During the holidays, retail stores see more foot traffic and increased demand. This can quickly strain inventory if you’re not prepared. In order to remain efficient and meet customer demand during the holidays, retailers need to stay on top of their inventory of essential supplies, from packaging and cleaning products to everyday breakroom items. Not only will this set you up for a smooth holiday season, but it will also help reduce stress among your team. Here are five inventory management tips to help you prepare for the holiday rush:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           

Plan Ahead

The first step in ensuring a smooth, efficient holiday season as a retailer is to plan ahead. Start by reviewing and updating your current inventory to make sure counts are accurate before placing new orders. Organize your backrooms and storage areas to accommodate additional stock. Having items on hand doesn’t help if you can’t find them when they’re needed! Make sure your team is aligned on inventory management standards and understands how to follow the same tracking and restocking procedures.

Use Accurate Demand Forecasting

Data and trends from previous years can offer valuable insight into what to expect this go round. Use this information to accurately forecast demand and avoid costly overstock or shortages. This applies not only to retail merchandise but also to everyday operational essentials, such as packaging supplies, cleaning products and PPE. Facilities often go through these supplies much faster during the holidays, so accurate forecasting helps ensure you stay stocked and efficient.

Coordinate with Suppliers

A strong relationship with a trusted supplier and solutions partner, like Veritiv Pollock, is essential to ensuring you have the right supplies on hand when you need them throughout the holiday season. Communication is key to ensuring timely deliveries and avoiding inventory conflicts and supply chain disruptions. Working with a single-source supplier for all of your facility’s needs can also help boost efficiency during the holiday season, eliminating the need to balance multiple orders scattered across multiple suppliers.

Use Automation and Real-Time Tracking

Keeping inventory by hand leaves room for error. During the holidays especially, mistakes can lead to huge costs and hurt customer relationships. Take advantage of automated systems for monitoring stock levels and placing orders when stock is running low. Automation helps you have a clear view of what you have on hand and what needs to be replenished in real time, preventing stockouts. Work with a supplier that has an intuitive ordering platform where you can track orders, shipments and your spending all in one place. Simplicity and visibility are invaluable during this busy time of year.

Stay Organized

No inventory system is effective without organization. Keep storage areas neat, clearly labeled and free of clutter so supplies are easy for your team to locate. Establish clear receiving procedures to ensure every delivery is logged and stored correctly. Maintaining a clean and organized facility improves efficiency while helping your team stay focused, stress-free and productive during the holiday rush—and it keeps your inventory accurate!

Without accurate inventory, retailers struggle to keep up with the demand that comes during the holidays. With these few tips, you can stay efficient and ready to take on the season with confidence! Learn how the retail solutions experts at Veritiv Pollock can help you keep essential supplies stocked and inventory accurate all year round by contacting us today!