In this blogpost, we outline what a stock management system is and how it’s used by retailers. We also cover the key features a good stock management system has.
A stock management system is a tool used by retailers to create and manage stock transactions. It’s also used to segment stock, and control various stock pools. By using a stock management system, retailers can manage stock more effectively. They can also see a real-time view of their stock, improve customer experiences, and save time.
Key features of a good stock management system should have
- Scalable, real-time technology – scalable technology means that the system grows alongside a business, essential for retailers wanting to scale. Real-time tech enables retailers to have a live view of their stock, meaning they can meet their customer promise
- Configurable stock states and transactions – stock should be able to break down into any number of stock states. How each stock transaction affects the stock states should also be configurable. (This meaning that all transactions can be defined in your chosen stock management system,)
- The ability to be used in stores – using the same stock management system across the business ensures stock data is correct across the board. Using the same system in stores means that both head office and in-store staff have an accurate view of stock at all times
- Multiple modules – when a stock management system has multiple modules, it enables businesses to select which specific modules they deploy. For example, Crew Clothing recently extended their use of Archean, Retail247’s stock management system, to include Archean Move
Why have our clients chosen Archean as their stock system?
There are many reasons as to why our clients selected Archean as their stock management system, but we have summarised 3 of them below:
- Enables legacy environments – Archean can act as a facilitating layer over complex legacy environments. This enables swift deployment of new solutions and services, all achieved with minimal disruption to a retailer’s established infrastructure. By serving as a bridge between the old and the new, Archean minimises the challenges of legacy integration. The enhances a retailer’s agility in responding to industry demands.
- Improves profitability – Accurate stock allocation and replenishment is essential for optimising a retailer’s success. When stock is allocated to the right place at the right time, the likelihood of achieving a high full-price sell-through significantly increases. The strategic approach ensures that products are positioned where demand is strongest, maximising the potential for full-price sales.
- Can be used in stores – Archean can be used to facilitate all stock movement activity including Stock Receipting, Store to Store Transfers, Store to Warehouse Transfers, Stock Adjustments and any other configurable transaction. It serves as a versatile tool for managing diverse transaction, and its adaptability ensures seamless integration across multiple locations.
If you’d like to learn more about Archean, the stock management system from Retail247, get in touch by emailing archean@retail247.com.
