One of the most important parts of running a kirana store or a supermarket is to efficiently manage stock, also known as inventory management. With proper inventory stock management, you can minimise waste and guarantee customer satisfaction by having the correct products in the right quantities. We will discuss some useful advice and tactics in this blog post to assist you in running your kirana store’s inventory efficiently.
- Categorise Your Products: In order to manage your stock, you must first classify and organise your products into categories like dairy products, snacks, toiletries, and so on. Tracking and managing your stock for each category separately will be simpler as a result.
- Set Minimum Order Quantity (MOQ): Setting MOQ levels refers to a minimum of each item you must always have in your stock. Set these levels in accordance with the average sales volume for each item after analysing your sales data. MOQ levels help you avoid running out of important items and enable prompt reordering.
- Execute First-In-First-Out (FIFO): Use the FIFO technique to preserve freshness of the product. Set your products in a way that the newest stock is behind and the oldest stock is in front. By doing this, you’ll get rid of the older merchandise first, lowering the possibility that it may expire on your shelf. It also helps in preventing spoiling/expiration of the products.
- Invest in Stock Management/Billing Software: Stock management can be done easily with the help of modern technology also known as stock management systems. Use stock management/billing software that monitors stock and inventory levels, sales, and purchases. These tools can produce reports known as MIS that will notify you when it’s time to place another order, and give you useful information about your stock turnover rate. Few Billing Softwares details for your reference:
- Do Stock Audits: To make sure that your physical stock matches your recorded inventory, schedule routine stock audits. This makes it easier to spot inconsistencies, theft, or any problems with your stock management system. Stock audits also assist in identifying dead or slow-moving stock that requires special attention.
- Monitor Seasonal Trends: Pay special attention to how your customers’ demand changes with the seasons. Items like umbrellas during the rainy season or sunscreen during the summer may sell more during particular seasons of the year. To take advantage of these trends, adjust your stock levels and do marketing to increase your business.
- Vendor Relationships: Maintain good relationships with your suppliers. Reliable suppliers can ensure a steady supply of products and sometimes offer favourable credit terms. Consider negotiating bulk purchase discounts to improve your profit margins.
- Sell slow selling stocks: To sell slow-moving or excess stock, consider offering discounts, offers and promotions known as Pricing Techniques. Special deals and bundled offers can entice customers to purchase these items, helping you clear out space for more profitable products.
- Keep an Eye Product Placement: The placement of products on your shelves Position high-demand items at eye level and place lower-demand products on the lower and higher shelves. This increases the visibility and accessibility of your best-selling items.
- Customer Feedback: Listen to your customers. They can provide valuable insights into their preferences and product requests. Consider conducting surveys or using social media to gather feedback and tailor your stock selection accordingly.
Conclusion:
A successful kirana store relies on efficient stock management. You can optimise shelf placement, reduce wastage, and ultimately boost profitability by categorising products, setting par levels, implementing FIFO, using stock and inventory management software, performing routine audits, keeping an eye on seasonal trends, cultivating supplier relationships, offering strategic discounts, offers and monitoring seasonal trends. Keep in mind that managing your stock is a continuous process that necessitates continuing attention and modification to match your clients’ changing wants and market trends.
Tap into the potential of your business by getting in touch with Kirana Friends. You can connect with a Kirana Expert by calling or messaging us on 8010442222.
You can also download the Kirana Friends Application from the Google Play store by clicking on the link below and learn how to run your store more profitably.
