Small retail business inventory management refers to the stock of goods that a small retail business has in their storages, and for sale. This includes products that are available for purchase by customers, as it’s easier for managers to track inventory, to see what’s available, and what needs to be ordered.
Inventory management is a critical aspect of running a small retail business. Effective inventory management can help to:
- Avoid stock outs: Ensure that products are always available for sale.
- Reduce costs: Minimize the cost of holding excess inventory.
- Improve customer satisfaction: Ensure that customers can purchase the products they want when they want them.
Small retail businesses can use a variety of methods to manage their inventory, such as manual tracking, spreadsheets, or specialized inventory management software.
Key features
A small retail business inventory management system should include:
- Two interfaces: Stock inventory interface (Record view) and form to submit new goods.
- The record view should include grouping, which divides inventory into different warehouses, for easy tracking and planning.
- Users can add new and adjust existing assets.
Setting up a small retail business inventory
An inventory should have the below attributes:
- Item name
- SKU
- Brand
- Origin
- Colors
- Size
- Stock Quantity
- Unit Cost
- Images
- Description (Should be included if you're about to send the app link to salesman, to update warehouse status, which provides them full information to communicate with customers)