From pet food to pet toys, a pet store supplies all the products needed to keep a pet healthy and happy. A viable pet supply store needs to sell anything and everything pet-related: which means that pet stores often have very large inventories. Managing and tracking a large inventory can get complicated and if done incorrectly can result in either stock excess or customer disappointment in missing stock.
Here are our three major tips for managing your pet store inventory:
Buy Stock Wholesale
Local pet stores will be competing for customers with larger, well-established pet supply chains so you have to ensure that your pet store is fully stocked with the correct supplies. This means you’ll need to be well-equipped with food, toys, and care products for all kind of pets. You can buy wholesale goods—rather than raw materials; which means that you can acquire bulk stock of popular items at a much lower expense. Having a larger selection could help you get extra sales compared to other stores in the area. That being said, be careful not to overstock. Which brings us to the next point.
Target returning customers
As one of a pet owner’s only locations for food, a pet store can guarantee continuous purchases and thus returning customers. A pet store thrives on inelastic demand. Find out the industry’s leading pet food brands, and stock them. Change your pricing strategy to price these goods competitively. Pet store owners can expect return visits from customers every couple of weeks for more pet food. It is also important to focus on products that will need to be replenished over time, such as toys, beds, and other supplies that wear out over time. Once your store supplies the basics then you can look at expanding your inventory to include other products and pet luxuries that are outside the day to day products.
Pick a niche at which you excel and capitalize on it. Focus inventory on providing products that are not found at big chains, for example homemade pet treats, holistic specialty foods, or locally-made artisan pet toys. Be sure to properly categorize all this stock to ensure that pet owners can find what they are looking for in your store quickly and without any hassle.
Think about the lifecycle of a pet. By catering to every lifecycle of a pet you will ensure that you have a returning customer. For example, you need to stock food that caters to puppies, adolescents, adult dogs, and senior pets. You, thereby, ensure that, the customer will return at each stage of the pet’s life.
Invest in a Point of Sale system with an Inventory Management Feature
For optimal management of your pet store, accurate inventory tracking can save you time and money. If your pet store carries thousands of pieces of inventory, you need a point of sale system that can streamline the inventory management process. By choosing software with an inventory management feature, you will be able to quickly consult the items in your inventory, make promotions and update prices. A quality point of sale system will not only be able to automatically update your stock and sales data, but it will allow you to access real-time stock reports and notify you when a particular product is running low.
By analyzing your inventory reports you can also gain useful insights into your business that may help you to make better business decisions in future. For example, if you see on your POS system that a particular product is selling well then you can make sure to stock more of that product in future. Your inventory management system can also help you keep track of stock so that perishable items, like pet food, is ordered and stocked in the correct time frames. You thereby ensure that you are offering your customers the freshest stock.
Lastly, if you have multiple locations, you can easily transfer stock from one store to another or allocate items from your physical store to your eCommerce operation using a quality POS system.
Inventory management is a critical feature for all retail stores. Pet stores carry so much inventory that this feature becomes central to your store’s success. With so many items in the stock room, inventory discrepancies can lead to significant revenue loss. It is important that you stock your store correctly, buy stock from wholesalers, target returning customers, create your niche and invest in the correct Point of Sale system.
TallOrder Point of Sale can help pet stores fully manage their inventory; saving business owners time and resources. TallOrder’s fast and accurate functionality can speed up transaction times and give staff more time to help customers.
TallOrder, your Trusted Point of Sale Provider.