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A reliable point-of-sale (POS) system is essential for business success today. Setting it up isn’t…
Read More >>Liquor store inventory management isn’t easy. And here’s the main reason why:
On average, a small to medium-sized liquor store carries between 500 and 1500 different brands of alcoholic beverages. For large stores, it may be 2,000 to 3,000. This is why average liquor store inventory start-up costs average $30,000-$100,000.
Understanding stock levels for each brand and product day-to-day isn’t possible without the right tools. This is the promise of a liquor inventory management system.
Liquor software helps you manage inventory by:
Bottom line, without a liquor inventory management system, inventory counts are prone to human error. Plus, it’s difficult, if not impossible, to have up-to-the-second data about stock levels. This guide will offer you everything you need to know about managing liquor store inventory.
Table of Contents
A liquor store POS typically includes inventory tools. These tools, simply stated, provides a liquor store with an accurate, up-to-the-minute count of stock based on transaction data.
When a case of beer or bottle of wine is sold, it’s removed from your inventory database in real-time. Ultimately, inventory management tools for liquor stores help with these tasks:
The key promise: This type of system simplifies complex tasks in managing a wide range of alcohol products. This frees up time and enables liquor store operators to focus on customer service, helps cuts operational cuts, and reduces inventory shrinkage.
Enjoy Inventory Efficiency. FTx POS is a powerful liquor store POS system with advanced inventory features. Get more from your inventory data and grow your store with FTx POS.
Liquor inventory systems are generally a tool within a store’s point-of-sale software (POS). A unified POS and inventory system allows for more accurate, real-time data keeping, as sales and transactional data can be used to update the database in real-time.
In general, when you install a POS system, you’ll conduct an accurate inventory count (and can use handheld scanners that sync data). Then, you can move to monthly or quarterly inventory audits.
Inventory management is one of the hardest tasks in running a liquor store. Not only is purchasing new inventory capital-intensive, but liquor stores may have limited storage space and must keep up with seasonal and promotional items.
A liquor inventory system helps to solve many of these challenges. They include:
Ultimately, the way a liquor management platform helps solve this issue is data. Analytics provides insights into stock levels (helping to reduce overstocking and out-of-stock issues). This data provides alerts in to low stock and helps with demand forecasting.
The good news: Today’s platforms are user friendly. You don’t have to be a tech whiz to perform these essential tasks.
Here’s a short summary of the key benefits of liquor inventory systems:
Ultimately, the right solution will help you increase liquor and wine sales for your business.
Here’s an example of how this type of system could help a liquor store owner:
Let’s say, a liquor store has expanded its selection of wines, and now carries nearly 500 different wines, spanning numerous varietals and brands. However, the owner hasn’t implemented an inventory management system.
These are some of the inefficiencies this business could face:
The manager consistently orders large quantities of a particular wine brand based on a few instances of seasonal demand. However, the wine doesn’t sell as quickly as expected.
In contrast, the owner underestimates the demand for a popular variety of wine, and as a result, frequently runs out of stock.
With inventory management software, the owner relies on manual counts and spreadsheets to keep track of wine in stock. However, a manual error during inventory counts results in inaccurate data.
Software offers clear benefits, including operational efficiency, improved sales, and improvements in inventory efficiency.
Real-Time in FTx POS. Sell online, in-store and sync your inventory data in real-time with FTx POS. Schedule a demo today to see these features in action.
In general, liquor stores should aim for a high turnover rate. A high turnover rate is a strong indicator of a liquor store’s inventory efficiency. This means sales are steady, and wine, liquor and beer don’t stay on the shelf too long before selling.
Here are some key strategies you can use to improve your liquor store’s inventory efficiency with POS and inventory management software:
Inventory data is a powerful tool for improving efficiency. A few key insights from inventory and POS analytics data that can help you improve inventory efficiency include:
These insights will help you get started, but there are many more, including inventory turnover, lead times, and stockouts.
