As we continue to press the importance of managing your stock, and how merchant software can help you to do so efficiently, it has been reported that poor stock management is costing retailers around £1bn a month in lost sales. It would seem that many customers are not able to find the products they need as they are out of stock and the new order has not yet arrived.
Venda, who commissioned the YouGov poll, found that 38% of those Britons included in the poll of 2,043 had recently left shops empty handed, and that on average there is a loss of £43 in potential sales for every UK adult a month because of stock issues. Naturally, if you’re a merchant supplying other businesses, such as plumbers or tradesmen, the quantities ordered may be even higher – so you could be missing out on even larger values. While many are blaming a climate of tough trading for the retail sector’s struggles, good stock management should be something that every merchant is able to remain on top of.
Integrity Trader software offers financial management solutions that allow merchants, wholesalers and distributors to efficiently produce quotations, process orders and manage stock with ease, helping to ensure that you are never out of the vital products you need and that your customers are always happy. As the economy enters full recovery mode, it is important now, more than ever, to have a good stock management system in place, to better prepare your business for the growth it has been waiting for.
Trader is an easy to use electronic point of sale system designed for the unique requirements of building, plumbing and timber merchants, hardware and DIY stores in the UK and Ireland.
Our team are ready to help with any queries or arrange a demo for you.