Being an owner of a small- to mid-sized business is a 24/7 job. When you’re not working, you’re thinking about your business and how to run it more efficiently. Thanks to a series of advances in POS terminal technology, you now have the tools that larger retailers have – and at a fraction of the cost. As we discussed in our previous post, the modern POS terminal allows you to do much more than simply collect payment. They can promote your business, offer integrated payment solutions, and, as we’ll focus on today, help manage your inventory.
Inventory management is a key part of running your business efficiently, and it can save you money. With an effective inventory management solution, you’ll be able to buy what you need, when you need it. It takes the guesswork out of stocking your shelves and maximizes your return on investment while reducing waste. These are things every business owner strives to achieve.
For those unfamiliar with how an inventory management program works, here’s a simple example. If you’re wondering if customers are buying more Coke or Pepsi from you during a certain time period, Groovv’s inventory management feature allows you to track this with a few clicks of the mouse. Not only that, but it will also tell you sales quantity, remaining inventory, total revenue and profit. This allows you to adjust your orders and stock your shelves accordingly. It’s also useful in predicting seasonal purchases (e.g., Christmas shopping) so you can ensure you have enough inventory on hand to meet customer demand.
For more information about Groovv and its inventory management features, please call 602-443-0073.
Next week: Using your POS to accept mobile payment