POS systems include add-on tools that can help improve your inventory turnover rates. A few key tools would include:
Inventory data is valuable, but a strong reordering system needs to be built around this data to ensure optimal stock levels. A POS inventory system helps you automate and streamline your reordering process by:
Demand forecasting involves number crunching, and it’s a challenge to predict, especially with changes in customer buying patterns throughout the year.
For example, a certain specialty beverage may have been introduced in summer and grown in popularity. Determining how much you will need for the holidays can be hard, especially without historical data.
Machine learning based tools can help you perfect demand forecasting. Many POS systems include demand forecasting models that are based on sales data. These models can help you better predict demand and optimize your inventory levels.
A POS-integrated inventory system will provide you with more accurate inventory data. However, regular audits are still essential. One option would be to use handheld scanners. These devices scan inventory and then sync the data with your database in real-time.
This helps prevent manual errors and it can greatly improve inventory processes. Every store will have different inventory protocols. However, here are some systems that might work for you:
The best software platform depends on your operation, its size, and what you’re hoping to accomplish. For example, a single small-to-mid-sized store will have different requirements than larger multi-store chains.
However, no matter the type of software you need, you should be looking for these core features:
Liquor stores stock hundreds or thousands of products and SKUs. Therefore, you should make sure the system is built to manage large datasets.
Ensure your liquor inventory software can easily integrate with your existing applications and business software. Ask providers if they offer support for migrating your existing database onto their platform.
Multi-store inventory management is complex. A basic system often won’t have the capabilities to handle the complexity. Therefore, look for a system that scales for multi-store locations and chains with large warehouses.
Note: FTx POS is a preferred provider for multi-store businesses in age-restricted industries like liquor, tobacco and CBD.
Inventory management software should provide you with the flexibility to operate from anywhere! Multiple-device access allows you to conduct your inventory checks, generate reports, or even calculate sales at your comfort.
Choose a provider that offers comprehensive support. This should include phone-based and remote support to help you resolve issues quickly.
FTx POS was built to serve businesses in age-restricted industries and multiple-store locations. Today, we serve a variety of retailers in various industries, and we’ve built robust inventory management tools that can help business leaders succeed.
Key benefits of our POS-integrated inventory tools include:
FTx POS is a leader in the liquor software market. Let us help your business grow. Contact us today to learn more about our POS platform. POS plans include basic inventory features; but we offer add-on inventory features for larger operations.
>> Need some help finding a solution? These are the best liquor store POS systems with inventory features.
You can expect reduced costs, minimized theft, optimized stock levels, improved order accuracy, and better decision-making based on data analytics.
Consider factors like store size, budget, scalability, ease of use, and compatibility with existing systems. Request demos and references from providers.
Most IMS solutions are customizable and can accommodate various liquor types, brands, and bottle sizes. One option: Choose a POS system that includes barcode scanning and printing. This will help you customize labels and printing for your products.
A cloud-based POS is a powerful tool that can scale with your business. Cloud systems essentially put your inventory data on a secure web-based platform. You can access this data from anywhere, and it’s especially helpful for multi-store locations.
With a cloud-based system, yes, you can access your data remotely. FTx POS provides access to back office tools through a secure web or app-based portal.
Costs vary depending on features and scale. With FTx POS, our basic inventory tools are included with our basic POS subscription costs. However, for large liquor distributors with multiple locations and large warehouses, inventory management costs are determined for the business needs.
Implementation timelines depend on your store’s complexity. These systems can be implemented in a few days to a few weeks. With FTx POS, we can help migrate your existing database and get up and running faster.
Yes. Most providers offer technical support. FTx POS offers 24/7 support for customers, and we’re accessible by phone and chat to help you resolve issues quickly.
POS tools help you maintain accurate records, facilitate age verification, and assist in compliance audits, ensuring you meet legal obligations.
Yes. FTx POS prioritizes data security with encryption, user authentication, and regular backups to protect your sensitive data.
Learn more about this topic. See these related posts on the FTx POS blog.
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