Are you a liquor store owner finding it hard to keep track of your inventory? Is this problem affecting your ability to generate revenue and profit? There are all sorts of complicated issues that can arise through inventory issues that you could easily solve with the right help!
If you're having issues with your liquor store inventory, we have some excellent suggestions to consider. And we'll let you in on a hint: technology is the answer.
If you want to simplify your store inventory and start making some decent profits with your liquor store, read on to learn more!
Reconsider Your Liquor Management System
Do you already have point of sale (POS) software or are you still doing everything with pen and paper? It might seem daunting to make the transition to a software-based management system, but it will be worth it!
You have to understand that not all liquor management software is the same. Many systems are way too complicated and can cause more hassle than good. These types of software tend to have way too many features that most store owners never use and find confusing.
Yet, others simplify your liquor management, making it seem like a breeze! Wouldn't it be great if you could have a reliable system that cuts out the paperwork and helps you figure out how to order better according to the demand for your products?
Well, let's explore a little further into what you can expect from simple-to-use management software for your liquor business:
Any good liquor store management software will automate your invoicing these days. The idea is you get rid of all the manual labor so you can focus on other things like better customer service.
Plus, when you automate invoicing, you get rid of a whole lot of stress involved with store management. All you'll have to do when the delivery arrives is check all the items and then sign your invoice!
A good system will then import the invoice in 24 hours. And, it should also let you pay distributors through the software. But only well-established software packages might let you do this with your current distributors; ones that have nationwide agreements.
Machine Learning Capabilities
What is machine learning? Put simply, machine learning is when a software learns more about processes. Then, after it learns more about a process, it can then make it more efficient.
For instance, a software can learn over time about the stock you order for your liquor store. It can then classify which products you sell more and less of. After that, the software can make new suggestions of what you should order so that you minimize losses and maximize profits.
A simple way to do this is to put different liquors into categories. Let's say a POS software puts all your best sellers into category A, your worst sellers in D, and then the rest are in either B or C.
If the software does this, it can learn which items you might want to order more and less of. It can then recommend using some clever algorithms how much of each item you might want to order the next time. This can be on a daily basis or for longer time spans with the whole point being you reduce inventory levels and increase revenue.
Industry-Specific POS Software
Of course, there is so much POS software out there now to choose from. But how many are industry-specific for liquor stores? And how many come with hardware support made for your business?
When researching, make sure to try and find software that is industry-specific so that you get maximum benefits! This type of software should be much easier for you to set up and use. Plus, the better options out there will make use of a vast centralized database that will recognize the products you sell more often than not!
All of this will translate into a much easier-to-use interface that's pre-programmed for liquor store use. If you get a generic POS software, you might have to do a lot of customization before you can even start to think about using it in any capacity.
Reward Your Customers for Their Loyalty
Finally, any POS software for liquor stores worth their salt should let you reward customers for their loyalty to your store. It should do this by allowing you to set up a simple-to-use points-based system.
The idea is that a customer can just use their phone number at the point of sale to add reward points. After they've accumulated so many, then you can decide on what the reward is.
A good tip here is that you can offer them discounts on a large range of your stock that doesn't sell so well. You could even offer these products for free as a reward if you want to get rid of your bad selling stock fast to make way for better selling items.
Also, when you have a loyalty program in place, you gain valuable info about your customers and their preferences. By having their contact data, you could do things like email or leaflet marketing campaigns for your customers. As well, you can begin to stock more of the products that your regular customers tend to buy from your liquor company.
Get Your Liquor Store Inventory Under Control
If you want to get your liquor store inventory under control, one of the easiest ways is to update your POS software. By getting industry-specific software, you'll be able to take the reigns again and start making some serious profits once more!
Bottle POS is an industry-specific liquor store management software designed to be simple and super effective. All of the features discussed in this article can be found in our software. To learn more about Bottle POS and ask questions specific to your small business, schedule a live demo!