Inventory management is the bread and butter of any food and beverage (F&B) business. Good inventory management can lead to increased efficiency and greater customer satisfaction that can grow your business’ profitability. On the other hand, poor inventory management can lead to stock shortages, high volumes of food waste, and inaccurate forecasting.
With 70% of consumers saying they’d prefer to order directly from an independent retailer rather than a third-party service, it seems the market is ripe for those who can provide a unique and frictionless shopping experience.
So, let’s take a look at how to use inventory management to maximize your business’ potential.
Fresher, faster, and more convenient
Staff and customers will both benefit from a user-friendly approach to integrated inventory management. Getting ahead of the game with specialized stock organization and food delivery software means customers have easier access to fresher produce by accelerating your product delivery from farm-to-fork. A faster approach to stock organization ensures perishable produce gets delivered quicker and is less likely to compromise food quality.
Digitized inventory management and ordering mean real-time data for suppliers that optimizes transit and packaging processes and maximizes your food stock potential. Mix-ups of deliveries during stressful hours will become a thing of the past when you have systems recording each step of the process.
Additional options such as delivery, curbside pickup, and shipping create an even more convenient experience for customers, making it much more likely for them to return. And more payment methods make checkout a piece of cake for busy customers looking for a speedy purchase with their preferred payment service.
Customization is key
The demand for eCommerce is rising, with 42% of consumers now ordering daily or weekly – nearly double the amount compared to two years ago.
In a nutshell, eCommerce within the food industry was a growing trend even prior to the pandemic, so much so that it now seems hard to imagine life without it. Digitized food ordering software can provide a simple way to customize orders while giving businesses a valuable chance to up-sell items or promote special offers.
In today’s world, data is key to driving growth. This is where digital inventory management comes in handy. The system collects and analyzes data on inventory changes and your customers’ habits. When it comes to your own store, you want to be in control. That’s why it’s crucial to predict upcoming demand, and adjust your products to your customers’ personal preferences.
For example, if a client usually orders pasta, rice, and fresh vegetables, this customer is likely to do so in the future. Smart inventory management can suggest full shopping carts, and make recommendations on food that will go well with a customer’s favorite order.
Better for business
Dedicated inventory management software helps to effortlessly merge in-store and online ordering. For businesses looking to keep new customers post-pandemic, a website, mobile app, and in-store kiosk options are vital ingredients in the recipe for a seamless shopping experience. By automating some processes of inventory management, businesses can also free up time for staff and save on labor costs.
Failing to keep good inventory management can mean shortages and waste that ultimately lead to future headaches from flawed forecasting. Digitizing the process with specialized software improves inventory organization and overall efficiency as you can better manage stock and predict costs. Successful inventory management and forecasting rely on accurate inputs, so doing stocktake at the same time every day, ideally before or after closing, can also help avoid fluctuations in reporting.
Choosing the right platform
Many eCommerce websites are not set up for food retailers. However, if you are looking for a tailored service, check for platforms dedicated to the F&B industry. Working for that specific segment, they know the challenges you face and can provide you with the best solutions for each of them.
When choosing your platform, it’s advisable to look for services such as Local Express with integrated and adaptive web, app, kiosk, and POS options. A platform offering both website and mobile app responsive designs that are SEO and ADA Compliant is just one of our 4 powerful tips for restaurant marketing.
Taking your ordering system online with a tailored End-to-End Food eCommerce platform can give you the edge over competitors. Nedal Hammad, the Owner of Green Vine Market, describes how Local Express has given his business the ability to provide “ordering services more quickly, a wider variety of customizable capabilities, greater flexibility, a better integrated digital experience.”
If you’d like to know more about joining Local Express, get in touch for a personal consultation.