Integrated Inventory Management Solutions for Clover POS

Recently, the retail industry has undergone a dramatic shift, as payment methods and shopping habits have blurred the line between in-store and online shopping. For instance, consumers might start shopping online but complete their purchases in-store. However, cash is still king, although people are more likely to use debit or credit cards when making a large purchase, saving cash for smaller purchases.

This shift also means that retail businesses and supply chains have had to adjust. The days of autonomous inventory management and POS systems are thankfully behind us. Now, integrated point of sale (POS) and inventory software let you ring up sales, accept payments, keep track of inventory, and manage your employees, all from one program.

Today, POS systems typically include hardware and software features and components that handle various tasks and responsibilities.

Integrated inventory management software is critical if you want your business to operate efficiently and transparently. However, far too many organizations are unnecessarily compromising their resources by not adapting in a way that favors their chances of long-term survival. To achieve competitive dominance and, at the very least, fewer inventory management headaches, it can be helpful to identify the benefits of combining your POS with your inventory management systems.

The Benefits of Integrated Inventory Management

1. Saves you time

a) No dual entry

Automating your inventory combines multiple functions, such as purchasing, sales, and tracking, into a unified system by eliminating the need for manual data entry and reducing the risk of errors caused by the dual entry. These solutions can help companies improve the accuracy and efficiency of their inventory management processes.

b) Makes fulfillment easier

Businesses can simplify fulfillment, gain real-time visibility into their stock levels, and easily fulfill orders from any sales channel and location, whether on their eCommerce store, in marketplaces, or in physical stores.

Stock reordering and inventory level updates are also automated across channels to avoid stockouts and overstocking. Furthermore, built-in shipping and tracking features integrate with shipping carriers, making shipping out orders more efficient and less prone to errors. This reduces the time and effort required to manage and ship orders and helps to ensure that customers receive their products promptly.

c) Learn one master system instead of maintaining two

Storing and managing all inventory-related data from a single, centralized master system makes it easy for businesses to access real-time information on stock levels, sales, and other effective inventory-related metrics and make informed decisions. The system can also automate many processes, such as reordering and updating inventory levels, reducing the need for manual data entry.

This single source of truth can save time and resources by reducing the need to learn and maintain multiple systems.

2. One master product database

a) One point of entry

These solutions offer a single-entry point, allowing businesses to manage their inventory from one central location rather than updating and tracking inventory levels in multiple systems. This can streamline the inventory management process and reduce the risk of errors such as missed sales etc., caused by the dual entry. Features typically include real-time inventory tracking, automated reordering, and inventory reporting, as well as the ability to easily update inventory levels across all sales channels.

b) Automated product depletion, so you aren’t overselling online

Businesses can gain real-time visibility into their stock levels and automatically update their inventory levels across all sales channels when a product is sold. Moreover, when a product is sold online, built-in integrations with eCommerce platforms automatically update inventory levels in the system.

Automated stock reordering eliminates stockouts and overstocking, and low stock alerts notify you to reorder when a product’s stock is running low.

3. Improved customer experience

a) Buy online, pick up in-store (click and collect)

The “buy online, pick up in-store” (BOPIS or click and collect) feature enables retailers to offer customers the convenience of purchasing products online and then picking them up at a physical store. This feature can be integrated with a company’s eCommerce platform and inventory management system so that when a customer places an order online, the inventory is automatically reserved, and the store is notified of the customer’s expected arrival time. This allows retailers to have better visibility and inventory control and provides a more efficient and smooth process for customers who can avoid shipping costs and receive their products efficiently.

b) Universal pricing

Integrated inventory management systems with universal pricing features allow companies to set and maintain the same prices for their products across all sales channels. This feature can be integrated with a company’s inventory management system so that when a product’s price is updated in one location, it automatically updates across all other channels. A universal pricing system can help businesses avoid discrepancies and errors and maintain consistent pricing across all sales channels, which can help build customer trust. Additionally, it can help companies prevent revenue loss due to underpricing or overselling their products.

4. Improved data

a) Easier procurement demand forecasting

Real-time visibility can create accurate, reliable forecasts of future product demand, which can help companies make more informed decisions about when and how much to order from suppliers.

Businesses can easily access historical data to create forecasting models when considering factors such as seasonality and trends. This can help companies to make more accurate and reliable forecasts and to better plan for future demand. It can also include features that track the status of procurement orders and alert when orders are due to arrive or if there are any delays.

b) Better marketing data

Integrated inventory management solutions can provide companies with better insights into customer behavior and buying patterns, which can be used to inform marketing strategies and campaigns.

It can track the performance of different marketing channels, such as online marketplaces, social media, or physical stores, and identify which channels drive the most sales and conversions. Additionally, it can track customer demographics, such as age, gender, and location, which can help businesses segment their audiences and tailor their marketing efforts to specific groups of customers.

Integrated Inventory Management Software: Why bLoyal Is the Best Choice

bLoyal is a convenient and comprehensive solution for organizations looking to streamline their inventory management functionality and eCommerce operations.

• Manage inventory across multiple sales channels easily.
• Automate inventory depletion, so you can always see how much inventory you have and where.
• Support eCommerce functionalities like subscriptions, shipping, and click and collect from one location or multiple through bLoyal’s Marketer Edition.

Other key features include:

• Order management.
• Asset management.
• Warehouse management.
• Supply chain management.
• Inventory planning.
• Periodic inventory.
• Reorder point.
• Accounting software.