If you are a retailer, you must have a “worst nightmare” list and in that list “Stockouts” almost make it to the top. Being out of stock is the worst nightmare for you, indeed, and stockout always leads to lost sales and reduces customer satisfaction. That is why you need to have out of stock solutions as an immediate backup.
Let’s imagine for a moment, you step into your favorite shop, hoping you’d find whatever you have been looking for but ended up not getting that thing, could be a big disappointment for you. If you can’t see it happening to yourself then how can you even let your customers think about your store like that?
Customers frequently feel let down when you don’t have what they’re searching for, and the last thing you need is to disappoint customers.
But hey, don’t worry about the stock-outs because I have gathered 3 common causes and the easy out of stock solutions for you. So let’s begin by discussing the causes first.
CAUSE #1: INCORRECT INVENTORY COUNT
It’s anything but difficult to keep running into inaccuracy during the stock/inventory count. Between shipment changes, lost items, returns, and taken products, retailers find that the stock numbers they have on paper (or on-screen) frequently don’t look equal to what they have in their stores.
Such inconsistencies can prompt vendors erroneously believing that they have a product in stock when in reality, they don’t, so they end up ordering inappropriate items or amounts again.
It is better to use inventory management software where you can keep track of your inventory in real-time.
CAUSE #2: SUPPLY CHAIN DELAYS
This one is the most common cause and you can’t remove this cause but yes you can prevent it from happening by ordering your product soon enough.
No one can prevent road accidents, trucks breakdown, closed roads but when you order your items soon enough, you will definitely have the buffer set of products to coverup any delays.
CAUSE #3: UNDERORDERING
Underordering is basically attached to visibility and communication, this expands on inaccurate inventory. when your stock team is being forced to take a quick shot of guessing how to restock, here comes the inaccuracy. there will be overshoot and under-shoot. Maybe you’ve requested three boxes every month for the past half-year. It appears as though three is a sure thing for months seven—however you didn’t represent your late spring spike. These kinds of decisions need full context or else you’ll end up handling a huge risk factor.
These are some common stockout causes. Stockout usually happens when you don’t understand your business and products, and when you don’t refine the store’s precious. Here, I would like to introduce you to Wrkmash, one of the best inventory management software, that allows you to easily manage your business inside and out with this amazing app and help your business to boost its productivity.
Okay, without further ado, let’s begin the out of stock solutions!
Our 3 Recommended Out Of Stock Solutions
SOLUTION #1: PLANNING
Limit The Harm With Better Ideas
To address the majority of the worries above you need to realize what you have. At that point, you must quantify it and able to use it. Those means require planning and the utilization of information.
You must perform a perfect inventory count if you want to reduce the harm. Unfortunately, it’s anything but difficult to have inaccuracies when you’re performing the inventory.
Somebody grabs something incidentally or doesn’t take care of it carefully, things break, some stocks products in an alternate direction so your “eye-count” is off, etc. That is not in any case contacting deliberate damage, similar to item robbery or providers distorting shipments.
But here, let me give you the good news that in today’s business world, it is not too difficult to implement the Inventory management system and also a cost-effective way. The Inventory Management System (IMS) gives you more accurate results by turning counts from a full day to a few minutes one.
So, if you want to boost your capabilities, you can start with choosing an inventory management system that could also integrate with your Ecommerce website. Luckily, Wrkmash has an integrated inventory system with its ecommerce platform.
SOLUTION #2: PREDICTING
Short-Term and Long-Term Inventory Solution
If you really want to generate an understanding between you and what your company sells on average, the best way is to start gathering information as much as possible, Your short-term stock insurance will be founded on that outcome, and you should keep up your levels to approach those needs. That is the bottom line!
When you realize you can take care of expected orders dependent on the current volume, it’s a great opportunity to reinforce your analytics and predict how that volume will change after some time. You’ll need to gain proficiency with the historical trend for your business—and the actual data may astound you.
With Wrkmash’s Point Of Sale (POS) feature all you have to do is load your products, and then you can view all your inventory form POS. isn’t it amazing? You can also take orders and surprise your loyal customers with rewards.
The more data you have on actual purchases, the better you’ll be able to know trends and how your customers act.
SOLUTION #3: CHECKING
Never Stop Verifying
Planning and predicting are indeed some great steps if you want out of stock solutions, but both of them will be useless and quickly lose their value if the data they depend on is unreliable, or the steps they are about to jump are unachievable. Your storeroom or warehouse needs a predictable verified procedure to keep your plans of action sensible and your racks full.
Start the verification process with the system you use, inventory counts, as well as warehouse readiness, these steps are the best ways to prepare you for unanticipated events.
There’s another amazing feature built into Wrkmash that is Accounting, with this feature you can manage your customer’s payment and track sales. This the best way to boost up your business. Verification is required in every single step of our life, After you realize how the system works, it’s an ideal opportunity to check that you’re using the right levels. You should be certain that you can meet normal order volumes every day/week/month and that the resupply level gives you sufficient support that you don’t run out before the shipment shows up.
I’ve gathered all the obvious mistakes we make which later on becomes the reason for stockouts, and that’s why we need something to prevent all those stockouts problems which can cost us a fortune. All of those out of stock solutions won’t even work if you don’t understand your business and products, understanding your business properly and it’s significance products plays an extremely important role.
Wrkmash, the best inventory management software, knows how to manage your business and it’s products, all you need is one LOGIN to protect your business and it’s productivity.
Start your trial now, IT’S FREE! And run your business from the palm of your hand.