Every business has a soundtrack, whether they realize it or not. The only question is whether that soundtrack invites people in, or makes them look for the exit…
When selling products, there are certain events that raise the likelihood a customer will buy a product. A customer sees the inventory, that’s step one. They walk over to it and stop to look, step two. But once a customer actually touches the item, the likelihood of them making the purchase increases dramatically…
Ok, hear me out. I know counting shelves upon shelves of items isn’t super romantic. Even over here at Shopventory, as much as we love good inventory management, we don’t think it makes the world go round. But we do know that less time and money wrapped up in inventory means more time and money for other things ...
We all get distracted sometimes. It’s natural, especially in the hustle and bustle of retail. Letting the occasional distraction turn into a pattern is where problems start to arise. Fortunately, you can use your inventory as a barometer for your business and take concrete steps to make sure the occasional distraction doesn’t end up sinking the ship...
We recently read a report from Software Advice, a company that researches and reviews inventory management software, who conducted a survey of nearly 400 employees to better understand how these systems can catch thieves that target any point in the supply chain. The results of the report were very interesting:
- The report found that 22% of employees at companies without inventory management software openly admitted to stealing products (see chart below). This should be unnerving for manufactures and distributors, as well as retailers, since the inventory shrinkage that stems from this theft will affect profit margins for companies at any point in the supply chain.
- The report also found that 24% of all companies with large quantity of goods in stock still do not use inventory management software, despite the fact that inventory theft by employees accounts for 44% of all inventory shrinkage.
- Fifteen percent of employees whose stores use inventory management software admit to stealing from their store, versus 22 percent of employees whose stores use other methods.
- Only 37 percent of small “mom and pop” stores are using inventory management software, versus 53 percent of local and regional retail chains and 85 percent of national retail chains surveyed.
- Only a portion of “mom and pop” stores and regional chains are leveraging inventory management software (37% and 53% respectively), according to the report. Based on this fact it is apparent many businesses are leaving themselves exposed to the threat of employee theft – a problem that costs businesses in the United States more than $15 billion annually.
- Using inventory management software is beneficial, as it allows companies to keep track of their inventory and avoid the time consuming process of manual data entry. While these systems won’t necessarily stop employee theft entirely, they give companies a resource to conduct accurate and consistent cycle counts to notice when there is an anomaly that could be attributed to theft.
The inventory management researcher at Software Advice, Forrest Burnson, who conducted the study, said this issue of employee theft needs immediate attention:
“Whether you’re a small, medium or large business – it is very important to protect your inventory. Since at least 60% of respondents to our survey admitted that employee theft was a problem of some degree, no matter the company size, business owners need to be swift and direct in addressing this matter. Using software is a great way to better secure your business and ensure your profit margins do not decrease.”
To read the full report, click here.
If you have comments or would like to obtain access to any of the charts above, please contact firstname.lastname@example.org.
It's time for another sunny inventory playlist to help you through inventory counts! Our Whistle While You Work series is a monthly playlist series where we share some new terrific tunes at the end of each month—all intended to putting a spring in your step while you count, and count, and count.
Workplace music can relieve stress, inspire creative problem solving and boost productivity. This month, we're dedicating our playlist to all of you early-to-rise business owners who are always up before the sun is.
1. "Here Comes The Sun" by The Beatles
2. "Sun Giant" by Fleet Foxes
3. "Morning Train" by Sheena Easton
3. "Sunny Afternoon" by The Kinks
4. "Wake Me Up Before You Go Go" by Wham!
5. "The House of the Rising Sun" by The Animals
6. "I Can See Clearly Now" by Johnny Nash
7. "Island in the Sun" by Weezer
8. "Mr. Blue Sky" by Electric Light Orchestra
9. "You are the Sunshine of my Life" by Stevie Wonder
10. "Sunday Morning" by No Doubt
What's on your iPod this week? Let us know in the comments!
Managing inventory is a beast for one shop, but it becomes a whole different animal when you add multiple locations. This isn't necessarily defined by just having more than one brick and mortar store—it's any situation where you're selling from multiple points and housing inventory in multiple places. Even an online shop that sells at various farmers markets could benefit from multiple location solutions. At Shopventory, we've been working on our multiple locations feature for the last few weeks. Service for up to three locations is now available in our Premium plan, with the option to add more locations as needed. It includes all the inventory management tools available with our other great plans, but also features unlimited order volume, detailed sales reports by location, inventory reporting by location and profit margin reporting by location too. This allows small business owners to see all that important data and trends for each location, as well as move your inventory between locations as needed to stock your stores more efficiently.
It was our intention to ease some of the challenges that come with managing multiple locations. We want you to be able to monitor your inventory counts in when you can't be in two places at once, communicate better with your employees and run all of your businesses like the awesome boss you are.
We steal our best ideas from you, our customers, so please let us know what you think of this new Shopventory multiple locations plan—we wanna know the the great, the good and the could-be-better so that we can keep helping you run the business you love.