How to Manage Inventory using Lightspeed POS
The strength of a modern POS system comes from the unique Inventory management qualities. Let say, if the consumer is still maintaining the inventory in a notebook or spreadsheet and it’s not even integrated with the register so finally it’s the time that the customer should get in the amazing technique for managing the stock/quantity. So, in this blog, I will be showcasing that how the consumer can manage inventory using Lightspeed POS system.
Now, lets see what are the advantages of this approach for the business:
- In today’s era, consumers are more closely related with the business. They can visit a physical store and can register themselves as a customer. Also, often these Physical Stores and its stockpile are used to fulfill e-commerce Orders.
- Centralized Stock Maintenance is another biggest advantage. Stocks will be associated with Physical Stores. If any product gets sold online, store manager can separate that product from Physical Store stock and later proceed for shipment.
- Inventory Procurement and planning will be another advantage since Online and Offline orders reduce same Inventory. Procurement planning will be much easy for the retailer.
- Lightspeed POS is one of the most popular POS available in the market. Lightspeed gives flexibility to the Merchants having Physical Stores to use a flexible selling system without investing heavily on any additional hardware. Customers do not need to go to any queue to purchase & need not wait for anything.
- Sales Reps can traverse through the physical stores by just carrying their iPad attached with Card Swapper. They can attend customers by showcasing them products or explaining about the product and instantly give the customer an excellent shopping experience by punching their order through Lightspeed POS in iPad, swaping their credit card and completing the transaction.
In this way, Lightspeed POS offers next generation shopping experience in physical stores. Now, comes to inventory management system, it allows the consumer to update the product count in real time automatically, automate purchase orders, reduce inventory size, increase selling efficiency and many more.
There should be few ways through which one can balance the inventory management system:
- Select the products: Open the Lightspeed POS account and add some products in a place or in one place.
- Accept Inventory: Receive deliveries and update the stock for the products.
- Tag inventory: Give the proper Label for the inventory.
- Sell and Count Stock: After providing the stock, proper selling and stock counting is required.
- Maintain proper data: Exact information means reporting can be useful.
Select the products:
There is a need to populate the POS system with the product information which will include the product name, description, product price, category, product sku. You can select the particular stock against a specific product. This screenshot will illustrate how to add a new product from Lightspeed POS. You need go to INVENTORY->PRODUCTS.
After adding the item, the consumer needs to add the stock for the product and go back to Lightspeed’s inventory, search for the item/items delivered. Then the addition would be reflected on the total stock counts. No matter how accurate the inventory management is, receiving a vendor details should be a point of concern. A modern POS system with a robust focus on inventory management like Lightspeed POS will help to address the concerns. Below are some screenshots provided:
Tagging/Giving label to inventory now will save the time. During customer checkouts, clerks are no longer guessing on price or the particular inventory item. The recent POS systems make printing the own unique tagging stickers easy. Lightspeed is also one of them. Below is the screenshot available:
Sell and Count Stock:
Increasing the speed of the sales transaction might not seem like a boon to inventory management. But the efficiency allows to devote more customer time to other tasks like inventory counts.Stocks are managed in detail mainly in POS systems. Stocks can be divided location wise and warehouse wise.
Maintain proper data:
After adding the stock, the consumer needs to define the data properly. Proper selling is required. Adding label for the stock against a particular product is needed. On the other hand, procurement of items happens at Physical Store and therefore consumers have less chance to see products Out of Stock.
On the whole, this blog is a small try to gather the efficiency which can boost up the inventory cycle. Lightspeed POS is the trending Point of Sale platform where we can seamlessly manage the stock for the products. Proper execution is necessary for any kind of planning whether its adding a new product or managing the stock. The proper cycle is required to have the good inventory management on the physical store specially with the Lightspeed POS system.
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