Top 3 Inventory Management Tips for Department Stores
There are three effective inventory management practices for department stores that retailer managers must know, and here they are.
Inventory management is the process done by department stores to ensure that they have the items customers are looking for. It revolves around monitoring stock levels and having a smooth flow for replenishment. This is performed to cater to customers' demands.
In this article, we'll talk about three effective inventory management practices for department stores.
Monitor Your Database
Have a record of all the products you're selling and list all important information like brand, product name, SKU, price, and more. This will help you monitor the movement of each product. Having a database of records will help you apply changes when there are updates.
Distinguish Stock Location
Identify where each stock is at for easier stock level monitoring and replenishment. This will make it easier to understand which items need to be replenished and the stock level of every product. Doing this will help ensure you have sufficient stocks for each item.
Implement An Inventory Management System
Electronic shelf labels are helpful in monitoring stock levels. The automated system will help store associates identify which items need to be replenished. Having an ESL system will help department stores optimize their inventory management and replenishment process.
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