Inventory management requires accuracy. Inventory

management software ensures accuracy and allows

you to audit the receiving process and conduct

accurate purchase order planning for optimal profit.

A ACCURACYIf you understand how your inventory is performing,

you can develop a buying strategy that ensures you

always have the right inventory, when your customers

want it.

BBUYING

Costs of inventory go far beyond what it takes to

stock a product, so it is important to be aware of

which products are selling well and which items are

simply taking up space and draining your resources.

C COSTDrop shipping products lets you transfer customer

orders directly to the manufacturer, so that you have

open space for inventory in your store.

DDROP SHIPMENTS

Standardize your inventory process and create

procedures that cover the way products are bought,

shipped, stocked, and counted before they can be sold.

E ESTABLISH PROCEDURESForecast demand by analyzing past data and properly

stock your store so you can be as profitable as possible.

FFORECAST

To know how your business is really doing, run reports

often and keep track of your physical inventory on a

regular basis.

G GATHER INFORMATIONKnowing where to place your inventory on your

floor and identifying your hot selling spots can help

you move low-performing inventory quickly.

HHEAT-MAPPING

Remember that your inventory is an investment

directly tied to your cash flow. If you’re buying and

selling the wrong products, you’re going to miss out

on profit.

I INVESTMENTMake sure that all of your employees, from the

cashiers to stock floor managers, know managing

inventory and following the processes you’ve put in

place are a crucial part of their job and responsibility.

JJOBS

Knowing your sales performance of certain styles,

vendors, and classes will help make sure you have

the right quantity.

K KNOWLEDGELiquidate non-moving items to make space for

profitable inventory.

LLIQUIDATION

Model stocks automate the fill-in process and

automatically generate purchase orders so that you

can save time, avoid mistakes, and ensure that your

store is always well-stocked.

MMODEL STOCKSAccount for all items you can’t sell by marking them

“non-sellable” and keep your data as up-to-date and

accurate as possible.

NNON-SELLABLE

You’re stuck with inventory no one wants to buy,

so get rid of it by marking it down, donating it, or

reselling it, to create space for profitable inventory.

OOBSOLETE INVENTORYBe sure to count your inventory regularly to ensure

accurate data and account for missing items. Get in

a routine of conducting physical inventories at least

twice a year.

PPHYSICAL INVENTORY

USE YOUR DATAWhen making buying decisions about your

inventory, it is important to utilize the data at your

disposal, so that you are as informed as possible.

U VENDORSConsult with your vendors to help you make purchase

decisions on new inventory.

V

Determining the correct quantities of inventory

you should have on-hand is the key to running a

profitable business.

Q QUANTITYReceiving shipments of inventory the right way and

being able to review receiving processes increases

your inventory accuracy and profitability.

RRECEIVING

Why should you care about inventory management?

Having the right product in the right place at the

right time is the reason why sales occur. Inventory

influences sales, sales drive business, and business

creates profit.

WWHYBy implementing a smart inventory strategy, almost

25% of inventory management costs could be

eliminated or reduced.

XEXECUTE STRATEGY

Find the right software to help you manage your

inventory and run reports using real-time data so

you can make more profitable business decisions.

S SOFTWAREIf you own multiple stores, transfer your inventory

between stores to meet your customers’ needs.

TTRANSFERS

Choose the brands and vendors that will yield the

highest profits.

Y YIELDYou should aim for zero missed opportunities. Keep

as much product on the sales floor as possible and

make sure your inventory is always well-stocked so

you never miss a sale.

ZZERO

UNDERSTANDING ALL ASPECTS OF YOUR INVENTORY IS ESSENTIAL TO RUN A

SUCCESSFUL RETAIL BUSINESS. WE HAVE COMPILED A LIST, FROM A TO Z, OF

EVERYTHING YOU NEED TO KNOW ABOUT YOUR INVENTORY!

ricssoftware.com

800.654.3123

@ricssoftware