Retailers face the challenge of deciding on the best inventory system for retail shops. Meanwhile, some live with the fear that an inventory system could be expensive, demanding, insecure, and difficult to understand.
However, in this content, all doubts will be addressed. So, let’s begin.
What Is An Inventory System?
An inventory system is also known as an inventory management system or inventory software. It is software used to organize and manage excess goods available in your inventory.
Moreover, an inventory system makes it easier for employees to pull out items from the inventory with so much accuracy.
Types Of Inventory Systems
There are two central types of inventory systems for small retail shops, and they are,
- Perpetual inventory management system
- Periodic inventory management system
Perpetual Inventory Management System
A perpetual inventory system frequently tracks when goods are received, sold, or moved around. Most importantly, using a perpetual inventory management system gets you up-to-date data on stock levels. However, this can be expensive for retailers with multiple store owners. This inventory management system is suited for retailers or e-commerce businesses with large stocks, for instance.
Periodic Inventory Management System
This system provides the beginning and ending stock levels within a business or accounting period. In addition, this inventory system is not as accurate as of the perpetual inventory management system. However, this inventory management system is suited for retailers or e-commerce businesses with limited stocks.
How Does The Inventory System Affect Your Small Business?
As a retailer or e-commerce business owner, your choice of inventory system can affect you in two ways. Firstly, positively. Secondly, negatively.
In the same vein, here are the pros and cons of how an inventory system can affect your small business:
Pros
- Accuracy in gathering information on stock levels
- Up-to-date with your product value
- Save you money on taking inventory regularly and automatically
- It improves cash flow
- Awareness of stock location for quick supply, counting, and restocking
- It promotes brand loyalty
- Effective management of stocks to avoid having expired, outdated, or overstocking of merchandise
Cons
- Firstly, inaccuracy in taking stock records as a result of experiences of stolen goods and deadstock.
- Secondly, as a result of poor management, you will experience overstocking.
- Thirdly, insecure service provider leads to false, incomplete, and loss of data.
However, with the use of Amazon Web Services, Vencru offers you protection for your data and privacy.
Is It Expensive To Use An Inventory System For Your Small Retail Shop?
For some inventory systems, yes! But, not for Vencru. Because Vencru offers you a free 30-day plan and is the cheapest. It is the cheapest but filled with amazing features like:
- Inventory management
- Barcode scanning
- Customer management
- Expense tracking
- Invoicing
- Business report
- Mobile apps
Examples Of Inventory Systems For Small Retail Shops
To clarify, there are various inventory systems available to retailers. For example,
How Can Vencru Help You?
Vencru is the world’s most trusted and respected solution provider for retail shops looking to grow their business effectively. Above all, Vencru offers you the best inventory system experience for your inventory and accounting needs.
In the same vein, here are some advantages of using Vencru as your inventory system:
- Up-to-date with stock levels
- Automatically performing inventory accounting
- Preventing double-counting
- Track your debtors
- Track your profit levels
- Avoid wastage of your goods
- Prevent overstocking
- Control employee’s activities
- Manage your client information
Final Takeaway
In conclusion, retailers and e-commerce businesses rely on inventory management to ensure that their customer’s orders are delivered as scheduled. However, adopting inventory management software helps your business in controlling its inventory. As a result, saving time and money.
Sign up with us now! And enjoy easy usage and navigation of our inventory system for retail shops. Most importantly, customized to your retail store or e-commerce business needs. Meanwhile, make sure you stay tuned to our blog and get resources to help you navigate the market. Good luck!
