“Brick and mortar stores are feeling the pain from online competition. Meanwhile, more successful online retailers are opening up brick and mortar stores. So, what’s going on? Do customers want to shop online or in-store? The answer is simple…”
Ever hear the saying, “Time is money”? It’s true, but people don’t often realize the extent to which it’s true. Of course, time is precious and irrecuperable and all that, but let’s focus on the financials. (This is a business blog, after all). The value of time is not fully measured by hourly rates or annual salaries. Time as money is far more valuable than most people think...
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...
For those of you too young to remember, MacGyver was an incredibly cheesy 80's action TV show about a man who used everyday items to create tools to get him out of the sticky situations in which he'd constantly manage to find himself. He would always find a way to take the tools he was given and make it work. It was farfetched to say the least, but I guarantee you'll never be able to look at a paper clip the same way again...
We'd like to share some great news from Shopventory!
DENVER, Colorado – June 3, 2015
Shopventory, a leading provider of inventory management and optimization solutions for medium to small size businesses, announced today its acquisition of certain assets from Minneapolis-based Otterology.
Shopventory has acquired the Otterology service, its customer base and various other related assets including Otterology trademarks and associated Internet domain names.
"Shopventory's success in helping SMB's optimize their inventory management while saving time and money has led to our rapid growth and positioned us as one of the leading inventory management solutions for retailers leveraging the power of Mobile Point of Sale (MPOS)," stated Dave Carlson, Shopventory Co-Founder and CEO. "Our client-centric service and return-on-investment focus for our customers put us in position to acquire the assets of Otterology."
CLICK HERE for the full press release.
Your support over the past two years helped make this possible. Keep the suggestions and feedback coming. We sincerely appreciate your ideas and input. We have some exciting plans ahead and this is just the beginning.
Make it a great day!
Shopventory is pleased to announce our formal integration with Square and our launch in the Square App Marketplace. Inventory and profitability management for Square retailers is now easier and faster than ever before with Shopventory. Sales, inventory and profit are now synced real-time between Shopventory and Square for more accurate reporting to help retailers succeed."The combination of Shopventory and Square makes it easier for retailers to order the right product at the right time so they always have high-demand product in stock and they know the cost and retail value of their inventory at any moment in time," Bach Le, Shopventory CTO and Co-Founder.
We welcome your comments.
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.