5 Ways to Improve Storekeeping for Retail Businesses

Is your retail shop a mass? Do your employees and customers need help finding products easily? It means your retail is not organised well and needs to improve storekeeping for smooth and hassle-free operation. Guess what? In this blog, we will discuss the five 5 ways to improve storekeeping for retailers.

In the retail business, consumer preferences are very important. If you cannot keep up with that and improve customer experience, your business growth will be highly affected. And exactly that is where effective storekeeping comes in. The better your storekeeping, the more satisfied your customers are, leading to higher sales.

But often, storekeeping is misunderstood, and you must not think that storekeeping is just shelves and product arrangements; it is more than that. You might need help understanding this, but know that modern storekeeping takes human psychology and purchase behaviours very seriously.

For retailers, when you have organised products according to demand and customer satisfaction, it heightened sales and enhanced profitability. A meticulously organised and efficiently managed store is not just a physical space for products; it becomes a stage where the drama of consumer engagement unfolds.

In this blog, we are going to discuss how you can improve your store management. In the ensuing exploration, we’ll discuss five indispensable strategies that will empower your business to elevate storekeeping practices. But before that, we will talk about what storekeeping is in short. Let’s get to the topic, shall we?

What Is Storekeeping in Retail Business?

Storekeeping is a fundamental aspect of retail management that encompasses the systematic organisation and maintenance of inventory within a retail store. It involves the strategic handling of products, from procurement to display, ensuring optimal stock levels, reducing losses, and ultimately enhancing the overall shopping experience.

Effective storekeeping has become very important in recent years for a better customer journey. First and foremost, strategic storekeeping significantly impacts customer satisfaction. Moreover, a well-organized store improves accessibility, enabling customers to find products effortlessly. Those are the positive experiences that foster customer loyalty and repeat business.

According to a study by McKinsey, 70% of buying experiences are influenced by how customers feel they are being treated.

Furthermore, efficient storekeeping directly influences profitability. Data from the National Retail Federation indicates that retailers lose approximately $45.2 billion annually due to inventory shrinkage.

Wherever you are located, this data also applies to you. Have you ever thought about how much money you have lost due to a lack of proper storekeeping? Probably enough, and you could invest that money to expand your business further.

Don’t worry; we are going to discuss a few points to help you make your storekeeping better. Let’s dive back to the main topic that you are waiting for.

5 Easy Ways to Improve Retail Store Keeping

It is hard to describe everything in a few points, yet we are going to cover the topic in the most concise way possible. Let’s learn the important and effective ways to improve storekeeping for retail businesses.

1. Implement a Robust Inventory Management System

First, you need software such as a Point of Sale (POS) solution to rock your storekeeping or inventory management. It will make things effective and hassle-free.

Effective inventory management is the backbone of customer success in the retail business. A comprehensive Inventory Management System (IMS) or POS system is necessary. Ask why?

Well, the challenge of accurate stock tracking is addressed head-on by adopting advanced technologies. It can help you exemplify the commitment to improve storekeeping practices. A tangible example of this lies in the success story of Shwapno, our country’s most successful super shop.

Shwapna’s efficient inventory management is a testament to the transformative power of embracing modern technologies. By implementing technology, this Bangladeshi company achieved real-time visibility of its inventory. The improved storekeeping strategy manifested as a streamlined process where stock levels were accurately tracked, reducing instances of overstock or stockouts.

But how are they doing it?

They are using POS solutions and VAT solutions to enhance operational efficiency. Besides, they also use an inventory management system to curtail the risk of shrinkage, translating into substantial cost savings.

If you think your store has the potential and your concept is futuristic, you should also adapt to a comprehensive POS solution to support your store’s growth.

2. Create Efficient Layouts for Improved Customer Navigation

Creating an efficient layout for your store is the second most important thing among the 5 ways to improve storekeeping. It is a strategic move that holds the power to shape customer behaviour and elevate the overall shopping experience.

In retail, customer satisfaction is the most important thing, and better storekeeping helps foster customer satisfaction. However, without a thoughtful store layout, achieving customer satisfaction is impossible.

You might be thinking, how?

Well, a well-organized store layout helps your customers seamlessly guide themselves through a journey of product discovery while optimising the flow of foot traffic.

Let’s take an example. In retail, giants like Apple Inc. showcase the potency of meticulous store design. Apple stores are renowned for their minimalist layout. Their layouts always create an inviting ambience that encourages exploration. Placing high-demand items strategically within these spaces ensures that customers effortlessly encounter popular products, fostering engagement and driving sales.

3. Train Staff for Effective Storekeeping

Do you have doubt that your employees are the most valuable asset of your business? In retail, it even goes further because those employees are the people who sell and do their best to improve customer satisfaction. But think, what will happen if your employees are not trained enough and are confused about the inventory? They will definitely damage your reputation and make the customers unsatisfied.

Therefore, in order to improve store keeping, it is highly important that you train your staff well. You may consider that training costs money, but you get to understand that training is an investment that empowers your employees. A workforce with the right knowledge becomes the backbone of an organised and efficient store and directly influences customer satisfaction.

Remember another important thing: educate your staff on the use of technology and systems in place more than anything else. Ensure they are well-versed with the tools and can leverage them to streamline operations and enhance the overall customer experience. Empowered staff become ambassadors of your brand, fostering a positive work culture. And it is not just a saying; it is a strategy.

4. Utilise Technology for Analytics and Insights

Have you ever considered understanding your customers’ preferences? Well, if you haven’t, know that it is very important for the modern world customers. But the question is, how can you do it?

To improve storekeeping, retailers can utilise technology to understand human behaviour. How exactly? You need to track your customer data with the analytics and insights of your POS system or any other tools you use.

When you have data, it helps you in data-driven decision-making. Technological advancements offer a powerful arsenal for retailers, enabling them to glean valuable insights into customer behaviour and preferences. By embracing analytics tools, retailers can navigate the market’s intricacies, staying relevant and a step ahead of the competition.

Let’s take Amazon as an example. Amazon is a global retail giant that actually thrives on its data-driven approach. Amazon’s sophisticated algorithms analyse customer purchasing patterns, enabling the company to recommend personalised products and optimise its vast inventory. This tech-infused strategy exemplifies how leveraging data can propel a retailer to the forefront of the industry.

5. Maintain Cleanliness and Visual Appeal

Last but not least, to improve storekeeping for your retail shop, you need to maintain cleanliness and visual appeal. There is a saying that first impressions matter and make a person perceive what they are getting.

A clean and well-maintained store is more than a reflection of organisational prowess; it is a silent architect of a positive customer experience, fostering satisfaction and loyalty.

If you visit Shwapno, you will find it very clean and organised. It is renowned for its immaculate and organised showrooms. The Bangladeshi super shop giant meticulously maintains its spaces, ensuring every shelf, product, and display is pristine. This commitment to cleanliness contributes to a shopping environment that transcends mere transactions, creating a memorable experience for customers.

As you have read through the blog, you have understood that effective storekeeping is a multifaceted effort that involves strategic planning, technology integration, and a commitment to continuous improvement. If you want your retail to succeed, you must follow these 5 ways to improve storekeeping. So, adapt to a POS solution, create efficient layouts, invest in staff training, leverage technology for insights, and maintain cleanliness. If you follow these strategies, your retail shop will succeed.