One of the more difficult variables to account for in operating a c-store is inventory shrinkage. Inventory shrinkage occurs when items you thought you had in stock turn out not to be there. While this occurrence can often be a fact of life for any retail store, it can also contribute to out of stocks, and even increased operating costs.
One of the best ways to be ahead of the game in inventory management is to do inventory at the item level. Whether you own a single c-store or an entire chain of c-stores, you can greatly benefit if you have an item-level inventory management system in place to keep track of the status of each and every item in your c-store inventory.
The big question on every business owner’s mind is often, “Is it worth it?” That question can be applied to many things, but we often find ourselves asking if a large technological investment is really “worth it.” The short answer is yes. The relatively low startup costs for many modern technology upgrades makes the benefits all the more attractive, and monthly maintenance or subscription fees are a drop in the bucket compared to the overall value they bring.
It is a known fact that many independent stores and even some small chain stores do not maintain adequate control of their inventory. As a C-store owner, you know maintaining adequate control of your inventory is crucial to your margins. Maintaining an accurate inventory count is vital. Managing item-level inventory? Even better.
In today’s fast-paced world, small business owners are looking for opportunities to streamline their processes and maximize their profits. Increased competition from online retailers and subscription services are further complicating matters for traditional brick and mortar stores as well as emerging ecommerce startups.
Over the past three years, employee theft has been a top reason for US retailer losses. According to Retail Knowledge, it accounted for 38% of all losses — or almost $23 billion in 2015. How can a convenience store or fuel station owner help prevent employee theft? Here are seven tips.
Online management tools help retailers save time, make better decisions, and grow revenues. With the right inventory management software, convenience store and fuel station operators can enjoy several advantages over competitors relying on manual or hybrid inventory tracking.