How does inventory look at your fabric store?
Is it organized? Does each fabric item have its spot on the shelf? Do you know how many you have of each product? Or is your inventory spread out, mismatched, and disorganized? If the answer is the latter, you’re not alone.
With so many different items in your store, it’s hard to know how to keep track of fabric inventory — especially when customers are moving items around as they browse. However, with the right systems in place, you can keep track of your products and create an effective inventory management strategy.
In this blog, we provide seven actionable tips for keeping your fabric inventory organized, improving turnover rate, and increasing sales. Let’s get started!
The Importance of Fabric Store Inventory Management
So, why is it important to be organized? For one, an organized store with reduced clutter creates a better experience for the customer. If every item is in its place, customers can find what they’re looking for more quickly. This improves store efficiency and makes it more likely a customer will make a purchase.
Organizing your inventory also reduces loss and theft. If items are stolen or misplaced, inventory costs go up. Keeping each item in the right place and monitoring inventory counts reduces these risks, maintains consistent inventory costs, and keeps sales high.
Related Read: Managing Fabric Store Inventory: 7 Common Mistakes To Avoid
1. Use Inventory Management Software
The best way to manage your inventory is with a sophisticated point of sale (POS) system. POS systems facilitate payment processing for small businesses, but they also have a variety of other features to help you run your business — including inventory management.
A POS system monitors which items are coming into your business and which ones are going out. Though there are a variety of POS systems on the market, a fabric-store specific program will serve your store best. With access to fabric vendor catalogs, you can purchase your fabric inventory right from the system. And when you do, inventory levels automatically adjust. When items are purchased, totals also automatically adjust.
A fabric store-specific POS system will also have features to set up classes and workshops, websites and e-commerce, marketing, and more, helping you keep your fabric store organized and increase sales.
Related Read: 3 Top Fabric Store Systems To Consider Right Now
2. Conduct Regular Inventory Audits
Even if you have a solid POS system keeping running totals for your inventory, it’s important to perform manual inventory audits every once in a while. These should be done at least quarterly, or monthly if necessary. Count your inventory by hand and modify any inaccurate data in your digital system. This ensures that your system is operating with correct data.
To ensure accuracy in your inventory audits, enlist your employees to count items, too, so you can double-check your totals. These audits become even more accurate if you use a barcode system to scan in your items.
3. Implement Barcode Systems
Using a barcode system speeds up sales and inventory management processes for your fabric store. When a customer comes to the checkout, you can simply scan and take payment, rather than waste time finding and picking out the right item in your inventory system.
To implement a barcode system, you need barcode scanners and printers, with labels to stick on each of your fabric products. While it may require some work initially, it will pay off in the form of a faster process and a more organized store.
4. Organize Your Storage Space
Effective inventory management requires a balance of digital systems and a strategic layout of your physical store. There are several things you can do to improve the layout of the items on your sales floor.
First, group fabric items into logical categories when displaying them. Examples include:
- Color
- Style
- Material
- Price
Display products that are frequently purchased together next to each other so shoppers can easily find what they’re looking for.
Customers should be able to see many different products as soon as they walk in. Spread out shelving units and use wall displays to increase product visibility.
Your most-purchased fabric products should be front and center and the easiest for customers to find or stumble upon. However, if there are products that aren’t selling as well, placing them in a more prominent position closer to the front of your fabric store may help generate more awareness and help them sell better.
As you modify your store’s layout, experiment with different strategies and find what works the best to generate the most sales.
Related Read: 8 Quilt Shop Display Ideas To Try Today
5. Place Strategic Inventory Orders
How much inventory you order and what items you order should be determined by how much you realistically think you can sell. While many items’ sales fluctuate, some items likely have reliable sales each month.
If you’re using a POS system, you can set automatic reorder points for these reliable items.
When the stock of an item drops below the reorder point, the system automatically orders more to replenish it. This way, you’ll never run out of your top-selling items.
Seasonal items are often very popular at fabric stores. Fabric patterns for occasions like Valentine’s Day, the Fourth of July, and the holiday season are used by quilters to make a variety of projects.
Successfully selling these projects requires correct timing — put seasonal items on your shelves at least a month before a big holiday to give customers enough time to buy it and create their projects. If you sell out, order more next year. If you still have some left over, you can place a smaller order the following year.
Related Read: How To Source Fabric for Your Store: 3 Options
6. Train Your Staff
They say a team is only as strong as its weakest member, and your inventory will only be as organized as your least organized employee allows it to be.
For this reason, it’s essential to train each employee on how to keep track of fabric inventory. Make sure everyone makes a habit of organizing and decluttering the sales floor, putting each item in its proper place, and properly inputting sales in the system. Each staff member should also know how to conduct a manual inventory audit.
It’s also helpful to create a formal training program. Make a list of all the topics each employee needs to know, train them on these programs, and test them for proficiency. Make sure each employee knows they are expected to follow inventory management procedures, and if any changes are made to your procedures, be sure to notify and train each employee accordingly.
7. Leverage Data and Analytics
When you use a POS system to manage your fabric store’s inventory, you have access to extensive data and detailed reports. If you aren’t using this data to inform your strategy, you’re missing out on valuable insights.
Keep an eye on data regarding overall sales, profit, highest and lowest-selling products, inventory counts, and any other relevant data you’re given. Emphasize your bestsellers, and eliminate items that continually sit on the shelves. As you gain more experience, you’ll create a customized inventory management strategy that works for your fabric store.
How To Keep Track of Fabric Inventory With Like Sew
A clean, well-organized store is a store where customers want to shop. By employing and maintaining sound inventory management practices, you can attract more customers to your fabric store, increase efficiency, and grow your sales.
Remember to utilize digital systems, organize your sales floor, and train your employees to follow the same inventory procedures you do. As you refine your ordering strategy, you’ll find the products you can depend on and keep them flying off the shelves.
Using a POS system for digital inventory management is the easiest and most efficient method to keep track of your fabric store’s inventory. There are many general POS systems on the market, but you need a system specifically designed for fabric stores — you need Like Sew.
Like Sew is an all-in-one, cloud-based system with features crafted for fabric stores — including scheduling and registration features for classes and workshops, and access to the best suppliers in the business. With everything you need to keep track of your inventory and maximize your sales, Like Sew will help you take your fabric store to the next level.
Schedule a demo today!
