1. Real-time inventory tracking
Inventory tracking is the process of monitoring the status and movement of your stocks and products in the supply chain. It helps you find the location of a product quickly with 1 click in the inventory management system. Traceability is a prominent feature for apparel stores since you usually have tons of product SKUs with different colors and sizes. The apparel inventory software must show you exactly what you have and reflect real-time movements or allocations of your inventory, including:
- Sales volume is linked with inventory position. Therefore, when a customer purchases a product, the inventory level is updated immediately, preventing selling the same product twice.
- When materials or goods arrive in your warehouse, they’re scanned and have their information inputted into the inventory management software.
- Stock transfers between warehouses and shops are displayed in real time.
- If you have consignment stock, the clothing boutique inventory system can track it too even if it’s held in your supplier’s location.
2. Reorder points and low stock alerts
Your clothing inventory management system should be able to trigger alerts when inventory is running low. This feature can be automated emails or notifications that alert you on low stock, shipment, and delays in logistics. Thus, you can control your supply chain much better, from materials planning, shipping logistics, to vendor management.
Depending on lead time and customer demand, the inventory management system has an inventory forecasting tool that helps you decide what is the suitable time to reorder stock to reduce waste and optimize inventory storage. In addition, it allows you to generate purchase orders (PO) quickly off the back of the alert.
3. Purchase management and supplier management
Another useful feature of apparel inventory management system is offering you full control of procurement activities. The system will eliminate many repetitive manual tasks, reduce human errors, and ensure all purchasing steps follow the right process. Here’re what you can do:
- Create and autofill your purchase orders.
- Gather and store all your supplier details in a single database.
- Dynamically add discount options offered by your suppliers when you purchase in large quantities.
- Check your transaction history with each vendor.
- Evaluate supplier performance, such as reputation, product quality, price, location, and delivery speed.
4. Inventory barcoding
The barcoding feature removes data entry mistakes and digitizes business functions like collecting, storing, and organizing inventory data. By scanning the barcode before a stock enters a warehouse or leaves a store, you can speed up the process and get accurate product information. This feature is connected with other functions of an inventory management system, such as digital invoicing and reporting features. You can use mobile barcode scanning devices to improve inventory accuracy and carry out operational activities more efficiently.
5. Inventory reports
Inventory report is a must-have tool if you want to grow your boutique retail. This feature doesn’t merely collect data, it presents a solution to analyze and visualize data that serves as a valuable source of customer insights. Some clothing boutique store inventory management systems offer pre-built report templates to show essential metrics and also let you customize your reports to dig deeper into an aspect of your business.
Reporting features can help you answer important business questions and make informed decisions. Some data this feature can deliver include: inventory turnover rate, backorder rate, average time to sell for an SKU, stock age, unit sales, profit margins, etc.