We recently announced a partnership with Brightpearl, who provide multi-channel retail management software. Integrated with STREAM, it enables multi-channel retailers, distributors and wholesalers to manage the heart of their business by combining orders, inventory, customer data, transport management, accounting and reporting into a single, reliable retail management system. They have provided this guest post (and associated white paper) looking at stock control

Without a well-controlled inventory, your business will suffer. The spine of everything you do, accurate stock control holds a retail business together, and if it is poorly managed all other aspects of your company will suffer.

From preventing double selling to avoiding mismanaged returns, this blog offers some of the best ways to take control of your stock control. If you want more, check out ’12 tips for taking control of stock control’ which offers more amazing tips, as well as solid advice from industry experts.

So what do you need to do to take control of your inventory and stock? What impact will this have on your business?

1. Keep stock levels sensible and flexible.

Understanding how your business is performing and keeping an eye on well-performing products can be a real game-changer. Whilst it can become extremely tempting to heavily invest in certain well-performing products, without proper inventory management you could end up wasting money on a product which isn’t selling.

If, for example, you see that you’re low on stock for winter coats after having purchased some very recently, you may be tempted purchase large amounts of winter coats to replenish this stock.

With an efficient inventory and reports system however, you could see that sales of winter coats peaked at a similar point last year, before dropping off too much lower levels thereafter. You could also see any promotions which may have caused the spike in sales. When in control of your stock control, you could take a more sensible course of action.

For more detailed information on maintaining flexible stock levels, download ’12 tips for taking control of stock control’.

2. Use allocation for better management of stock.

A fantastic tool for online shops, allocating stock allows you to designate the stock so that it does not get sold again elsewhere. From the time a sale is made on your website to the time it is closed and the inventory level is updated to reflect it, often during this process problems arise with double selling.

The best way to manage this is through an extensive inventory control system. To read more, check out the latest white paper from Brightpearl.

3. Be sharp on returns.

Sticking to a clear and consistent returns process is a hugely important part of staying in control of your stock control.

Knowing how and where a returned item is in the returns process, and understanding how to update your stock levels accordingly are crucial, but important too is to have a strong feedback system. This will empower you to react to problems quickly.

Knowing what caused your customer to return an item, keeping records and generating reports can help you to notice trends. For example, if a certain product is frequently returned due to damaged packaging, then investing in more durable packaging, or reviewing your courier system might be good plans of action. Without a well-controlled inventory level and reporting structure, these trends could not have been noticed as readily and would ultimately cost your business.

We have a detailed look into how to stay on top of returns in Brightpearl’s whitepaper, ’12 tips for taking control of stock control’.