Newsagencies have been in Australia since the 1800s. Some newsagents manage stock as if they were trading as businesses did back then. Stock ordering processes are all to often manual and not based on fact.
Smart newsagents use our Newsagency software to tightly manage their investment in inventory. Rather than using manual processes, these newsagents:
- Track everything they sell by barcode.
- Order replenishment stock based on sales.
- Buy based on a carefully considered expected shelf life – in pursuit of a best practice stock turn.
- Only buy from suppliers which transact electronically – with electronic invoices an, preferably, orders.
- Track fast selling items and respond on the shop floor and in buying accordingly.
- Assess and manage product adjacencies carefully to maximise each customer visit.
We will gladly work with and guide any newsagent who wants to more fully manage inventory using our newsagency software. Our software has performance tracking tools which enable assessment of product, category and supplier performance. These reports help newsagents make the types of decisions which are necessary in the retail environment of 2011.
Newsagents who do this, move to our recommended smart approach to inventory management, often unlock thousands of dollars in cash from the excess inventory they have in their businesses. This cash can be used to improve the business in a variety of ways including expanding in to new product categories.