For many retail bookstores, it is difficult to run a well-organized operation to maintain effective inventory management. Bookstores are unquestionably no exception. You have a restricted shelf space all in all books to select from while deciding to reserve your retail space. So, getting the majority of real estate is crucial for bookstore owners.
Once your bookstore inventory is compliant, the rest will rightly fall into place. Pricing, promotions, circulations, and stock levels will be much easier to observe and optimize. So, let’s now consider some inventory management software features below that will allow you to manage your retail bookstore efficiently and make the business even more profitable.
Some Common Features of Inventory Management Software
Once you learn how to operate an IMS (Inventory Management Software), you will perceive that this is doubtlessly among the easiest and simplest projects your business could undertake, provided that you are well known with all the necessary features. Although, your particular requirements may differ.
Barcode Scanner:
A barcode is a distinctive identifier printed on every book your business sells. It is utilized by both the manufacturer and the retailers to track and control your bookstore inventory. Inventory Management Software desegregates seamlessly with ultra-modern barcode readers so that you can track and even control your product supply.
Reporting:
You can use Inventory Management Software for your bookstore, manipulate, and even analyze nearly everything about your books. You can use this data to create detailed reports that will equip you with priceless insight into how your bookstore inventory is performing.
Forecasting:
Envisage if you could inspect the demand for your books in real-time – before they were even available in your stores. Then, utilizing statistical models, you can effectively plan your product launches, knowing which books will be in high demand at any time. For this, these applications also have artificial intelligence features.
Accounting:
Inventory Management Software is frequently integrated with financial records like balance sheets, revenue and expense accounts, and profit and loss statements. Therefore, inventory management software for bookshops must have built-in accounting features or integration with finance software to allow you to compute your expenses.
Point-of-Sale (POS) Integration:
Integrated bookstore POS systems will allow you to manage your books and customer payments. These systems can also integrate third-party bookstore Inventory Management Software, so you do not have to enter all the data into stock control systems manually. Instead, have a Point of Sales system desegregated into your Inventory Management System and can inter-link all your E-Commerce information sources. And also, store data warehouses allow you to collect more information and make smart decisions.
Inventory Alerts:
On your IMS (Inventory Management Software), you should set up alerts for particular product categories, all categories, or a specific brand. When an alert is created, it is directly sent to your mobile number or email address so that you can decide when a doorstep has been surpassed and make plans to restock, if necessary.
Automatic Re-Ordering:
Using a unique automatic re-ordering ability, you can consider demand forecasts, inventory levels, and other applicable factors that lead to maximum cost recovery. For example, an inventory system for bookstores could be made to comprehend how many books are left out in every category and appeal to people for you spontaneously so that you never run out of any book.
Logistics:
You should be able to track your inventory shipment location in real time. In this case, the Inventory Management Software is linked to remote trackers carried out by trucks and drivers. That way, you can determine the real-time location of all your orders. There’s a lot that Inventory Management Software can do for your bookstore, not just to manage your inventory but also to optimize your entire supply chain.
Wrapping Up:
The correct Inventory Management Software (or IMS) will make your business more efficient and manageable. In addition, an IMS system will help you maintain your books, where you have them, and the quantity of those books available. So, you can proactively keep more books on your purchase list and keep the books away from your library that you don’t need.
