In all hardware stores there are many jobs to be done daily, and each and every one of them is of paramount importance for the company’s proper functioning.
But there is a task that for most people is usually the most difficult and laborious, due to the time commitment, organisation and foresight it requires. And that is inventory management and in-store product replenishment.
Therefore, at Emuca, we would like to give you some advice to make this task much more bearable, interesting and, of course, useful. Because in the end, if we want to increase our company’s profits, we must have sufficient stock, and be well organised, in order to be able to attend to and attract the attention of our customers.
The importance of inventory management
Inventory management, as we have said, is a must for any hardware store. Carrying it out correctly is where we will be able to increase our profits, as we will have total knowledge and control of everything we have.
This also means that we will be able to accurately calculate the investment we have made in the products we have and the profit we can make on the sales margin. And, of course, we will avoid running out of the products that are most in demand, prevent those that have an expiry date from spoiling or deteriorating, or leaving behind others that were in great demand by customers at the time.
In addition, we will also avoid having an excess of certain products, as we will be able to know exactly the total units we have.
Storage is also a cost for the business, so its proper management will reduce it considerably.
Product replenishment: improve your stock management
The product replenishment we offer our customers is not just about putting them on the shelves so that they can find what they are looking for, and for us to know what we have.
It requires an analysis and knowledge of the company, the services and the type of customers we have.
Its correct placement must be in accordance with the “themes“, uses and utilities of each product, linking them, of course, with others that may be of interest to users who did not initially intend to purchase the products in question.
In this way we manage to encourage cross-selling, customer satisfaction and, of course, our own profits.
In addition, it also enables us to have greater control over the location of all products, which can speed up sales and optimise employee time.
Tips for efficient product replenishment
So, once we know how important it is to correctly manage our inventory and carry out an optimal replenishment of hardware products, at Emuca we want to provide some advice to make it more practical, easy and efficient;
Select the right person
To perform this task, not just anyone is good enough. As we have said, it is heavy-going and can be tiring, so whoever does it must be a motivated and organised employee who knows your business inside out.
Look for people who know what they are doing and understand the importance to the customer and the benefits of the company. It is a repetitive job, but if it is well done, you will reap great benefits.
Never forget to plan
Before you start placing the different products, do not forget to plan how you will restock the products in your shop. Make a list of all the products that you know are the best sellers and those that are less in demand.
This way you will be able to give priority and easy access to those that have more output and strategically place those that have less. Remember that with the latter, you will have to spend more time selling them.
The logic at the heart of product replenishment
A badly placed product will not attract the attention of customers, which inevitably results in lost sales. It is not a science, we know that we have to attract customers somehow and with the right products placed, we can achieve this easily.
So use your logic to display your stock and make sure that customers can see everything they need or may need.
Being regular is essential
The process of product replenishment can be made easier if it takes place regularly. In other words, if the time between revisions is not too long, it will be much easier to improve our shelves and make the correct replacements.
Security in managing your stock
Finally, we remind you of the importance of maintaining safety in the placement of your stock. That is, avoid stacking too many products that can cause damage. And keep an orderly placement. Respect the spaces between one row of products and another.
In addition, it is important that the shelves and displays are clean and in good condition.
At Emuca we want to help our distributors to increase their sales through all the available resources. Stock management and the replenishment of products in your hardware store is a key factor in increasing your profits easily. If you have enjoyed this and want to know more, do not hesitate to contact us. We will be happy to help you!
