They say you can't teach an old dog new tricks, and liquor store inventory management is no different. You might not get a new dog, but you can upgrade your inventory management system.
While your old school inventory management processes may have gotten you to where you are, they could also be holding you back from growing your business even further.
Old school inventory management processes are incredibly manual, and focusing all that time on manual inventory could take you away from focusing on more critical tasks.
Transitioning to newer technology and software for inventory management could free you up to spend more of your time and resources on expanding your store and business.
At Bottle POS, we've helped countless liquor stores transition from manual inventory management to state-of-the-art technology, hardware, and software.
In this post, we'll discuss a few key differences between old school and new school inventory management, so you can decide whether or not it's time for you to upgrade.
Liquor Store Inventory Management: Old School, New School, and Why it Matters
Maintaining adequate inventory levels in a liquor store is essential. Without organization and structure, managing hundreds if not thousands of units of product can quickly become a massive headache.
Keeping a close eye on inventory levels, determining when stock is low, and deciding what to order are critical processes for a liquor store. They are easily some of the most time-consuming processes, too.
A successful liquor store owner should understand how to use different systems to manage inventory levels without overstocking or risking under-stocking. Technology has advanced the inventory management process significantly, and with the old school becoming new, you must stay ahead of the game and your competition.
Old School: Manual Stock Spreadsheets
Inventory management has always been critical for any retailer, even before introducing newer software and technology. Counting inventory avoids any discrepancies and ensures your store is sufficiently stocked so customers can get the products they need.
Manual inventory tracking is the breeding ground for errors. The average size of liquor store stock is in the thousands, and not only is this process incredibly time-consuming, but there is also a considerable margin of error.
You have to manually count and document when inventory is received and then count when stock is sold. Your team must then investigate any discrepancy between the two.
Staying on top of that documentation can take you away from your customers and from tasks or actions that can drive store growth.
New School: POS System with Automated Inventory
Technology has turned old practices into automated features that come baked into point of sale systems. Inventory management has never been sharper and more efficient, which means there's less room for error, and it's easier to get the job done.
You can easily track the entire inventory lifecycle with a POS system like Bottle POS. Updating stock into your inventory and monitoring stock out is as simple as scanning a barcode and double-checking for accuracy. With POS systems, you get visibility into real-time inventory updates and detailed product and sales reports.
Automatic reordering can be set up through your POS system, communicating with suppliers and placing new orders whenever your stock hits a certain threshold. Bottle POS even utilizes AI to color-code and rank your stock from best-performing to worst-performing, so you (and the software) know what is worth reordering and what is taking up space.
Liquor store POS software can provide actionable advice for future ordering, pricing, and promotions. With your system on the cloud-based network, you can access vital information to help you make decisions for your business even when you're not on the premises.
Not only does a new school POS system make inventory management a walk in the park, but it can also provide key data and information to help inform better business decisions. It turns a time-consuming, manual process into growth potential.
Inventory Efficiency Leads to Growth
Analyzing your sales reports is critical to growing your business, and with the right POS system, you'll be able to regularly and accurately track in-store revenue.
Optimal inventory management should be automated and accurate. Problems like overstocking and ordering products that don't sell can be avoided. The time and money saved can be placed elsewhere to help the business grow.
A POS system improves operational efficiency and inventory control, boosting revenue and profits. The less time you spend on day-to-day tasks, the more you can focus on making changes, creating goals, or planning different strategies to grow your business.
It gives you valuable insight into customer behavior, trends, popular products, and other data points that can be used for promotional campaigns and customer loyalty programs.
Not only does inventory efficiency save you time, money, and other resources, but it sets you up for future success.
Liquor Store Inventory Management Made Easy
Eliminating the margin of error and time spent on manual inventory management is crucial to the success of any business. Liquor stores are no exception, with average inventory levels in the thousands.
Point of sale solutions like Bottle POS provide business owners with detailed and thorough knowledge of their business and its operations, allowing them to make effective, beneficial, and powerful decisions.
Old and manual processes are focused simply on getting a specific task done, whereas modern technology can be used to set yourself up for future success. An effective and efficient POS system can provide you with state-of-the-art technology and software to help you run inventory management, replenishment, sales reports, and more.
A cloud-based point of sale platform connects a huge portion of your daily processes, making it easier to stay up to date with everything in your store. It also connects data points and uses one area of your business to help inform another.
If you're ready to take your liquor store to the new age and optimize your efficiency and store growth, get in touch with us and we can show you how we've helped countless other liquor stores achieve their goals!
