In the April issue of Hardware Retailing, we spoke with five retailers who have taken on inventory projects to address a critical point where their inventory cycle hit a snag and caused problems in the rest of the process. In addition to the article, we’ve created the following elements to help you improve your inventory management process.
Missed Sales/Out-of-Stock Inventory Calculator
As you know it’s ineffective to have too little inventory in your store, as you may be losing customers because you are out of the products they’re looking for.
But do you know the true cost of these missed sales? This calculator can tell you just that. Simply plug in a few numbers and you can see exactly how much you’re not making, due to those out-of-stock items.
Calculator Link: http://www.hardwareretailing.com/out-of-stock-calculator/
Inventory management is more than occasional cycle counting or making sure to order more of an item when you notice an empty peghook. Rather, to be as efficient as possible in managing your inventory, you need to monitor it year-round.
Download this infographic to learn more about how frequently you should follow various inventory processes throughout the year to help improve inventory accuracy.