How Stock Transfer Can Help You Optimise Sales and Grow Your Retail Business
31.9% of shoppers said they most value product selection, availability and variety in their in-store experience. Source: Raydiant
Having the right stock available in the right place at the right time is the key to retail success. As an established retailer, you must maintain a wide range of product types and sizes to meet customer demand. However, that's easier said than done.
Retailers have to acquire and allocate inventory based on storage, shelf space and demand forecast. All these constraints often led to overstocking and understocking. However, there’s a simple solution to this complex and expensive problem.
The Solution: Stock Transfer
In situations where excess inventory is present in stores with low demand, or running low in stores with higher demand, stock transfer can help you improve inventory availability across all locations. It is a process of re-distributing the existing inventory and making inventory adjustments during or after the allocations are done.
Imagine if a customer walks into your store looking for a specific product that has been sold out. However, you’ve confirmed that the same product is available at your other store. So instead of directing the customer to the other store, which can be inconvenient, you can make the sale by having it delivered to your store or customer’s address.
However, inconsistency, human error, and logistics can get in the way of transporting your inventory. Luckily with Tagrain, you can perform efficient inventory transfers accurately and effectively.
How to perform stock transfer in Tagrain
Our latest plugin “Stock Transfers and Inventory Tracking” allows retailers like you to perform stock transfers between stores, right from your POS system. It helps you improve the availability of goods and ensure seamless stock movement, especially when you are operating your retail business from multiple store outlets.
- After activating the plugin, go to Inventory Transaction and click on Stock Transfer to open the Stock Transfer Shipment.
- Click on the Add Stock Transfer Shipment button to open the Create Stock Transfer Shipment Screen.
- Fill in the required information, including the mandatory fields such as From Store, To Store, Product Code, quantity, price, taxable amount and the Document Date.
Once you have filled in the required fields, click the save button to issue the Stock Transfer Shipment Receipt for your records. You can also check their status throughout the transit under the in-transit quantity column.
Benefits of Stock Transfer
In retail, every decision requires an investment in time, money and resources. So it's essential to analyse and outweigh the benefits before making any shift. Along with improved inventory visibility and optimization, Tagrain’s end-to-end inventory management software has several benefits:
Improve inventory health – You can boost sales of products with lower demand by reallocating them to top-performing stores.
Increase inventory turns – You can increase sales of available stock by redistributing it based on seasonal or regional demand.
Improve stock cover and reduce stock-outs – Minimise loss of sales by ensuring there is neither over-stocking nor understocking to secure your top line and bottom line.
Increase full price sell-through – Transfer stock from the stores with lower footfalls to those with higher footfalls and higher bill value to secure profit margins.
Improve Omni-Channel distribution: Share your stock across all offline and online stores with options for home delivery or collect at the store for seamless order fulfilment.
Needless to say, this plugin will allow you to streamline inventory planning and ensure seamless order fulfilment like never before.
To start benefiting, subscribe to Tagrain ENTERPRISE Edition and activate this feature plugin or start with a 14-days free trial to see for yourself how it can help your business.
Happy selling & upscaling!
