The multi-store retail business has to run with the right process, tools and people to make the task of managing various stores. There are some tips to consider for managing your multiple retail locations.
The inventory optimization
The inventory optimization is very important to run on multiple stores. The quantity of stocks must be known for every store location at the given time.
You have to maintain adequate inventory levels across all the store locations. If the customer can’t find any particular colour, size or type of product in one location, you have to check for other branches as well. This can direct your customers to the alternative location or can ship the items to your store or their home.
It is necessary to have the inventory management system to transfer the process across multiple locations or streamline the inventory lookup.
You have to keep your stock levels in check and have to serve your customers better. Track the inventory in transit to enable you to see where the products are located in the store.
If you have the cloud-based system, it’s a great asset to your business. The solutions would give you the ability to view your data anytime. You can also analyze the inventory information of different stores from anywhere.
Integrate your business with cloud
The business trends needs the best decision for your multi-store business to run on the cloud. The cloud-based systems give access to the tools and data you need anytime from anywhere as long as you have a secure internet connection.
The cloud ERP software
It reflects and updates data like the sales and stock levels in real-time as well. This serves the most convenient feature for the retailers.
You can get up-to-the-minute information about your business activities and get an accurate view of the store performance that helps you make better decisions.
Data securities are handled by the cloud service provider. The information is not saved in any local device as it minimizes the risk of data loss.
Ensure to choose your tools accurately. You have to use multiple cloud-based tools for solutions that integrate as the best option.
The PROMPTTECH POS software integrates with the accounting software to enable the retailers to sync up the financial data of POS and their accounting software.
Regular touch with all your stores
If you are running various stores, ensure to regularly communicate with every outlet. Regular site visits can make you know how much each store is doing.
If that isn’t possible, you have to make regular calls to store managers and see how they perform. The multi-store retailer business can closely monitor every store’s performance. The use of PromptTech can run the store-specific reports regularly and keep tabs on each location.
- The staff performance
- Purchase or sales
- Worst or best selling products
The regular monitor of these metrics would give a clear understanding of the outlet performance when you are not physically present.
Streamlining the communication process
The multi-retail store business requires every team to be on the same page. The communication is an important asset in a business for relaying the information of the critical employee information, new store policies and promotions. You require a reliable communication platform to make your messages get transferred to the right people.
Implementing the standard operating procedures
When you have to operate in multiple locations, make sure that all stores have one way of doing things. This would make it easier for you to allow and manage your customers to have a better experience with the brand and services.
Establish SOPs (standard operating procedures) for carrying out new policies and activities in your stores. For retailers, the type of SOPs must cover the following:
Ensure to have the proper safety and security protocols to keep your staff and customers secure and safe. The protocols should cover some common issues, like appointing someone in charge to close and open your store, procedures for dealing with shoplifters and the natural disaster situations along with other emergencies.