Out-of-stocks are one of the worst problems you can have as a retailer. Not only do stockouts lead to lost sales, but they can also lower your customer satisfaction levels.
Here’s the good news: there are several things you can do to prevent and deal with out-of-stocks. It starts with having good systems in place so you know your stock levels. You can’t have accurate numbers if you’re not tracking and updating them.
There are some simple ways to get on top of stockouts.
- Keep your inventory data in top shape – so you always know what you have (and what you need to order).
- Identify out-of-stock patterns – allowing you to forecast and re-order your products before they run out.
- Tighten up your processes – such as better shelf replenishment or setting timelines for re-ordering. This will give you a better handle on inventory movement.
- Communicate and work with your suppliers – early and frequent communication will make sure you are not on the backfoot when you are out of stock.
- Improve business cash flow – so you have the funds to purchase new inventory.
Manual stock-taking can be time-consuming and disruptive. We can help you establish the systems you need in your business and if working capital is holding you back, we can help identify ways to stabilise your cash flow, so you can grow your business.