Imagine, for a moment, that you’re trying to buy a brown leather wallet as a birthday gift. You go to a store you expect will carry that item—only to find out they don’t have any brown leather wallets in stock. Depending on the situation, you may stick around and simply choose another item at the store. But if you’re really set on getting your friend a brown leather wallet, you’re probably going to leave and shop around elsewhere until you find the product you’re looking for.
Chances are, your customers are the same. If you don’t have enough product in stock to meet demand, your customers probably won’t just come back later—they’re just going to shop somewhere else. And if that happens repeatedly, they may stop coming back to your store altogether. Even a single lost sale may represent thousands of dollars’ worth of lost potential sales, so it’s important to have enough stock to meet customer demand.
With inventory management software, you’re more likely to have the right products on hand at the right time to meet customer demand. This helps you sell more in the here and now, but it also helps you secure customer loyalty so you can sell more items in the future.