Apparently, stockouts are a common concern amongst retailers. However, you can reduce the impact or prevent them from occurring in the first place by following the preventive measures and cures. Buy Best Cash Register in Australia@ https://www.posplaza.com.au/cash-registers.html

1. OUT-OF-STOCK SITUATION?
FOLLOW THESE SIMPLE YET EFFECTIVE TIPS TO PREVENT
STOCK-OUTS THAT ARE HURTING YOUR BUSINESS

2. A customer walks into your grocery store to buy Tim Tam biscuits.
After struggling for a couple of minutes to locate the product, the customer finds
out that the product is out-of-stock. Imagine the amount of frustration caused
considering that the customer entered the store with the intent to buy.
Moreover, the customer may not be interested in buying any of the similar products
that are available in your store.
WHY IT IS IMPORTANT TO AVOID OUT
OF STOCK SITUATION?

3. No customer would like to compromise on their favourite products or brands they
use.
If they don’t find a specific product they are looking for in your store, they would
simply walk out of your store to find the product in your competitor’s store.
In such situations, you lose your sale, moreover your customer. Sad. Isn’t it?

4. Running out of stock is a common
occurrence in retail stores which not only
leads to lost sale but also reduces customer
satisfaction and loyalty.
That is why it is important to avoid out of
stock situation by thinking proactively.

5. Though running out of stock give a positive indication toward your store’s high
sales, frequent occurrences can certainly leave a bad impact on your customer
satisfaction and base.
Basically, if proper measures are not taken to re-fill out-of-stock products, it can let
down the customer’s faith in your business and result in reduced sales.
 Let’s focus on some common causes of stockouts as well as their cures.

6. CAUSE: FAILING TO RE-STOCK PRODUCTS
IN A TIMELY FASHION
CURE: MAINTAIN OOS RECORDS
In-demand products got sold out? Every business faces this situation once in their
lifetime. What makes this situation harmful to your business is when you fail to re-
order the in-demand products as fast as they fly off the shelves.
Audit your entries and take notes of date and time of the week when you usually
experience stockout situations. By doing so, you have enough knowledge about your
stockout products so that you can implement proper measures to restore them before
time.

7. CAUSE: POOR DATA
SYNCHRONISATION
CURE: STAY ORGANISED BY USING A
MODERN INVENTORY SYSTEM
One of the main causes of stockouts is not tracking the inventory properly. Failing to
track and record stolen products, misplaced items, return etc. can cause inaccuracies
in data. As a result, unavailability of items occurs without the retailer being aware of it.
The best way to avoid data discrepancies and efficiently organise data is to use a
point of sale (POS) system with cutting-edge inventory software that automatically
updates your product entry as you generate sale.
You can go for a more advanced approach by maintaining your inventory with the help
of RFID, which allows you to track product information using a chip installed in a
product tag.

8. CAUSE: SHORTAGE OF WORKING CAPITAL
CURE: GET RID OF EXCESS
STOCKS
Some businesses face frequent stockouts due to lack of funds to purchase new
inventory.
When an item isn’t selling, refresh your marketing and merchandising efforts. Putting
slow-selling products on sale or bundling them with fast-selling ones is a great way to
clear your excess stocks. You can also consider selling your surplus stock to
liquidation companies if the above doesn’t work.

9. CAUSE: INEXPERIENCED EMPLOYEES
CURE: INVEST IN EMPLOYEE
TRAINING
If you don’t have the right staff deployed in your store, chances are you will run into
out-of-stock issues every now and then even with the best tools and inventory plans in
place. It is your employees’ responsibility to keep a check on all products periodically
and tell the respective person about the stockouts on priority basis.
Train your staff on modern technology which will help them to do their work efficiently.
Also, give them adequate data and proper insights about the products to take informed
decisions. Moreover, ensuring employees’ well-being is essential to have them happy
and motivated to do their respective tasks and generate more sales.

10.  Apparently, stockouts are a common concern
amongst retailers. However, you can reduce the
impact or prevent them from occurring in the first
place by following the preventive measures and
cures.
 It is also advised to get the best POS system and
software for your business. In case, you have
specific requirements and need reliable assistance
to manage your cash statements, speak with the
professionals that help you to choose the best cash
register based on your needs.
THE TAKEAWAY
Cash Register

11.  In addition, you can use exert advice
to find a cash drawer and POS
accessories for your store at
competitive prices.
Cash Drawer

12. GET IN TOUCH
POS PLAZA
Address : PO Box 7921 Baulkham Hills BC NSW 2153
Email : sales@posplaza.com.au
Phone No : 1300 115 808
Website : https://www.posplaza.com.au/