A liquor store’s inventory is extensive — the shelves can contain liquors, spirits and wines from around the world — and it’s valuable. Smart liquor store retailers use inventory tracking software to monitor what’s in stock, what’s selling, and which items should be discounted for faster sale. With thousands of bottles and cans under one roof, inventory tracking software is a critical tool for your liquor store.
Not convinced? Here’s how inventory tracking software can help you minimize inventory costs and maximize profits.
1. Decrease shrinkage
According to the National Retail Federation, shrinkage is on the rise —1.44 percent on average last year, up from 1.38 percent in 2016. Overall, external loss (e.g., theft by non-employees, vendor issues, etc.) is the reason for nearly 37 percent of shrinkage. Inventory tracking software can help liquor store owners reduce other sources of shrinkage, for example, by monitoring expiration dates. Like a grocery store, some products have limited shelf lives — liqueurs like Bailey’s typically expire after a year. . Your point of sale (POS) system’s inventory tracking software can identify which items are expiring soon so they can be discounted for quick sale.
2. Minimize liquor inventory costs and maximize profit
One of the most important functions of inventory tracking software is to analyze which products are best sellers and which ones are collecting dust. Inventory is one of a business’ largest expenses, so it shouldn’t be left to guesswork. Leverage your inventory data to understand customers’ buying habits and reevaluate your stock levels constantly to ensure you have what customers want. Inventory tracking software will also provide reports that give insight into which items are most profitable vs low margin items.
3. Gain insight into real-time inventory data anytime, anywhere
Inventory tracking software gives you real-time access to inventory information, allowing you to keep an eye on your business from your phone, the beach or anywhere with an internet connection. Heartland’s POS system keeps your data secure and accessible, even in the event of a power outage or accident, so you don’t need to worry about losing your entire inventory list.
4. Lower operation costs
A POS system’s inventory control software can help lower your operation costs, make smarter inventory choices, and increase customer satisfaction with faster service. For example, if a customer is looking for a specific bottle, an employee can see whether the item is in stock by scanning the bar code, which is faster than walking around, searching for it with the customer. There’s no confusion about where items are located, or over-ordering. Automated inventory reporting and smarter ordering means cash isn’t tied up in inventory you don’t need or can’t sell, so there’s positive cash flow.
Inventory tracking software is a critical part of any liquor store’s operation. Leveraging inventory information assists with smarter ordering, better customer service and lower overhead costs. And there’s no reason to spend time manually counting inventory and monitoring expiration dates — the software will do it, so you can focus on customers instead.