Multi-location and multi-branch inventory management can be one of the biggest causes of fear and concern for retail business owners. Managing inventory from multiple stores, stock verification for all branches, stock transfers, warehouse management, and maintaining SOPs for a consistent experience across all retail stores can be tricky. However, efficient management of multi-location inventory is possible through high-tech retail store software that drives your retail business’s growth to new heights and figures. 

Today, we will take a deep dive into the metrics that play a significant role in keeping your retail business thriving even when you have multiple branches and locations. This article will guide you through the best practices for managing multi-location and multi-branch inventory. 

Who requires specialized multi-store inventory management?

Retailers who run multiple branches of their stores across locations require a specialized and centralized solution to manage their inventory, customers, and accounting for all stores. 

Let’s assume a scenario where you’re a retail owner of a grocery store retail chain. You’ve multiple inventory warehouses spread across different locations. But, you lack an organized database system that helps you keep track of the goods that go in and out in large quantities from your warehouse regularly to multiple stores. 

What if one day some of your inventory goods get misnumbered due to human error, and the lack of online tracking records makes it impossible to trace your lost inventory? You can only imagine the costs you will incur from wasteful goods management. Or do you need to verify stocks across so many branches? 

This is where you need retail store software capable of multi-location and multi-store inventory management. 

Have there been times when you have regretted missing out on new stock due to overstocking and storage issues? Are you a retail business owner who faces problems while managing multiple store inventories?  VasyERP is a complete solution to manage multi-location, multi-branch retail stores!  Get a Free Demo Now!

Challenges Retail Businesses face in Managing Multiple Branch Locations

Several challenges can hinder the smooth functioning of your retail business and inventory operations. Time is of utmost importance while dealing with inventory and distribution channels. Otherwise, the overdue inventory or shortage of goods can leave your potential customers dissatisfied and doubtful.

1. Outdated Inventory Management in multiple locations/branches

Recording, Labeling, Barcoding, and Verifying inventory across so many locations can be overwhelming for multi-branch retailers. The outdated inventory can take up space and prevent the storage of new goods that are high in market demand. If you don’t keep the storage records up to date, you may be contributing to the avoidable increase in business expenses. You need services that include careful planning and optimization of waste goods management. 

You will need retail software that can help you manage all stocks from all branches in a centralized way. 

2. Inefficient Omnichannel System

Does your business still follow the traditional methods of inventory management systems? If you have an online store along with a physical one, your inventory management operations become more complicated. A retailer without any system that can take care of both (online and physical stocks) will find itself in huge trouble. 

Retail businesses in multiple location settings require software systems that can help them maintain an online presence and also enable business owners to keep a complete track record of goods available in separate branches. If the retailer sells a good online, it should be updated in the inventory record in real-time. Similarly, a product sold in-store must be accounted for in real-time in the POS. 

3. Policies that hinder uniform functions across locations

Have you looked into the policies that are covering your branches? Is the work order of functions the same across all inventory locations? Policy formulation in stores, online selling,  and warehouses is the most important factor as it can directly affect the supply chain management of inventory. If you’re running different policies in different branches, then you should reconsider it, because it will create loopholes and obstruct uniformity. Uniform policy guidelines that are branch-specific are crucial.  While retailers may have different distributors location-wise, and inventory transfer schedules could be different as per the branch requirements, the overall inventory management should be uniform. 

4. Product mix and its challenges in multiple branches

Retailers keep an assortment of products. Varied customer preferences and market trends lead to expansion in the range of products. With this comes the need for a system to keep detailed records of product variants. 

E.g., A fashion retail business has to keep a record of its product mix (gender-wise, season-wise, size-wise, fashion-wise, garment type-wise, and many more). 

This is where you will require a system that allows category-wise stock management like the above.  

5. Rise and Fall in demand for products

Businesses that run their multi-store operations without any technical assistance or support of the inventory tracking software can face difficulties while carrying out operations if there’s a sudden increase in demand for specific products.

Keeping up with market trends requires thorough analytical research and market analysis. Retailers need inventory management software that provides extensive insights into the retail business. This way, retailers can stay prepared in advance if there’s a sudden hike in demand for a particular product.

If a fall in demand for a specific product is predicted based on facts and figures, then the retail business owner can cut down on orders of that product in advance. 

