Retail is evolving, and we are witnessing a swift change with most companies investing in the virtual aspect of their business when it comes to selling their products. Recent events have led to an increase in the need for commercial businesses to conduct their work online.
This new virtual retail has also meant that inventory management also had to be improved.
Modern consumers and businesses alike appreciate online stores for their convenience and ease of use, but one untouched aspect of retail remains- proper stock management.
While business retailers continue to obtain the profits of the online buying boom from lockdown living, some popular products keep on gaining in their demand among consumers. Whether it is trendy home accessories or the hottest ingredient of an online recipe, every type of stock needs to be stored properly to ensure a seamless process for online clients.
We have many business customers at U Store It using our storage solutions as a temporary inventory warehouse on this online business affluent.
If you’re considering a similar retail stock storage solution, here are the best tips we can offer on how to store your retail stock efficiently:
Label and organise your inventory
Labelling is a critical step in organising any type of storage space, but especially when handling inventory. Whether going for a category or a colour-coding system, it’s all about minimising confusion and saving time. In the case of businesses with a large number of goods, a comprehensive labelling system will easily save you and your co-workers time and effort when searching for stock when required.
If your retail inventory system was previously labelled, think about how it can be further upgraded.
Have a modern website
When you have in place stock management and online shopping, combining both is more than a benefit, it should be imperial! Having your online store up to date with correct levels and status of stock will avoid clients purchasing out-of-stock goods that will lead to troublesome refunds, incorrect orders and ultimately, loss of trust from your customers. If you can upgrade to a web store with automatic stock management, go for it! If not, make sure you can continuously keep it up to date on the latest inventory levels so that unwanted issues don’t happen.
Eliminate any old retail items
Removing old and unwanted stock will free up space in your inventory storage area for your most important products or those on higher demand. This makes it much easier for retail business managers to be on top of their storage areas, improving storage efficiency and overall productivity.
How can you quickly get rid of old stock?
- Offer discounts on the older stock in a flash sale
- Introducing giveaways
- Make a charitable donation
Self-storage can be your solution
Investing in the ideal, right-sized space self-storage unit to certify that your stock is organised efficiently and safely can be the key to solve your inventory management problem. Regardless if you need a large 200sq-ft storage room, or a 50sq-ft unit, finding the accurate space is crucial to attaining the best stock efficiency for your inventory and your buyer’s demands. Investing in a business self-storage unit is generally a more secure option with its CCTV, padlocks and other perks in security.
The answer to keeping your online store running and thriving through time relies on how efficiently you manage your stock. And having the proper storage space for efficient inventory management may not be easy to come by, but here at U Store It we got you covered, so don’t wait any longer and contact us today!