Satisfying your customers is the pillar for keeping your business on the rail. Satisfied customers will visit your business for more services. But imagine this situation, you have come across an advert on the telly or newspaper, or even online. The offer is wooing such that missing it is like losing an opportunity of a flight to the promised land. So, you get your boots on and hit the road to the store. With your heart filled with joy as you have finally got a chance to buy your desired electronic or so, you enter the store.
On reaching the said shelves, a big chart with words ‘Out of stock’ written in bolded capital letters welcomes you. How would you feel? Pissed off and disappointed. You can never go back to the store in future.
Imagine you are the owner of the store, what does this mean? Lost sales due to poor inventory management. Here is how you need to improve this in your business:
a) Have an updated report on your current inventory levels
Before posting a sized elephant banner on the roadside near your store or running an online advert about a certain offer, ensure you have updated information on your current stock levels. You need to know the number of items on offer available in your store to decide whether to go on with the offer or opt for another product. This way, you will avoid disappointing your current and potential customers by promoting empty shelves. Labeling your items and having reliable POS system can enhance your inventory management.
b) Ensure your employees have the necessary information on your inventory levels
Have you ever visited a store and tried to enquire from an attendant about a particular item only to find that they do not have any information? Indeed, you felt disappointed. Try to avoid the same experience on your customers; it is essential to ensure that all staffs have adequate information about your business inventory levels, the shelves, and rows where each item is packed. By this, you will enhance your customer satisfaction and boost their relationship with your business.
c) Engage reliable suppliers
As you know, you cannot operate a business without suppliers. The suppliers are the sources of the item you sell in your business. In this essence, how you relate to them determines whether you will receive your orders on time or excuses will be the order of the day. To ensure effective inventory management, engage your suppliers and ensure they are reliable. This way, you can be sure of safe refuge in case of emergency stock outs.
— Chris Gledhill (@cgledhill) 8 de mayo de 2018