Revel POS 101: Loss Prevention With Revel’s Inventory Management
Inventory Management & Loss Prevention
Confronting inventory management can sound daunting. When you’re sold out of your hottest item halfway through the sale, you’re not just dealing with disappointed customers, you’re dealing with lost revenue. In an effort to continuously shrink shrink and mitigate loss prevention, Revel unleashed an enhanced inventory management system as a part of its 2.22 release.
It’s now easier and faster to keep your items and products at their par level (a minimum quantity of a given item that a business must keep in hand). When quantity falls below the par level you will get automatically notified, and the quantity required to return product to par will automatically be added to the reorder at the quantity required to return the product to par. Say, twenty pairs of running shoes was your minimum quantity, and “Reorder to PAR” is enabled at seventeen pairs of shoes. When you hit this threshold, it will result in a purchase order of a predetermined amount to keep your shelves stocked and business running smoothly.
Time to reorder? No sweat. With Revel you can perform bulk inventory updates through the API, meaning you can do 1,000 actions at a time.
Counting Physical Inventory
Revel also introduced a faster and more effective way to count physical inventory. Physical counts can be broken down by department, dividing your store into sections, so you can easily isolate inventory discrepancies at a smaller level. In an ongoing effort to prevent loss, managers can easily correct inventory errors, in return reducing unaccounted inventory.
PewResearchCenter found that two thirds of Americans own a smartphone, meaning the majority of Americans use their mobile phone for more than just calling or texting. As an advocate in a mobile society, Revel allows you to control physical inventory through your phone. With the Mobile Handheld Scanning feature, business owners can scan inventory through the phone’s camera or barcode scanner, from anywhere at anytime.
The Product Life Cycle
Especially relevant to retail, Revel introduced the Product Life Cycle tool. In retail, products often have a predictable life cycle of price changes. They start at full price, then, on a certain day, drop by 10%, then 30%, then 50% and then they are deactivated. Scrambling to cycle out your winter clothes? Now, managers can schedule activation and deactivation of products ahead of time, so they don’t have to make these changes on the Management Console the night before.
Revel’s Inventory Management updates are a part of our new functionality with the 2.22 release. Check out the release notes here for more details about how the latest features work.