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Every day, people are flocking to vape stores in search of the latest and greatest products. This never-ending influx of new and exciting devices are great for vape store owners, but can make it difficult to stay organized.
The diversity of this market means that anyone can find exactly what they're looking for. It also means that vape store owners need to have an extensive knowledge of their product catalogs (both current and upcoming products) in order to remain competitive.
Here are a few tips to help you manage your vape store inventory effectively.
The first step in managing your vape store inventory is setting policies
for handling excess inventory. It includes deciding whether or not you'll accept returns, what price you'll give for used products and what happens to products that don't sell after a certain period.
If you have no policy in place, you might sell used products as new and end up with a customer service problem. Customers also don’t like paying for something that has been in store for long. Some e-juices lose their potency the longer they’re in storage, especially since the longer they’re stored the higher the chance of being exposed to heat.
Inventory management is critical to the success of your business. To keep an accurate count of your inventory, you need to track its movement. You can do this manually or by using automated systems.
Manual inventory tracking can be tedious and time-consuming if you have a large number of items in stock. Using a handheld scanner makes it easier, but it doesn't eliminate the need for someone to count items and enter the information into an inventory management system.
Automated systems such as barcode scanners
and radio frequency identification (RFID) tags allow you to track items automatically without physically counting them every time they are moved from one location to another. It saves time, reduces errors, and improves accuracy in your inventory records.
Choosing the right inventory control system
for your vape store can be daunting. There are so many options out there, and none are perfect.
A sound inventory control system can differentiate a thriving business from one that flounders. It's not just about being able to track your products but also about making sure you have the right amount of product on hand at any given time.
A POS system is one of the best inventory control systems. It is a computerized cash register that can keep track of your inventory and other important information like sales and customer history.
To sell vaping products, you need to track their sales and purchases using a point-of-sale (POS) system. The Erply POS
, for instance, will help you track what products sell better so you stock them more and the ones that sell less so you market them.
You can also use Erply to track inventory levels to know when you're running low on stock or when you need to reorder more items from your supplier.
Here are some things to look for when buying an inventory control system:
Ease of use. The system should be simple, intuitive, and easy to learn. If it takes hours or days to get up and to run, you will end up frustrated and tempted to give up before you even start.
Compatibility with other systems. If you already have an ERP or other system, the new inventory system should work with it seamlessly or at least be easy to integrate into your existing infrastructure.
Security features. Ensure your data is protected from unauthorized access by using encryption or another method of securing confidential information such as credit card numbers.
Real-time updates. You want your inventory numbers available on-demand so you don't run out of stock unawares— especially if there is high demand.
It’s the money that keeps a business alive and gives you the power to make decisions about your inventory. If you have enough cash flow, you can buy more inventory. If you don’t have enough cash flow, you might have to cut back on buying inventory — or worse, stop buying altogether.
To manage your inventory effectively, you must manage your cash flow
wisely. Here are some ways to do that:
Don’t over-order Inventory. You should never over-order inventory at any point because it could strain your cash flow and hurt your bottom line in the long run.
Excess inventory sits around for months before finally selling. Therefore, a lot of cash that could have been used for things like rent and payroll is held up in stock.
Keep track of prices: As prices change over time, keeping track of how much things cost will help ensure that there are no surprises when it's time to pay the bills.
Know what your average sales are per day or week so that you know when it's time to reorder more inventory and when it's time to decrease stock levels
Set up automatic reordering alerts so that when items run low on stock, they automatically send an alert back to the supplier saying they need more products sent out immediately
Track your actual sales figures against your projected sales figures so that if something isn't selling as well as expected, you can quickly react by lowering prices or making other adjustments
Here are some things you can do to help protect yourself from theft and loss of inventory.
Use Security Cameras to protect your inventory. They're affordable and easy to install and a great deterrent against theft. In addition, they record activity in the store 24/7, which means you'll always have evidence if something happens. Finally, it can be helpful if there's ever an incident that needs investigating by police officers or insurance companies.
Check in frequently on your products. If possible, check in at least once every two weeks and count how many you have left. You might want to take pictures so that if there's ever any question about whether something is missing or not, you have proof that it was there.
You should set up a database for your inventory to easily access it at any time. The database should contain the following pieces of information:
Product name
Description
Price
Quantity available
Purchase date (if possible)
Keeping less inventory will lose you sales when you run out of stock. On the other hand, if you over stock, you will have cash flow problems since a lot of cash will be held up in inventory. That’s why striking a balance with a good inventory management software, inventory policies, proper cash flow management, and automation will ensure you manage your vape store inventory properly.