Why Is An Electronic Price Book So Important?
Convenience stores succeed when they are able to quickly and effectively manage inventory levels in order to match customer demand. Much of this process can be automated by managed back-office inventory management systems such as those created by Success Systems, a store automation software, and tools service provider. At the core of an effective automated inventory system lies the electronic price book, a centralized listing of all active products in your store that contains easily sortable data points relative to every item sold by your point of sale system. There are numerous ways in which the electronic price book plays a vital role in managing and leveraging your inventory to drive profits.
Convenience Store Automation
The goal of back-office software solutions in the convenience store market segment is to automate processes vital to operation by leveraging the accurate electronic price books they are built around. These price books provide systems with a full and complete record of all products in your store and include information such as:
- Vendor Source
- Cost per unit
- Price per unit
- SKU Number / Unique Identifiers
Once established, an electronic price book can be set to update remotely from vendor databases to maintain accurate pricing data, driving the ordering and inventory processes downstream.
Convenience Store Sales Statistics & Support System
With an accurate electronic price book in place, the remaining back-office infrastructure will begin to show its true value.
- Store Sales Data: Accurate inventory listings mean that your sales data will be accurate. There is nothing more damaging to your bottom line than a poorly managed product database that results in items scanned at the POS being sold at incorrect prices, or that can’t be sold at all because they are missing from the price book.
- Invoice Accuracy: Database inaccuracies can also lead to accounting nightmares – you can’t pay a vendor for their products if you have no record of having received the item because your electronic invoice processed incorrectly due to a database mismatch or discrepancy.
- Inventory Management: An accurate electronic price book provides a backdrop for other systems in the back office system to draw data and create orders from, track onhand levels, and maintain product levels sufficient to support business levels.
- Promotional Pricing and Marketing Initiatives: It’s time-consuming enough to have to hang promotional signage and replace pricing tags throughout the store in the event of a sale or price change. Simplify the printing of signage by providing an accurate list from which to create labels.
Convenience Store System You Can Rely On
Your convenience store is a complicated retail operation, and it requires powerful tools and comprehensive business partnerships in order to operate profitably. Make sure you’ve given your operation the information hub it needs in the form of a well-managed and maintained electronic price book, and give your systems the edge to stand out in the crowd. Contact us today to schedule a free demo.