Multi-store inventory management with VasyERP’s Retail Software 

Vasy ERP provides customized solutions for multiple-branch inventory management. Our software includes services such as Point of Sale (POS), Customer Relationship Management (CRM), Stock transfers, Reporting and Analytics, Branch-specific inventory management, and many more. It has modules to manage all your store outlets. 

Let’s understand how Vasy ERP can help you manage your inventory management needs in multiple branches and retail store locations.

1. Stock Management/Control in multiple branches

Our retail POS systems can help you manage the time and effort that goes into inventory management and stock transfers across different locations. There could be many unforeseen risks that can arise in business. If you own multiple franchises, and your stocks are stored collectively in a single warehouse, that can cause you difficulty in stock management. 

During COVID, many businesses faced issues with their warehousing facilities. Owners who didn’t have their warehouse located near the client- base faced issues of transporting goods across different regions. However, with VasyERP you have a centralized system that can monitor stock transfers and conduct stock verification from all locations. 

If your business is growing and expanding, you should be open to the idea of multiple warehouses. It also saves you costs on transportation and distribution expenses. Our software helps you to keep an organized track record of your stock quantities and it makes stock transfers a non-cumbersome process. You can also monitor incoming orders. 

2. Inventory Synchronization

VasyERP software is an extension of simplified retail management. Retail businesses struggle to monitor and examine their inventories across multiple locations. So, we make it easy for retailers to manage stock data by bringing inventory information from all warehouses under one umbrella.

VasyERP also helps in the integration of data that is related to finances, billing, and sales. This process can help businesses in budget planning with accuracy and enable them to enhance the cycle of shipment and delivery. 

Inventory synchronization makes it possible for you to manage goods availability throughout all branches, and timely examination of inventory also becomes hassle-free. You can also take note of goods that need careful observation in case they are perishable or have a short shelf life with an inbuilt expiry management system.

3. Barcode Systems 

Manual tracking of inventory does not always guarantee accuracy and authentication. Without an application tracking software, your business could be running the risk of human errors and discrepancies. You can avoid these risks, as our online barcoding system for inventory management allows you to generate barcodes without hassle. 

The Barcode and weighing scale integration are not only time-saving and risk-averse in terms of benefits, but they also play a crucial role in supporting and simplifying work operations such as point-of-sale transactions, price labeling, restocking, auditing, account management, order completions, and inventory control. Retail businesses can reach new heights by integrating weighing scale systems for improved security and smooth functioning of multi-branch inventory operations. The said automation also quickens the process of inventory management.

4. Compliance Management for Multiple Stores 

VasyERP systems help you navigate safely within the net of the Firewall and tight payment gateway security. The permissions that the users need to access the confidential information on the application can be customized and should be allowed with great care.

The system helps the managers to safeguard the user and inventory data saved in the system. E-Invoice also enables you to process orders electronically, thus producing real-time invoice scripts and credit notes for multiple branches. VasyERP takes care of GST compliance, FY Year-end annual compliance for retailers, E-Invoicing needs, and many more.  

5. Central Contacts

Central Contacts management allows retailers to maintain a single database for all contacts, including suppliers, and customers. This feature ensures all locations have access to the same, up-to-date contact information.

(Source: VasyERP Central Contact Module)

It has contact info management for customers, suppliers, vendors, and transport. Centralized contact management can lead to better communication and relationship management.

6. Central Discounts & Offers

Central Discounts & Offers allows retailers to create and manage promotions from a central hub. This ensures a unified customer experience as promotions and pricing remain consistent across all locations. 

Centralized control over discounts and offers allows retailers to manage loyalty programs, memberships, offers, vouchers, coupons, etc. from any branch and customers can also avail of these offers from any location/store. 

7. Central Reporting

VasyERP provides a comprehensive view of business performance. Retailers can make informed decisions based on consolidated data from all locations. The ability to track sales, stock levels, and other key performance indicators across all branches.  

(Source: Reporting Module of VasyERP Inventory Management System)

Retailers can identify trends and patterns to forecast demand and optimize inventory across locations accordingly.

Bottomline

Vasy ERP is a retail store management system for multi-location inventory management. From inventory management and shipments to stock verifications and unified customer management, with VasyERP, everything stays under control.  The software allows our retailers with multiple store locations and branches to mitigate inventory management challenges and simplify inventory management across locations. 

At VasyERP, we provide easy-to-implement solutions that drive effective growth in your retail business. Contact our team to manage your retail store branches like a Pro.