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What are the most important inventory control topics for your store staff training program?

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Inventory control is a vital aspect of retail operations, as it affects your profitability, customer satisfaction, and operational efficiency. However, inventory control is not only the responsibility of managers or specialists, but also of your store staff who handle the products on a daily basis. Therefore, you need to train your store staff on the most important inventory control topics, such as:

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Christian F. GUSWAI

Top Retail Expert 2024~Rethink Retail??Global Retail Excellence Leaders??Retail Excellence Series Author?Top Global…

1 Stocktaking and cycle counting

Stocktaking and cycle counting are methods of verifying the accuracy of your inventory records by physically counting the products in your store. Stocktaking is usually done periodically, such as at the end of the year, while cycle counting is done more frequently, such as weekly or monthly, for a subset of your inventory. You need to train your store staff on how to perform stocktaking and cycle counting correctly, using the appropriate tools and procedures, and how to report and resolve any discrepancies between the physical and recorded inventory.

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Christian F. GUSWAI

Top Retail Expert 2024~Rethink Retail??Global Retail Excellence Leaders??Retail Excellence Series Author?Top Global Retail Minds?101 Top Most Iconic Coaching Leaders?100 Top Global Training & Development Minds
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There are 2 kind of stock taking and cycle counting. These 2 kind have different function. Stock taking is to know how much exactly our global inventory compared to recorded inventory according to accounting. The discrepancy show us how much the shrinkage in our store or warehouse. Stock taking ideally is done 2 times per year. While cycle counting is done quite often, even some retailers do it everyday to know the discrepancy in some part of our inventories. It could be in category or even sub category. We do cycle counting as part of loss prevention procedure so that we can take immediate action when a discrepancy come out.

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Vijaydeep Pawar
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The most important inventory control topics for store staff training include understanding stock levels, inventory accuracy, and replenishment processes. Teach staff about proper inventory management techniques, such as cycle counting and stock rotation, to prevent overstocking or stockouts. Emphasize the importance of accurate data entry and regular inventory audits to minimize discrepancies. Train staff on efficient replenishment practices to ensure products are available when needed while minimizing excess inventory. Additionally, cover topics like shrinkage prevention and loss prevention strategies to safeguard inventory assets.

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2 Replenishment and ordering

Replenishment and ordering are processes of maintaining adequate inventory levels to meet customer demand and avoid stockouts or overstocking. You need to train your store staff on how to monitor the inventory levels of the products they are responsible for, how to use the replenishment system or software to generate and place orders, how to track and receive orders, and how to update the inventory records accordingly. You also need to train your store staff on how to apply the inventory policies and rules, such as the minimum and maximum stock levels, reorder points, and safety stocks, for each product category.

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Christian F. GUSWAI

Top Retail Expert 2024~Rethink Retail??Global Retail Excellence Leaders??Retail Excellence Series Author?Top Global Retail Minds?101 Top Most Iconic Coaching Leaders?100 Top Global Training & Development Minds
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We should do proper ordering to make proper replenishment. To make proper ordering we have to have a good POS System. A good POS System help us to calculate automatic reorder to make sure that we can replenish out stock in time.

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3 Inventory classification and segmentation

Inventory classification and segmentation are ways of grouping and prioritizing your inventory based on different criteria, such as sales volume, profitability, demand variability, or seasonality. You need to train your store staff on how to identify and label the different inventory classes and segments, such as ABC analysis, fast-moving and slow-moving items, or seasonal and non-seasonal items, and how to allocate and manage the resources and space for each group. You also need to train your store staff on how to adjust the inventory strategies and tactics for each group, such as the frequency and depth of cycle counting, replenishment, and markdowns.

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Christian F. GUSWAI

Top Retail Expert 2024~Rethink Retail??Global Retail Excellence Leaders??Retail Excellence Series Author?Top Global Retail Minds?101 Top Most Iconic Coaching Leaders?100 Top Global Training & Development Minds
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Every retailer no matter what format they are in should have inventory classification (merchandise structure). It will help merchandisers to buy the right merchandise. Then merchandiser can decide the segmentation of merchandise to buy according to target market that has been decided by company. By doing this then the merchandiser can make analysis by division, department, category, and even per SKU (item).

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4 Loss prevention and shrinkage reduction

Loss prevention and shrinkage reduction are measures of preventing and minimizing the loss of inventory due to theft, damage, spoilage, misplacement, or errors. You need to train your store staff on how to prevent and detect the common causes and sources of inventory loss, such as shoplifting, employee theft, vendor fraud, or administrative mistakes, and how to implement the best practices and procedures for loss prevention and shrinkage reduction, such as security systems, audits, controls, and incentives.

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Christian F. GUSWAI

Top Retail Expert 2024~Rethink Retail??Global Retail Excellence Leaders??Retail Excellence Series Author?Top Global Retail Minds?101 Top Most Iconic Coaching Leaders?100 Top Global Training & Development Minds
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Loss prevention should be done in each part of business. Some steps to prevent loss: 1. Clear organizational structure to avoid conflicts of interest. 2. Have a clear SOP (standard operating procedures). 3. Train each staff involved. 4. Control the the implementation of each SOP. 5. Measure the result by doing stock taking and cycle counting consistently.

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5 Inventory analysis and reporting

Inventory analysis and reporting are methods of measuring and evaluating the performance and efficiency of your inventory management, using various metrics and indicators, such as inventory turnover, fill rate, stockout rate, or inventory carrying cost. You need to train your store staff on how to collect and record the relevant data and information for inventory analysis and reporting, how to use the inventory analysis tools or software to generate and interpret the inventory reports, and how to communicate and act on the findings and recommendations from the inventory reports.

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6 Inventory optimization and improvement

Inventory optimization and improvement are goals of achieving the optimal balance between inventory costs and benefits, such as maximizing sales, profits, and customer satisfaction, while minimizing inventory investment, waste, and risk. You need to train your store staff on how to identify and apply the opportunities and methods for inventory optimization and improvement, such as demand forecasting, inventory planning, inventory reduction, or inventory automation, and how to monitor and evaluate the results and impacts of the inventory optimization and improvement initiatives.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the most important inventory control topics for your store staff training program?

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1 Stocktaking and cycle counting

2 Replenishment and ordering

3 Inventory classification and segmentation

4 Loss prevention and shrinkage reduction

5 Inventory analysis and reporting

6 Inventory optimization and improvement

7 Here’s what else to consider

Retail Operations

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