Retail inventory management is the core process to a successful storefront. The correct in-stock inventory drives sales, whether the business is a brick and mortar store on Main Street or a niche merchandising website. In many retail businesses, inventory is the largest single capital investment.
The right management of inventory investment equals outstanding revenues, while poor retail inventory management is a recipe for disaster. In a perfect environment, retail managers can:
In order to achieve the right state of inventory, retail inventory managers must focus on all three major states of inventory:
Retail inventory management does not start and stop at the four walls of the store. It starts at the product point of origin and ends in the customer’s hands. Providing proper leadership to a retail organization requires mastery of all parts of the retail supply chain.