The apparel industry is set to reach an astounding US $1.94 trillion by 2027.
For quilt and sewing store owners like you, this presents an incredible opportunity to expand your business and drive more sales.
The industry demand is at an all-time high with more innovations, technologies, and strategies than ever before. In this blog, we’ll explore our four inventory management best practices to take your quilt business to the next level.
Let’s dive in.
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Let’s start with the basics.
Inventory management is a key business strategy used to determine how much product stock you need. It assists businesses in determining merchandise ordering and management and k keeps track of merchandise from purchase to sale, monitoring the whole process.
In a quilt and sewing store, the goal is to meet customers' needs by ensuring there's enough stock available. This way, you can provide an excellent experience for your customers, while avoiding shortages.
Inventory earns revenue only if it sells well. Inventory (which is an asset) requires cash even before it sells. So, having too much stock costs money and lowers cash flow, which isn’t good for the business in the long run.
Effective inventory management is reflected in inventory turnover — this is how often stock is sold in a given period. Ideally, your stock levels should match your sales rate, which prevents overstock.
Low inventory turnover can lead to dead stock, or unsold inventory. This is why it's important for business owners to keep their inventory management practices sharp and efficient.
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Inventory management is necessary for every business. It's a key factor in a company's success because it ensures that inventory levels are balanced. This prevents low stock levels, reduces the risk of stockouts, and maintains accurate records.
Because fabric stores have such a wide variety of products, inventory is especially complex. Managing your inventory effectively at your quilt, fabric, or sewing store makes it easier for your customers to find what they need more quickly. Plus, you can make sure to always have the most popular items in stock.
Inventory management also plays a vital role in compliance with federal regulations. Because of these regulations, businesses need to implement the best inventory management practices and maintain accurate records.
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Running a successful sewing and quilt store requires effective inventory management. This is because your entire business relies on having the right stock available when your customers need it.
As a business owner, you can implement various strategies to improve your inventory management. Consider using smart tools, regularly conducting physical inventory counts, and focusing on the customers’ experience. But remember: It's not just about trying new ideas — you need to adopt the practices that fit your business.
Here are four inventory management best practices that will drive sales and ensure your quilt and sewing store’s success.
In the quilting and sewing industry, many businesses mistakenly assume that production is their largest expense. However, residual inventory can be just as costly.
Residual inventory refers to unsold products that remain at the end of a season and are carried over to the next. This can eat into profits due to the costs associated with storing this inventory. This is why leading brands put on an “end-of-season sale."
For example, most people won’t want to buy your Christmas fabric after December. If you still stock this seasonal fabric in your store, you can lose out on some revenue. Keeping track of your inventory helps you know when to implement seasonal sales so your fabric inventory stays up to date.
Here are other great ways to avoid unnecessary expenses at your store:
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You’ve likely heard the phrase "The customer is king” — which means it’s crucial to prioritize your customers. You need to understand customer behavior to truly optimize your inventory management.
This is especially true for your business, because quilters and sewers value community and connection. Give them a reason to be loyal to your business so that they keep coming back for more — they’ll likely tell their friends who sew and quilt to go to your store, too.
You can guarantee your success in the industry by focusing on what your customers are looking for. you should value all customers, but it’s important to reward the loyal ones. Analyze your sales data to identify those who shop most frequently and those who spend the most.
These two indicators can help narrow down your customer base. Engaging frequent shoppers to increase sales is often more straightforward because they already love your quilt and sewing shop and your products.
More targeted marketing can maximize profits. Remember: A happy customer is a returning customer.
Pro tip: Embrace the 80/20 rule for your sewing and quilt store's inventory management. According to this rule, 20% of customers make 80% of the profits for the company.
This helps you understand consumer intent and what buyers want from your company. Once customers see you as the go-to option for their purchase, the rest is easy.
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Physical sales give you valuable insights for future strategies. When you own a sewing and quilting store, you face various online selling expenses like:
You have to consider all these factors — luckily, there are several strategies and best practices you can adopt to maximize your sales. For example, successful craft businesses often highlight their bestselling items in their stores.
Showcasing popular products like sewing machines or quilting arms can drive profits. This straightforward strategy can help you scale your business, effectively target customers, and increase revenue.
Focusing on physical sales helps you manage slow-moving inventory more efficiently, even if you're selling online, too.
Don’t let your less popular fabrics and sewing tools collect dust in the back. Use your popular items to direct them to other options so you can sell even more.
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No matter how efficient your current inventory management system is at your fabric store, leveraging technology is a must. The sewing and quilting industry is changing quickly, and improving services makes a huge difference. If you don't want your business to fall behind, you need the latest tools and strategies.
There are several inventory management tools — like your point of sale (POS) system — that can improve your business operations. The software offers inventory-tracking functions necessary to manage supply for your business. You can control the software from almost anywhere, making it highly accessible.
Automated software and digital tools simplify inventory cost calculations and promote overall efficiency — you can draw insights about product sales and usage, making operations more accurate.
Focus on finding technology that’s made specifically for your industry. You want your tools to make it easier to sell your inventory — not harder. For example, find a POS system that can sell fabric based on fractional yardage, so you and your employees don’t waste time doing manual math.
Before, managing inventory required in-person visits and paper catalogs for ordering. Now, technology streamlines this process, making it easier and more efficient.
It's important to understand the nature of your inventory. Some quilt and sewing inventory takes a year to move. You should avoid reordering these products until the first batch sells.
Technology allows you to better assess customer needs and deliver accordingly, potentially reducing unsold inventory by up to 10%. You can save costs on unsold products and replace them with better ones.
Not only will you and your employees benefit from updated technology, but your customers will appreciate it as well. Don’t let manual work or outdated technology hold your sewing and quilting store back — there are tools out there for stores just like yours.
Related Read: What Is Fractional Yardage? (And How To Track It)
By implementing these four inventory management best practices in your quilt and sewing business, you’ll enjoy several benefits.
Two main advantages are better inventory control and increased profits. However, focusing on inventory management offers some additional benefits, like:
Embracing these inventory management best practices will help your business become more efficient and financially stable. As you continue to adapt and refine your strategies, you'll be better equipped to meet market demands and drive growth.
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Effective inventory management is crucial for quilt and sewing stores — you have diverse customers with diverse needs. It's your job to assess and fulfill these needs in the best (and most efficient) way possible.
Like Sew offers a robust retail software solution designed to support businesses like yours. With robust integrations and industry-specific inventory management features, Like Sew is the perfect, all-in-one point of sale solution for your quilt and sewing store.
To learn more, schedule a demo today to see how our software can streamline your store’s operations.