ABC Stores is a small retailer located in Colombo, Sri Lanka. The store has been in business for over 10 years, selling a variety of items including groceries, toiletries, and household items. However, the store has faced several challenges when it comes to managing inventory effectively.
The store initially relied on manual methods for tracking inventory levels and ordering new stock. This led to several issues, including overstocking of certain items, expiration of perishable goods, and difficulty in identifying losses. Despite the best efforts of the store's staff, the lack of a proper software system made it difficult to manage inventory effectively.
For instance, the store frequently overstocked items that were not in high demand, leading to increased storage costs and wastage due to expiration. The staff was unable to identify which items were not selling well and continued to order them, resulting in unnecessary losses.
To address these challenges, the store implemented a cloud-based POS ERP solution, 24x7 Retail. The system provided several tools for inventory management, including automated purchasing based on sales trends and supplier delivery cycles. This helped the store to manage inventory levels more effectively and avoid overstocking of items.
The system also provided real-time data on sales and inventory levels, allowing the store to make data-driven decisions when it comes to ordering new stock. This helped to reduce losses due to overstocking and expiration of perishable goods.
After implementing 24x7 Retail, ABC Stores saw a significant improvement in their inventory management. They were able to automate their purchasing process and order items only when they were needed, leading to a reduction in overstocking and waste. They were also able to identify slow-moving items and adjust their inventory levels accordingly, reducing losses and increasing profitability.
Additionally, the system provided tools for tracking expiry dates and notifying staff when items were nearing expiration, reducing waste due to expiration. The store was able to minimize wastage and almost completely eliminate losses due to expiration.
The implementation of 24x7 Retail had a significant impact on ABC Stores. By automating the purchasing process, providing real-time data on sales and inventory levels, and providing tools for tracking expiration dates, the store was able to manage inventory levels more effectively and reduce losses due to overstocking and waste. 24x7 Retail helped ABC Stores to increase profitability and improve customer satisfaction by ensuring that items were always in stock and available for purchase.