“I can’t get a handle on our inventory.”
Does this ring true for you? As an electronics store owner, you’re managing a vast product catalog — including high-value items — and tracking all those products can quickly turn into a nightmare.
So, too, can tracking warranties, custom policies, and returns. Wouldn’t life be easier if you could track items from when they hit your warehouse to when they’re in your customers’ hands (and beyond)?
Enter serialized inventory management software. This article breaks down exactly what it is and how it can help you manage your inventory accurately, so you can focus on building your business and making customers happy.
What Is Serialized Inventory Management Software?
Before diving deeper into it, let’s define serialized inventory management: Serialized inventory management is assigning unique IDs to each unit so you can track products from initial receipt to the final sale. Serialized inventory management software facilitates this process.
There are various ways to track inventory, from manual counts to barcode scanning. Serialized inventory management is another method that’s particularly useful for electronics and cell phone stores.
When you manage large product catalogs, generic inventory methods leave too much room for error. Grouping a product by type isn’t the most efficient way to do things.
For example, you might know that you’ve received 500 units of a specific smartphone, but you won’t know if a phone in stock is a return or from the original shipment. Other errors pile up. Did a customer actually buy the phone marked as sold, or is it hiding in the backroom? Is an item missing because it’s stolen or misplaced?
On the other hand, tracking inventory with serial numbers gives you a trail and other benefits we’ll discuss in this article. Let’s dive into them now.
Key Benefits of Using Serialized Inventory Management Software
There are various benefits to investing in serialized inventory management software, including:
1. Better Inventory Management
Manual tracking often feels like playing a guessing game rather than accurate data management.
As an electronics retailer, you manage multiple products across various locations. Without unique item identification, you open yourself up to misplaced stock, incorrect counts, and outdated records.
Serialized tracking takes the guesswork out of inventory by assigning unique IDs across all products. Now, when you audit inventory, you simply verify products via their ID instead of counting.
Real-time inventory tracking is essential. With it, you’ll avoid selling out of your most popular products. You can set reorder thresholds and reduce carrying costs by only stocking what you need.
Pro Tip: Your point of sale (POS) system should facilitate serialized inventory management so you can track products by serial and IMEI numbers. The best providers let you attach serial numbers to receipts and warranties.
2. Tighter Operations
Serialized inventory management has a positive effect on the rest of your operations.
Staff no longer have to sift through disorganized stock to find items. Transactions are faster because product details are digitally logged. You can even upsell customers by prompting cashiers to offer complementary items like chargers and antivirus software.
Serialized tracking helps manage sales, repairs, returns, and more. For example:
A customer purchases a laptop, and your cashier scans the serial number. That number is now tied to the sale in your POS system.
A few months later, the customer needs a repair. The technician scans the serial number, pulling up a complete history of this specific device, including the original sale details and warranty coverage. They verified it was eligible for free repair service under warranty before beginning work.
Related Read: Electronic Repair Shop Software: 4 POS Features You Need
The customer still isn’t happy after the repair, and they want to return the laptop. No problem! The laptop is then checked back into inventory, where you keep tracking it.
Later, you’re reviewing sales metrics and can see that this particular model is returned frequently. You notice a pattern of repairs indicating a component defect. Now, you can talk to vendors about inventory quality and negotiate purchasing terms.
As you can see, tracking products by serial number improves your operations.
3. Improved Customer Satisfaction and Trust
Serialized inventory management doesn’t just help run your store; it also helps provide a trustworthy and complete experience for your customers. No matter how long ago a customer purchased something from your store, staff can instantly pull up purchase records, warranty details, and repair histories.
Electronics are usually expensive purchases, so customers need proof that their warranties are valid before repairs — which serialization provides. They can also be confident that you’ll honor returns and exchanges.
The more transparent you can be, the more you’ll build customer trust.
4. Less Theft and Better Security
Shoplifting and employee theft can eat away at your bottom line — especially for high-ticket items like laptops. Serialized tracking can act as a preventative measure by attaching a “fingerprint” to high-value items.
You can keep updated logs of any inventory staff has accessed. You can also follow stock as it’s processed. From the initial receipt of items to a transaction, you’ll have a record of stock movement to help limit shrinkage due to errors or theft.
How To Implement Serialized Inventory Management in Your Store
With CellSmart POS, serialized inventory management software is built into your POS system. Here’s a breakdown of how you can implement serialized inventory tracking for your electronics store:
- Step #1: Audit your current inventory. You could start with a physical count and note product details like make, model, and SKU. This gives you a baseline.
- Step #2: Use your POS system to assign serial or IMEI numbers to each unit. Serial numbers can be barcodes or product codes.
- Step #3: Create inventory profiles for products tied to serial numbers. Train your staff on serialization procedures for intake, sales floor, checkout, and returns.
And that’s it! You can now track all of your products without worrying about manual processes.
Serialized Inventory Management Software: Take Advantage Today
Investing in serialized inventory management software is a smart move. Assigning unique IDs to products unlocks big benefits:
- Staff can instantly check warranties, purchase records, and service histories to improve customer service.
- You gain visibility into inventory movement to make smarter business decisions.
- Security improves due to tracking products to deter and catch theft.
It’s easy to implement with the right POS system, and at CellSmart POS, we provide electronics store owners with a dedicated POS system designed to serve your unique needs. Features include:
- A user-friendly interface for simple and fast checkouts
- Customer loyalty programs
- Email and SMS marketing integrations
- Custom mobile carrier, repair, and return policies
- Detailed reporting
- Inventory transfers for multi-location stores
…and more!
Schedule a demo today to find out how CellSmart can drive business and profits for your electronics store.
