One of the real opportunities for those opening a dollar store is associated with becoming superior inventory managers. Rather than having several months’ worth of the different dollar store items being sold in-stock, it is having just enough to cover sales until the trucks pull up beside your store with the replenishment dollar merchandise you have ordered.
One of the real opportunities for those opening a dollar store is associated with becoming superior inventory managers. Rather than having several months' worth of the different dollar store items being sold in-stock, it is having just enough to cover sales until the trucks pull up beside your store with the replenishment dollar merchandise you have ordered. Rather than having a back stock area filled to the brim with boxes and boxes of excess dollar store merchandise, it is having a small back stock area with just a few dollar items.
1. Make inventory management a top priority
You cannot afford to lose focus on managing the inventory levels of the dollar store items you have in your store. Review inventory levels weekly and monthly to guarantee you have all the right dollar merchandise in-stock in the right quantities.
2. Never tie up money in excess inventory
Your must hold in the reins on spending too much when it comes to dollar store merchandise. You cannot afford to purchase so much you end up with excess inventory sitting in back stock awaiting the time when it can come to the sales floor.
3. Know sales and manage buying to sales
Manage your inventory levels to match sales in your store. Always keep good levels of the hottest selling products in-stock. Keep smaller inventory levels of the slower selling items.
4. Establish drop dead inventory numbers which trigger your re-ordering.
This is where a POS system can save lots of time. If a POS system is not available, set drop dead numbers based on historic sales levels for key merchandise and then order replenishment merchandise as those numbers are reached.
5. Sell off slow selling and non-selling inventory
You cannot afford to have excess money tied up in merchandise which does not sell. Totally eliminate non-selling items and reduce inventory levels of slow-selling items.
6. Add new, proven, quick selling dollar store merchandise
Always be on the lookout for newly available products which are proving to be in-demand with dollar store shoppers. Search these out from existing vendors, vendor representatives, online searches, and even competitor stores.
Managing inventory levels of the many different dollar store items carried is a constant battle for those who operate a dollar store. Fortunately there are actions which can help make the challenge more manageable. Whether it is making inventory management a high priority or eliminating excess inventory, maintaining control over dollar store merchandise inventory levels must be a focus. Give the 6 actions listed above a try as you work to effectively manage your inventory.
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