Inventory management is crucial for Kenyan retailers and restaurateurs. Poor inventory management can lead to high storage costs, product shortages, misplacement, and discounting due to overstock. This is why it is crucial to understand how POS in Kenya can optimize your inventory management.

What is Inventory Management?

Inventory management involves meeting demand and delivering products on schedule. Too many products can cause discounting or extra storage costs. Conversely, product shortages can hurt your sales. Customers might go to your competitors, lowering your customer satisfaction and reviews.

Elements of Inventory Management

These are the primary elements of inventory management.

• Visibility: Know what you have and where it is.
• Inventory: Estimate how much of each item you need to meet demand in a certain period.
• Purchasing/replenishment: Know when to order more stock to avoid running out.
• Storage: Check your storage space and move products if needed.
• Data analysis: Use past sales data to improve your inventory ordering.
• Multichannel tracking: Distribute your e-commerce products between your physical stores and fulfillment centers.

Who Needs Inventory Management?

Small and midsize merchants and restaurants in Kenya need inventory management the most. Retailers sell several sizes, materials, and colors. Tracking and having these things available when buyers want them is key to their success.

Inventory Control Methods

Businesses use different methods to optimize inventory levels. Perpetual inventory management tracks inventory as it arrives and leaves and uses demand forecasting from past sales data.

Just-in-time inventory management orders only what the business needs, saves storage costs, and works well with a reliable supply chain. Safety stock inventory orders extra stock to avoid stock-outs, uses reorder point formulas for consistent products, and reorders when stock is low or before high-demand periods.

How POS in Kenya Helps with Inventory Management

Michigua POS is a cloud-based POS system that offers inventory management features that help small businesses in Kenya.

What is Michigua POS?

Michigua POS is a software solution that processes sales transactions and integrates various aspects of retail operations, such as inventory management, CRM, reporting, analytics, mobile POS, online ordering, delivery management, and more.

Michigua POS caters to various retail sectors in Kenya, such as supermarkets, pharmacies, restaurants, salons, hardware stores, etc. Michigua POS hardware includes a touchscreen device on a stand, a credit card reader, a cash drawer, a receipt printer, and a handheld scanner (for retailers).

This software lets cashiers select products from a list and accept various payment methods. It shows prices, sales tax, discounts, promotions, and other charges. It also includes inventory management.

Inventory Management with Michigua POS

Michigua POS adjusts inventory levels after each sale. This has many benefits, including:

• Automated inventory tracking: This saves employee time spent checking stock and reduces counting errors.
• Report generation: Track sales and inventories by location or period to replenish or promote products. Michigua POS sales reports show your bestsellers, slow-moving products, and low-stock items.
• Quick visibility: The technology lets staff check inventory levels instantly and avoid stock-outs.
• Remote management: Does your business has multiple locations or sells online? You can manage your inventory from anywhere using Michigua POS.

Conclusion

As you can see, POS in Kenya can help you optimize your inventory management and improve your customer experience and profitability. Contact us today to learn more about Michigua POS or request a free demo.