NCR Counterpoint Blog

5 Key Features Needed in Your Wine and Liquor Inventory Management System

Posted by LPA Retail Systems, Inc on Mar 2, 2017 9:00:00 AM

If you don’t already own a voice activated smart device like an iPhone, Amazon Echo or a Google Home you will have at least heard of them.  These devices are triggered with a wake-up word followed by a properly phrased question or command.  For example, with the iPhone you would say, “Siri, who was the 34th president of the United States?” or “Siri, what is today’s forecast?”

Now try asking Siri:

  • Siri, what are my 100 worst performing wines?
  • Siri, can you create purchase orders for beer based on inventory levels and sales demand?
  • Siri, who is most likely to be stealing from me?
  • Siri, show me any beverage not meeting my margin objectives.
  • Siri, report back to me how I am doing on my Key Business Performance Indicators (KPI)
  • Siri, what items have been on the shelf too long?

Siri’s probably stumped.  While Siri may not know those answers, your liquor retail management solution provider will. Let your point of sale partner be your Siri.  They will take the time to offer suggestions and tailor reporting based on YOUR criteria, giving you answers to YOUR critical business questions. They will even store your customized reports under a button with your name on it for fast and easy access.  Getting definitive answers to your retail questions is easier than you think.

Below are 5 key features sure to help answer your critical liquor inventoryquestions.

  1. Products are ranked by sales, profit, profit %, quantity sold, turns and GMROI
  2. A sell through rate analysis also helps to grade products. This measurement is useful when comparing the sale of a product against another, or more importantly, when comparing the sell through of a specific product from one month to another. Sell through is a calculation, commonly represented as a percentage, comparing the amount of inventory a liquor store receives from a distributor against what is actually sold to the customer.
  3. Purchasing is improved by utilizing system generated purchase advice. This Pre-Purchase Order screen suggests products that need to be ordered based on Min/Max, days of supply and replenishment. The result is a stream lined and more scientific way of buying.
  4. Potential shrinkage events can be red flagged with reports that track returns, voids, drawer opens, price exceptions and other activities that you define. 
  5. Optimizes margins by defining profit objectives in your retail management system. A visual green up arrow or a red down arrow highlights the status of every product based on the most current costs and prices. This tool can easily result in a 1% margin uplift without an increase in sales. 

You have questions and they have answers. Share with your point of sale partner YOUR Questions and then challenge them to deliver the answers you need to run your Liquor store with the best liquor store point of sale system. They can tell you that Dwight D. Eisenhower was the 34th president of the United States but they can also tell you the information you want to know to help run and grow your business. Contact one of our team members today to get started and learn how our wine and liquor point of sale can work for you.

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Topics: inventory management, liquor, inventory reporting