Good Inventory Management Mean More Money!
by Carrie Hinkel on December 20th, 2007
For an online retailer, having tight control on inventory is absolutely crucial to running a good business. Out of stock merchandise means lost business. Having your inventory managed automatically means you’ll never be surprised that you’re “all of a sudden” out of stock of a particular item.
However, a good inventory program will do more for you than just keep track of stock. Today’s inventory tracking software has the capability of analyzing sales data so you can watch for any ordering patterns. This comes in handy if you are testing marketing or advertising campaigns. You’ll be able to easily compare sales from before the campaign to after the campaign. Having such detailed sales data will also give you insight as to what products are fast-sellers and which ones are just collecting dust and need to be discontinued.
Being able to see your sales in an easily manageable format makes it easy to see the “cause and effect” factor for things like sales, coupon codes, and advertisements. If put to good use, an inventory management system can both save money (in inventory control) and make money (by seeing what advertising works)!
Inventory management software programs are simple to understand and operate; some programs even allow you to add pictures and descriptions of each item to make them easy to find and recognize. You’ll always know when inventory gets low because the program alerts you when your stock gets below a certain level.
Having an inventory control system in place saves you time, worries and money – and every online retailer should have one. And why not – they’re inexpensive, easy to install and there are so many programs to choose from, you’re bound to find the right one for your company. Most of the software programs offer a free trial (usually 10-30 days) so you can test it out and see if it’s right for your company. And, if it’s not then you can get a full refund.
There are literally hundreds of great inventory software programs on the market and, for small businesses, they’re all fairly similar. However, here are a few recommendations for you to get started in your search:
Small Business Inventory Control
Website: http://www.rytechsoftware.com
Cost: $99 and up
Free Trial: Yes
iMagic Inventory
Website: http://www.imagicinventorysoftware.com
Cost: $199
Free Trial: Yes
AdvancePro
Website: http://www.advanceware.net
Cost: $499 and up
Free Trial: Yes
Typically, the more expensive the program, the more features you get in return. The programs listed above are all for small to medium-sized businesses. For large warehouses, the pricing can easily get up to $25,000 for an inventory control program – so, in comparison, a few hundred dollars for a good program is a steal! The money you pay for a good inventory control program can easily be earned back (and then some) within just a few months. That is, as long as you’re willing to set the program up and use its tools!