15 Inventory Management Features Your Fabric Store Needs

Woman holding a tablet in her fabric shop

Did you know retailers lose over $500 billion dollars a year due to stockouts and overstocks?

That’s a big price to pay for an issue you can easily avoid. A point of sale (POS) system with the right inventory management features can be the difference between a thriving fabric store and one that’s on the verge of closing.

Inventory management isn’t one size fits all, though — especially for a fabric store as unique as yours. Whether creating fabric bundles or tracking returns and exchanges, you need a system that’s tailored to your specific store needs.

In this blog, we’ll explore why inventory management is so important, what inventory management features to look for in your POS software, and how to find the right one.

What Is Inventory Management and Why You Need To Take It Seriously

The primary goal of proper inventory management is to let you know how much of an item you have available to sell at any given time. The benefits of proper management can do so much more than telling you how much fabric you have. Here are the true benefits of proper management.

1. Better organization

According to a study by a Boston marketing firm, the average person spends nearly one hour each week looking for misplaced items. For the average retail employee, that time is quadrupled. Misplaced items can lead you to falsely tell customers an item is out of stock simply because you can’t find it. The right inventory management software lets you know which items sell the fastest so you can organize accordingly.

2. Saves times and costs

Save yourself and your employees countless man hours looking for products or manually counting inventory. Do you want to know how much money you’re losing to manual processes? For a rough estimate, simply multiply an employee’s hourly rate by how many hours they spend doing manual tasks.

3. Automate processes

Inventory management software lets you know when something is low in stock, and can be set to reorder automatically. You can forecast items so you don’t overstock during slower seasons, or run out during busy seasons.

4. Increase customer satisfaction

Keep tabs on customer satisfaction with Net Promoter Scores, reviews, and surveys — happy customers are invaluable to your success as a fabric store owner. A happy customer is a loyal customer and can generate up to 14% more revenue for your business. Out of stock items are the fastest way to send a potential sale right out of your store or off your website.

Enlisting the help of the right inventory management software is important to the health of your business. Now that you know it does more than just save you money, you need to know what features to look for in your new software.

15 Inventory Management Features To Look For in Your Fabric Store POS System

Most inventory management software will essentially accomplish the same goals, but a fabric store may require special features because it’s a niche market. Whether just now implementing inventory management software or switching to a better system, here are general and specific fabric store tasks your software should handle effortlessly.

Real-time inventory tracking: It’s like having a digital assistant keeping an eye on your shelves 24/7. It lets you see exactly how much of each fabric you have at any given moment, so you avoid stockouts that lead to missed sales and avoid cluttering your storage with excess rolls of fabric.
Barcode scanning: Think of it as your magic wand for adding new fabrics to your inventory or updating what you've got. Just scan the barcode. It's instantly logged into your system, cutting down on mistakes and making sure your inventory counts are as accurate as possible.
Supplier management: Keeping your fabric store stocked means juggling orders, lead times, and prices from multiple suppliers. This tool helps you stay on top of it all by organizing your supplier information in one place. No more frantic phone calls wondering where your next batch of silk chiffon is — it's all right there at your fingertips.
Integration with POS systems: When a bolt of fabric goes out the door or is ordered online, your inventory is automatically updated. It's like having eyes everywhere in your store, giving you real-time updates on what's selling and what's not.
Customizable reporting: Customizable reports help you by crunching the numbers on inventory turnover, sales trends, and more. Armed with this information, you can make smarter decisions about which fabrics to stock up on and which ones might need a markdown to clear out.
Multi-location support: Whether you have one store or several, this tool keeps everything in sync. You can manage inventory across different locations or warehouses from a single dashboard, ensuring every store has what it needs without overstocking or running out.
Forecasting and demand planning: By analyzing past sales and trends, this tool predicts what fabrics your customers will be craving next. Say goodbye to storing excess inventory that collects dust — this helps you stock just the right amount. Overstocking reduces capital you have on hand for other things like marketing or more help.
Mobile accessibility: Do you ever find yourself wondering about your inventory while you're away from your fabric store? With mobile accessibility, you can check stock levels, place orders, or even update inventory counts right from your smartphone or tablet. It's like having your fabric store in your pocket.
Automatic reordering: Running low on satin for those wedding season orders? This feature has your back. It automatically generates purchase orders or alerts when your fabric stock hits a minimum threshold, ensuring you're always prepared to meet customer demands.
User-friendly interface: No more staring at a screen wondering where to click. This interface is designed to be as intuitive as measuring a hem — easy to learn, so your staff can spend less time training and more time helping customers find the perfect fabric.
Inventory auditing: Give your inventory a health check-up. Regular audits ensure that what's on your shelves matches what's in your system, catching any discrepancies before they become problems.
Batch and lot tracking: Perfect for keeping tabs on fabrics with a story. Whether it's managing quality control or handling recalls, tracking by batch or lot number ensures you can trace every roll of fabric from supplier to sale.
Kitting and bundling: Sometimes fabrics are better together. This tool lets you create kits or bundles of fabrics that are sold as a set. It keeps them organized in your inventory and makes checkout a breeze for customers looking for coordinated materials.
Manage returns and exchanges: Not every fabric finds its forever home on the first try. This tool tracks returned items and manages exchanges seamlessly, adjusting your inventory levels so you always know what's available.
Security and permissions: Just like locking the door at night, this feature keeps your inventory safe. Role-based access control ensures that only authorized team members can view or change sensitive inventory data, giving you peace of mind.

Can you imagine you or your employees tackling all 15 of these tasks manually? That’s a tall order! The right point of sale with integrated inventory management features helps you handle everything with ease. Now, you just need to know where to find it.

Get All the Inventory Management Features You Need With Like Sew

There are plenty of point of sale systems out there to manage quilt and fabric shops, but how many are tailored to your specific retail needs? If you’re looking for a tailor-made system just for you, look no further than LikeSew.

Like Sew effortlessly manages inventory (including fractional yards and bundles). Integrate product catalogs or take advantage of the cloud-based system to easily keep track of multiple locations.

Its easy-to-use interface means you won’t have to lose time to a steep learning curve. Manage customer data so you can share promotions, sales, or when an item is almost out of stock.

Don’t need all 15 features listed here? No problem. You can get a custom quote based on just the features you need.

Schedule a free demo to see how Like Sew can enhance your business.