Smoke shops are frequented by a wide range of customers, from those looking to buy their first piece or pipe all the way up to people who have been smoking for years. As such, it’s important that smoke shop owners and managers know how to manage and keep track of the inventory in their stores. It’s important to keep your inventory well-organized and easy to manage, so customers can easily find what they’re looking for. Here are 8 tips on how to manage your smoke shop inventory.
1. Keep Track Of New, Used, And Consignment Items
It’s important to know not only which items are new and have come in fresh, but which items have been used and are ready to be sold again. You also want to keep track of consignment items, or those that were sold on consignment and returned because they didn’t sell. According to https://www.gomwi.com/pages/grinders-wholesale, you should use a tracking system to keep track of items currently in your inventory, as well as which items have been consigned or sold. If you have a tracking system, it will make looking at your inventory much easier.
2. Use A POS System
It might seem like overkill, but a point of sale (POS) system can be one of the best ways to manage inventory at your smoke shop. A POS system keeps track of not only sales for each item, but also how many products you have on hand and which items need to be reordered. Businesses that use POS systems see a reduction in inventory over time because their products aren’t sitting there collecting dust; instead, they are sold regularly and those sales are tracked in real time through the POS system. This will make managing your inventory much easier and reduce the amount of waste you experience.
3. Set Reasonable Limits On Discounts
Discounts make customers happy, so it’s tempting to offer discounts whenever possible. However, setting limits on when you offer discounts can help keep your inventory levels steady and prevent people from abusing the discounts. You can also create policies where customers who abuse discounts receive warnings or have their discount privileges revoked altogether. This can help you manage your inventory better and ensure that items don’t get lost in the massive pile of discounted products on your shelves.
If customers feel like they can’t get a discount on something, it will help them better understand that you have inventory limits for a reason.
4. Train Employees To Keep Inventory Accurate
Training employees to keep accurate records of inventory is important for making sure that your smoke shop stays well-managed and up-to-date with its current inventory levels. Each time an employee rings out a customer, they should be recording which product was sold and how many were sold into the system. If there are any discrepancies between what has been recorded in the POS system and what actually exists on the floor, they should be brought to your attention so that you can make adjustments.
5. Establish A Return Policy
Returning products after they have been sold is always a possibility, but establishing a return policy can help you better manage your inventory. For example, if an item has been opened, you might have a different return policy than an item that is still in the original packaging. Having clear and consistent return policies can help you manage the back end of your smoke shop without having to worry about dealing with returns on a case-by-case basis. While some customers will try to abuse your return policy, having such a policy will make it easier for you to manage the items that are returned and either put them back on the shelf or sell them again at a discounted price.
6. Sell Consignment Items Regularly
If items aren’t selling after they are put out on consignment at your shop, consider putting them up for sale more often or try lowering their price slightly. If there isn’t anything wrong with the product itself and it’s just not getting any interest from customers, then lowering the price can help you get rid of it quickly and free up space for new products on your shelves. As long as the product isn’t breaking or missing pieces, the customer will be able to take it home and have a smooth transaction that leaves everyone involved satisfied.
7. Implement A Reorder System
Reordering products is one of the most effective ways to keep your smoke shop running smoothly and minimize waste. Establishing a system for reordering inventory can be as simple as checking the sales records in your POS system on a weekly or monthly basis and ordering products that have been selling consistently. This can help you avoid overstocking products, which will save space for new items and make managing your inventory much easier overall. It’s also a good idea to set up automatic reordering, so you never run out of your most popular items.
8. Use On-Site Storage Solutions
A great way to manage your inventory more effectively is by using storage solutions on-site at your store itself. There are various shelving units, cabinets, bins, drawers, and other options available that can help you organize everything from small accessories all the way up to large items such as pipes and bongs. When everything is organized and easy to find, it will be much simpler for you and your employees to manage your inventory and make sure that nothing ever gets misplaced or forgotten about. By using on-site storage solutions, you can also track what is being sold more often than other items, which can help you better understand which products are the most popular with customers.
Overall, managing your smoke shop inventory effectively is essential for ensuring that all of your products are being properly utilized and getting the attention they deserve from your customers. Whether this means implementing policies for discounts or setting up an automatic reordering system, there are a variety of tools and strategies you can use to improve your inventory management process. By focusing on organization and visibility, you can streamline your processes and make it easier for you to stay on top of anything that comes up.