The furniture and home furnishings retail market sure is a huge global market. The challenges of fulfilling the consumer needs in this industry are many. Like when it comes to managing assortment and pricing along with forcing retailers to be adaptable, customer-focused and flexible. Knowing that tastes and trends change rapidly, it is important that your inventory remains accurate and current.
Inventory happens to be the lifeblood of any successful furniture business out there. No need to go too far. Simply ask the home furnishings big player IKEA. They are going to tell you that by maximizing and streamlining inventory management systems and supply chain, they are able to offer a broad range of products at considerably low prices. At the same time, they also eliminate ‘out of stock’ situations that can repel potential buyers.
Fortunately, a furniture inventory management software can certainly streamline the much-needed inventory management process. This science of specifying the quantity and type of on-hand goods is required for a number of compelling reasons. It doesn’t matter if you’re a small furniture retailer with just one store or a large retailer with eight or more stores. You need to practice a leaner inventory management. A furniture inventory software will improve your operational efficiency and eventually your financial performance.
What can furniture inventory management software do for your business?
1. It can create awareness of the usage trends
Trends in the market keep changing because of fashion or seasonal shifts. Therefore, it is a must for furniture retailers to keep a close watch on these changes so that their business can avoid having products for which demand is declining in the market. Stock that sits in the warehouse for too long is at a risk of becoming obsolete. Furniture inventory management software lets managers notice the trends in products and let you figure out the seasonality of items.
Know your hot sellers and purchase stock accordingly
By checking out the history trail, you can easily highlight which products are selling at what time of the year. This way you can make sure they actually sell in order to avoid ending up with surplus stock which is later sold at discounted prices, to free up warehouse storage space. For instance, patio furniture is a hot seller in spring and summer months. If furniture retailers don’t watch this trend or seasonal sale forecast, they are at a huge risk of holding in too much inventory into the next season. Gaining visibility into the seasonality or trends can keep your company’s furniture inventory under control.
2. It can help you in safety-stock management
Focusing on the availability of inventory is also important for furniture retailers. If you want to make sure your customers always receive their order on time, you need to keep the right level of safety stock in your warehouse. You should also remember there is a difference between unnecessary overstocking and controlled safety stock. With unnecessary overstocking, your business is going to end up losing money by tying capital in products that are of no or little demand. With safety stock, your business sails smoothly.
A furniture inventory management solution monitors inventory level data in real-time in order to highlight the stock needs of your business. You will have live updates on the stock whether the sale takes place through your stores or website. You will know exactly how much you are left with. This allows you to accurately determine how much safety stock to have and know exactly what items to purchase, of what amount and when.
3. It can increase forecasting accuracy
Purchasing and forecasting accuracy has the power to boost your profitability along with giving your company a competitive edge. The forecasting ability of a traditional inventory management system is quite limited. Inventory optimization solutions offer automated forecasting which results in smoother purchasing practices. This also means less money is tied up in overstocked items and that you don’t have to spend a lot of time by manually calculating purchase orders.
What can be a better addition to a furniture company than increased sales and marketing campaigns, given the fact that there is so much competition out there! With furniture store inventory software in place, furniture retailers can keep a watch on the positive growth of their customer base and accordingly make changes to their strategies using the automated reports on their inventory. Such forecasting helps managers make correct decisions and have safety stock levels to keep costly stock-outs at bay.
4. It can simplify multi-store management
In case you operate or own a multi-unit furniture business that shares furniture inventory, you should definitely use a furniture inventory management system in order to manage all your inventory data from a single repository. This data includes prices, products, taxes, and promotions which can be updated in all your stores only in minutes without the hassle of the traditional complexity of file transfers between locations. Your various stores can access the business’ on-hand inventory without physically checking in the shared warehouse. This increases customer satisfaction as you can show an overview of your business’ available offerings.
Optimize your warehouse space and keep everything organized
You can also gain real-time visibility into sales and inventory across all locations and be able to analyze it in detail using reporting feature. For instance, you can easily create more effective marketing campaigns by advertising and promoting pieces of furniture that are more in number, stored in your warehouse, in turn reduces idle inventory, maximizes profits and improves inventory turn times.
EZOfficeInventory – Optimize your furniture inventory!
Effective inventory management is vital for any home furnishings retailer’s success. EZOfficeInventory allows you to practice better control of your inventory. With our automated real-time system, you can save yourself time and manual effort along with enhancing furniture inventory accuracy.
Our furniture inventory control systems lets you make multiple stock adjustment from a single and user-friendly screen, based on stock levels and customer demand. You can make sure there is no out-of-stock situation and overstocking is also avoided. Also, it ties in every other part of your business from purchasing, sales, logistics, delivery, analytic reports to warehouse management. You can watch your trends and know which items are doing well, when they perform better and much more.
Moreover, with our real-time warehouse management, you can maximize storage capacity of your distribution centers, increase efficiency of inventory flow and improve staff productivity. You can even optimize your warehouse daily activities with our scheduler and tools.
EZOfficeInventory offers both RFID and barcoding technology that streamlines receiving, counting and picking processes. By accurately transmitting information from your entire organization to one central database, you successfully eliminate potential theft and human error. EZOfficeInventory’s office furniture and tool inventory management software transforms your business from doing manual stock counts to offering a real-time view of your inventory levels. Whether you have one store or ten stores, we have you covered!
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EZOfficeInventory is the leading furniture inventory management software used by furniture retailers globally. Optimize inventory management and increase your profits!