Inventory Management: How to be More Effective and Successful

If you’ve been running your rental store for some time now, then you’ll know that inventory management is key to a successful business. You already have access to advanced inventory tools that will allow you to go beyond essential management and will enable you to fulfill reservations with speed and confidence.

Full-featured rental software allows you to manage all of your booking channel in one cemtralized system. It saves you time and money and enables you to manage your inventory effectively and secure the happiness of your customers. With effective management of inventory, you can ensure:

• You’re not losing bookings. Effectively managing your inventory allows you to ensure there is stock available for your customers and you don’t lose bookings due to hacing unclear availability.
• Your customers will trust you. When your customers have an indication that you have what they want, when they want it, your rental store will be their first and only stop when making a booking.
• You know what’s working for your business. Being able to track your inventory means that you can follow the growth of your business. You can use this information to see which products are most in demand.
• You can automate some processes. You don’t have to waste time manually updating your inventory and ensuring you have enough inventory for your customers. This will make you more efficient.

Are you ready to take your rental store to the next level with online bookings? Read on to find out how you can ensure your inventory management is the best it can be.

Inventory syncing between online and in-store

A significant challenge faced by a rental store that accepts bookings online is balancing inventory between an online store and a physical location. It can lead to overbooking or shortages of equipment.

By storing all of your bookings in one cohesive system - your online store and physical store - you can ensure these issues are eliminated. It also makes managing bookings, accessing customer info, and invoicing a breeze. Sharing your order data within one system means that tracking your inventory is more successful and efficient. It keeps supply flowing, bookings happening, and customers happy.

Predict your future inventory

As a rental business owner, it is essential to know where your business is now and where it will be in the future. Managing your inventory is about making sure inventory is available for customers and knowing what’s in demand. This will help you to understand what’s likely to be rented more in the future.

Detailed analytics reports will show you how popular each item is, how long it has been rented for and give you an understanding of your rental business. This will guide your future purchasing decisions and provide you with access to easy-to-read data that is sortable via various measurements.

Let customers know whats available

By showing availability on your rental store, customers can quickly determine whether you have what they want when they want it. This makes it easier for them to decide on the spot and more likely to convert. If their booking is not time-based, they will also likely wait until an item is in stock to make a booking.

This allows you to avoid disappointing your customers and gives them more insight into the availability of the items you rent out. Conversely, you can hide the availability of things that are easy to purchase and allow customers to book items even when there is a shortage.

Managing inventory properly means more rentals

When you and your staff are on top of what’s coming and what’s going out, it allows your rental business to run more smoothly. It can reduce missed bookings due to out-of-stock items and help you to eliminate double bookings. Doing this in an automated, accurate way allows for more efficient inventory management that helps grow your rental business. It also makes it easier to delegate tasks and keep on top of what’s in demand or performs poorly.