9 out of 10 retailers feel that stock take is a major headache and dread to perform it even on a rare basis when it actually has to be done on a daily basis. Wait, is getting to know that daily stock taking is possible too shocking? Shouldn’t it be more shocking to not know the shape of your inventory at any given point of time?
Let’s see what retailers face as problems due to improper inventory maintenance.
- Poor customer experience with frequent stock outs and damaged products on the shelf
- No clue as to what to purchase and to depend on the supplier for ordering the right quantity
- Inaccuracy in margin calculation as there is no awareness of the exact value of the inventory
- Minimum control over losses as there is no transparency of inventory
- Feeble control over theft and other in-store scams that result in huge losses over a period of time
Due to infrequent stock level check, workers know how they can get away with some minor and major scams such as items theft, purchase entry without proper goods inwards and incomplete bills with few products sold without sum not reaching the cash drawer at all. Also, customer theft is yet another embarrassing challenge to confront them with CCTV footage. Hmm, it is well-known that all retailers face these hardships and find it difficult to compete in the exploding retail race.
Remember, the world already knows that a CCTV surveillance is not a complete solution to the scams after what the mastermind thief, Murugan did to one of the largest jewellery shops under 24/7 surveillance by CCTV. Okay, it’s high time you remember that you’re no longer such a victim.
Do you know why retailers hate stock counting?
Though there is enough awareness on all the effects of improper inventory control, a survey shows why retailers still hate stock counting.
- Employees feel that stock counting requires additional efforts from them as they have to invest in a lot of physical work. They say, “It’s tough to run errands, shuffle between racks and billing counters carrying items around and keeping stocks in paper”
- Supervisors have a fear of responsibility due to lack of accuracy and constant mental pressure.
- Business owners generally do not like to face undesired results of inventory audit and also feel that it is unnecessary to hinder sales. Any problem with customer satisfaction being the top-most priority for them is over-ruled when customers hesitate to purchase products because the current method is too chaotic.
What is the one stop solution to have a complete inventory control?
With technology, there is definitely a solution for almost every challenge that retailers face today. We at GOFRUGAL, have identified the problems retailers deal with on a daily basis due to improper inventory management and have invented the medicine for all inventory problems.
The tedious stock taking process is now made easy with simplified and quick reconciliation steps that would help business platforms perform accurate stock take with billing on-the-go, everyday. Try our mobile stock counting solution that our customers have got addicted to for a complete inventory control.24