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Out of-stock situation - follow these simple yet effective tips to prevent stock-outs that are hurting your business

Apparently, stockouts are a common concern amongst retailers. However, you can reduce the impact or prevent them from occurring in the first place by following the preventive measures and cures. Buy Best Cash Register in Australia@ https://www.posplaza.com.au/cash-registers.html

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Out of-stock situation - follow these simple yet effective tips to prevent stock-outs that are hurting your business

  1. 1. OUT-OF-STOCK SITUATION? FOLLOW THESE SIMPLE YET EFFECTIVE TIPS TO PREVENT STOCK-OUTS THAT ARE HURTING YOUR BUSINESS
  2. 2. A customer walks into your grocery store to buy Tim Tam biscuits. After struggling for a couple of minutes to locate the product, the customer finds out that the product is out-of-stock. Imagine the amount of frustration caused considering that the customer entered the store with the intent to buy. Moreover, the customer may not be interested in buying any of the similar products that are available in your store. WHY IT IS IMPORTANT TO AVOID OUT OF STOCK SITUATION?
  3. 3. No customer would like to compromise on their favourite products or brands they use. If they don’t find a specific product they are looking for in your store, they would simply walk out of your store to find the product in your competitor’s store. In such situations, you lose your sale, moreover your customer. Sad. Isn’t it?
  4. 4. Running out of stock is a common occurrence in retail stores which not only leads to lost sale but also reduces customer satisfaction and loyalty. That is why it is important to avoid out of stock situation by thinking proactively.
  5. 5. Though running out of stock give a positive indication toward your store’s high sales, frequent occurrences can certainly leave a bad impact on your customer satisfaction and base. Basically, if proper measures are not taken to re-fill out-of-stock products, it can let down the customer’s faith in your business and result in reduced sales.  Let’s focus on some common causes of stockouts as well as their cures.
  6. 6. CAUSE: FAILING TO RE-STOCK PRODUCTS IN A TIMELY FASHION CURE: MAINTAIN OOS RECORDS In-demand products got sold out? Every business faces this situation once in their lifetime. What makes this situation harmful to your business is when you fail to re- order the in-demand products as fast as they fly off the shelves. Audit your entries and take notes of date and time of the week when you usually experience stockout situations. By doing so, you have enough knowledge about your stockout products so that you can implement proper measures to restore them before time.
  7. 7. CAUSE: POOR DATA SYNCHRONISATION CURE: STAY ORGANISED BY USING A MODERN INVENTORY SYSTEM One of the main causes of stockouts is not tracking the inventory properly. Failing to track and record stolen products, misplaced items, return etc. can cause inaccuracies in data. As a result, unavailability of items occurs without the retailer being aware of it. The best way to avoid data discrepancies and efficiently organise data is to use a point of sale (POS) system with cutting-edge inventory software that automatically updates your product entry as you generate sale. You can go for a more advanced approach by maintaining your inventory with the help of RFID, which allows you to track product information using a chip installed in a product tag.
  8. 8. CAUSE: SHORTAGE OF WORKING CAPITAL CURE: GET RID OF EXCESS STOCKS Some businesses face frequent stockouts due to lack of funds to purchase new inventory. When an item isn’t selling, refresh your marketing and merchandising efforts. Putting slow-selling products on sale or bundling them with fast-selling ones is a great way to clear your excess stocks. You can also consider selling your surplus stock to liquidation companies if the above doesn’t work.
  9. 9. CAUSE: INEXPERIENCED EMPLOYEES CURE: INVEST IN EMPLOYEE TRAINING If you don’t have the right staff deployed in your store, chances are you will run into out-of-stock issues every now and then even with the best tools and inventory plans in place. It is your employees’ responsibility to keep a check on all products periodically and tell the respective person about the stockouts on priority basis. Train your staff on modern technology which will help them to do their work efficiently. Also, give them adequate data and proper insights about the products to take informed decisions. Moreover, ensuring employees’ well-being is essential to have them happy and motivated to do their respective tasks and generate more sales.
  10. 10.  Apparently, stockouts are a common concern amongst retailers. However, you can reduce the impact or prevent them from occurring in the first place by following the preventive measures and cures.  It is also advised to get the best POS system and software for your business. In case, you have specific requirements and need reliable assistance to manage your cash statements, speak with the professionals that help you to choose the best cash register based on your needs. THE TAKEAWAY Cash Register
  11. 11.  In addition, you can use exert advice to find a cash drawer and POS accessories for your store at competitive prices. Cash Drawer
  12. 12. GET IN TOUCH POS PLAZA Address : PO Box 7921 Baulkham Hills BC NSW 2153 Email : sales@posplaza.com.au Phone No : 1300 115 808 Website : https://www.posplaza.com.au/

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