s needed.
However, with some stores selling dozens or even hundreds of products, how to you know when to order more?
That’s when an inventory management system like Franpos comes into play. With Franpos, you can set up limits to how low your inventory can get. When you hit that line, Franpos will automatically generate a purchase order and send it to you!
This way, you can focus on other aspects of your business, and let Franpos tell you to get more product and avoid a sellout.
Selling Out Online
This means of selling out often occurs when business owners haven’t tied their online platform to their in-house point of sale system.
When you sell out online, it means you’ve sold either your entire stock or more than your entire stock online! This happens when your online store doesn’t have a means of tracking what’s been sold in store, so it will continue to accept payment and orders until it is told not to.
You can set a limit to how much can be sold, sure—but what if you sell more than expected in-house?
All of this can be avoided by merging or connecting your eCommerce store with your point of sale. With a Franpos system, your online store and your in-house store are one and the same—meaning you’ll never sell products you don’t have, and your online store will automatically close for you in the event of a sellout.
Combined with automated purchase order generation, this makes inventory management issues a thing of the past!
Delivering with A Point of Sale Solution
We hope that we’ve pointed out a few ways you can run out of inventory–as well as how platforms like Franpos can help make sure that doesn’t happen often!
Want to learn more? Schedule your free demo today and see why the Franpos solution is chosen by thousands of businesses to grow their revenues!
