When you’re managing more than one store, it can be difficult to stay on top of how your inventory is doing across locations. Optimizing your inventory for each store and for your business as a whole is an important part of creating a business model that makes you money. So when it comes to optimizing your inventory to get the most bang for your buck, where do you start?
Check out these three tips for how you can better manage and optimize your inventory in your multi-store business.
Analyze inventory performance monthly (at minimum)
Ideally, you want to be analyzing your inventory as often as possible. If you can’t get around to viewing performance daily (or even weekly), make sure you are at least setting some time every month to review your inventory performance. This will help you identify you best and worst sellers, along with which stores are selling what products.
Map inventory sales
Sometimes you might find that one piece isn’t selling well at one location but is flying off the shelves at another. That’s why it’s so important to map your sales to each of your locations. When you know inventory is performing better in one location, you can move some of your stock to that location rather than allow it to collect dust on your shelves. On top of that, you’ll avoid being overstocked due to ordering new products by borrowing inventory from other locations.
Take advantage of transfers
As mentioned above, optimizing your inventory can also mean borrowing inventory from other stores. The idea that you should ‘buy from yourself’ before placing a new order can be instrumental in avoiding excess inventory at the end of the year. Use store transfers to move inventory around to the location that you know will be able to sell it.
For more tips on managing your multi-store business, download our free guide, Guide to Multi-Store Management.