Optimizing and managing inventory is one of the biggest challenges at a repair shop. One must keep an eye on several small parts and accessories, which can be hard at times. Also, if you don’t have the required product a customer is looking for, you may lose a chance of making a sale.
This post will let you know how you can optimize inventory or stock at your repair shop. Moreover, you will learn why manual methods are not worth it and how employing shop inventory software can help you in this regard. Below are the details.
Analyze Historical Data
One of the effective ways to manage inventory at your repair shop is to analyze historical data. For instance, you can list the type of repairs you frequently perform and order accessories accordingly. This can really help you identify which products and parts are in high demand and which are rarely used.
Let’s say you repair phones at your lab, and most of the customers visit you to fix their iPhone 13 Pro. Or a large number of your clients use Samsung S22 Ultra. So, you should have all the repair parts and accessories of both of these smartphones so that you can retain your customers.
Moreover, you can get help from repair service software, as it will let you know the history of most selling items at your shop. Thus, you can ensure you are not going to lose any chances of making sales.
In simple words, overstocking is having more parts in the inventory that you sell. This also means that you may have some items in the stock that are taking up extra shelf space in your lab. However, being a repair business owner, you must avoid this practice.
Overstocking causes several issues and can play a role in taking your business to a standstill. It leads to
Ø Poor cash flow
Ø Expiration of items and Products
Ø Cost of storage and space
These are some of the causes and consequences of overstocking inventory at your shop. So, if you want to grow your business and enhance its sales, you must avoid having more than the required inventory.
As mentioned earlier, managing shop inventory software can be challenging as there is a lot to do. You have several items and accessories at the repair lab, and it can be tough to constantly monitor them. Also, this is something that you cannot streamline using conventional methods such as registers or paperwork.
Let’s say you run a computer repair center, and someone visits you to get their HP laptop fixed. But you don’t have the required parts in stock and need at least two days to order them. What is your client going to do straightaway? Surely, they will look for another repairman in the area.
So, you cannot take the risk of losing any of your customers. Currently, there is already ever-growing competition in the repair industry. And if you keep losing clients like this, it can be difficult to outsmart your competitors. But how to do that?
The answer is simple: by taking help from technology. And this is where shop inventory software comes into play. You can optimize inventory by employing such a system at your repair lab. Using a notification feature, the software will let you know whenever you are running out of stock. Also, you can connect with your desired vendors to order parts.
Categorizing inventory is one of the best ways to manage your stock. This works on the ABC model, where items are categorized according to their value. For example, you can categorize LCD panels as A as these are some of the highest-value parts at a repair shop.
Or, you can say that these are some of those items that generate the most revenue for your repair shop. Then there is B, in which you can consider motherboards and ICs of cell phones, and C can include back covers of phone and computer charging ports.
Discuss with other Repair Shop Owners
Last but not least, you can sit and discuss with other repair business owners about the ongoing trends and accessories customers are interested in. Afterward, you can order rare or unique repair items or accessories, such as customized phone back covers or high-storage SSDs for laptop computers.
Also, you can have a look at why your repair shop requires an efficient inventory management system and what benefits it offers toward your business’ growth.
Optimizing inventory for your repair shop can be highly beneficial, as it can lessen your stress, boost your sales, and enhance your customer base. Above, we have mentioned some of the best suggestions for optimizing and streamlining your stock. Follow these points, and you will notice positive results within no time.