Inventory control in Retail Store

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Inventory Controlling Methods and Techniques
Expert Tips by VGNC
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Tips 1 - Establish Policies for Stocking

• You can estimating minimum maximum stock levels
• It helps to set an effective re-order level.
• you can optimise your inventory in hand
  eliminating excess and lack

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Tips 2 - Maintain a Permanent Inventory System

• Maintain a robust inventory system
• Strategise your inventory to add value in
  operation
• consult an inventory and supply chain consultancy

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Tips 3- Prepare an Inventory Budget

• Before procuring inventory, you must create an
  annual inventory budget
• Budget must include the cost of ownership to
  store the inventory during an accounting period.
• Also including material cost, carrying a cost,
  fixed operational cost, logistic cost, and
  additional miscellaneous cost.

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Tips 4- Inventory Turnover Ratio

• The inventory turnover ratio should be watched
  closely (from each store / warehouse)
• Mainly you should track the sold and replaced
  inventory during a period
• By tracking demand patterns, you can ensure
  product re-order calculations are optimised.

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Although you can incorporate inventory control
methods mentioned in this blog, you must consult
an inventory and supply chain consultant to the
ones that suit the specific needs of your
business.
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