Inventory can be a powerful way to supplement your income, if done the right way. And effective software saves you time and money by doing much of the heavy lifting for you.
We'll share some inventory management techniques, explain what to look for in inventory management software and go over some best practices for managing inventory...so you're always keepin' it GENIUS!
Inventory Management 101
Inventory management is basically keeping track of products for sale. Effective inventory management means that you'll have the right products for sale, in the right quantity, and at the right time.
Effective inventory management will help you reduce business costs since you're not carrying excess stock, and maximize your income. A solid inventory management system can seamlessly keep track of inventory or products for you in real time so you always have a good pulse on your business.
Good inventory management software should:
- Reduce costs by giving you visibility into what products you have on hand at what time, and which ones sell the most, so you can reduce excess stock
- Keep track of your products in real time
- Help you understand the rate at which you sell products
- Prevent product shortages when clients want to buy them from you
- Allow for easy analysis on any device
- Be accessible right from your smartphone so you know what you have on hand when you're out running errands
- Offer quick and easy product quantity updates so you can input new product quantities effortlessly
Rockin' It With Inventory Management: Best Practices
Here are some tips to make sure you're rockin' inventory management!:
- Make a product forecast: Forecasting what products you need and how many is vital. Fortunately, that's one of the things that the GlossGenius inventory management system can help you with since it enables you to see sales of a product you made in-store over a given period. When you create a forecast, base it off of historical sales, as well as any future promotions or trends you may want to take into account for your business.
- Products that come in first should be sold first: When you purchase products, make sure you sell them in the same chronological order as when they were purchased since beauty products generally shouldn't wait on the shelves for too long. A great tip for this is to put the older items on the front of the shelves when you restock, so you easily know which ones need to be sold first.
- Don't use a spreadsheet to keep track of quantities: Spreadsheets will make your life miserable! They can actually be way more work to maintain, since they have to be updated manually. As a solopreneur or a small business owner, time is money and your time is better spent not doing time consuming data tasks like updating a spreadsheet! Plus, it's hard to keep track and your spreadsheet might not always be up to date.
- Use inventory management that's in the cloud: Effective inventory management should update in real-time for you. GlossGenius automatically updates your inventory and stock levels in real time since it's connected to the product sales at checkout. Your product levels are automatically adjusted every time you make a sale.
- Use inventory management that's smartphone-centric: As a solopreneur or small business owner, you're always on-the-go! That's why it's important to be able to access your inventory in real time when you're out and about, so you can save time and make inventory purchasing decisions when you're running errands. With the GlossGenius inventory management system, it's SO easy to see what you have in stock and what you need with your smartphone in your hand!
- Identify unpopular products: If you have products that don't move, identify what those products are and see if a promotion or more education around them can help you. If not, it's probably time to stop selling those products!
GlossGenius for Your Inventory:
GlossGenius offers an inventory system that was built for businesses like yours!
GlossGenius offers a free built-in inventory management feature that helps you manage your inventory like a BOSS! It updates in real time and lets you access your list of products and inventory on-hand from anywhere you are!
Best of all, it's so quick to set up and incredibly easy to use. You can learn more about how to use it here.
How to track and manage inventory in GlossGenius
GlossGenius's free feature gives you the wings to fly when it comes time to inventory. To adjust inventory and product levels:
- Visit Settings (gear icon in the top right of your Dashboard) > Products
- Once in Products, tap the "Qty" button in the top right corner
- From here, you can bulk edit all of your inventory quantities by tapping on the numbers to the right of the product name
- You can also tap on an individual item in Products and update the "Quantity" through the product item page!
Once you've added a quantity count for inventory, it will automatically be tracked when you check products out through the app, so you'll know how much you have on hand, when it's time to re-order, what are your most popular products and what are your least popular products.
FAQ's You Might Have:
Aren't spreadsheets another way I can manage inventory?
Spreadsheets will make your life miserable! They can actually be way more work to maintain, since they have to be updated manually. As a solopreneur or a small business owner, time is money and your time is better spent not doing time consuming data tasks like updating a spreadsheet! Plus, it's hard to keep track and your spreadsheet might not always be up to date.
Is inventory management software expensive?
It depends. Some inventory management software costs hundreds or even thousands, but GlossGenius's is free with sign-up. GlossGenius also offers an inventory management that is right for your business, since we're very focused on professionals like you and understand their needs. Often, an expensive solution could be selling you something you don't really need for your business. At GlossGenius, we've made sure that our features are everything you need and nothing that you don't. We've also made sure our features are incredibly easy to use.
Is inventory management software hard to use?
It depends. Some inventory management software is incredibly complex and a nightmare to figure out how to use. However, GlossGenius also offers an inventory management that is right for your business, since we're very focused on professionals like you and understand their needs, which means we've designed this feature to be incredibly easy-to-use and requires absolutely no training!