Is your Inventory Management Keeping You In The Dark?Brett Wilkerson
As your retail business grows, inventory management has become more complex. Knowing what you have, and more importantly, what you don’t have, is vital to your success. But what you used to do with just a clipboard, pen, and flashlight, now requires a more efficient, modern solution.
To manage your retail inventory more accurately and easier, you need scalable tracking solutions like MSM Solutions’ PortalTrack barcode and RFID technology. This will give you the visibility you need to better track your inventory.
Shrinkage occurs when you have fewer items in stock than what’s found on your official inventory list. It can be caused by clerical error or a damaged, lost or stolen product. The 2020 National Retail Security Survey found shrinkage at an all-time high. The average loss was 1.62%, with many companies reporting 3% or higher.
RFID technology helps you quickly and easily identify and report discrepancies so your inventory list is more accurate and up-to-date. Also, using RFID tags can deter theft and identify stolen products in real time.
The goal of every retailer is to provide their customers with the products they want. That’s hard to do if you’re out of stock. Adobe reported that online customers saw a 250% increase in out-of-stock messages in October 2021. While most of that was due to COVID-related supply chain issues, stockouts are still a significant blow to retailers who depend on sales to stay profitable.
With a modern inventory management system like PortalTrack, you can set alerts to notify you when you’re low or trigger product orders when you drop below a certain threshold. This will keep your inventory stocked and your customers happy.
Inventory counts take time, especially if you’re using a paper-based manual process. And sometimes, you can’t afford to waste time tracking down every item on your list.
Reduce your downtime and focus your energy on taking care of your clients. With barcode technology, you can quickly scan your inventory with the click of a button so you can get back to business faster.
Modernize Your Inventory Management
MSM Solutions offers customized tracking solutions that modernize any retail inventory management system. In addition to our top-tier barcoding and RFID technology, MSM Solutions’ PortalTrack software makes it easy for you to integrate RFID throughout your supply chain.
In addition to reducing shrinkage, stockouts, and downtime, MSM Solutions can help you:
- Manage stock levels
- Take cycle count inventories
- Increase supply chain efficiency
- Reduce operational costs
MSM Solutions can also help guide you through deploying mobility solutions so you can operate more efficiently with mobile workstations, superior Zebra Technologies scanning technology, and 5G & WiFi connectivity.
Contact MSM Solutions to modernize your inventory management with a solution that adapts to scales to meet your growing needs. We’ll help you track, trace, and accurately process your inventory.
Are you in the dark when it comes to manage your inventory? Watch our video and discover the MSM Solution: https://youtu.be/mJt23jyO5GQ