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As a retailer, the role inventory plays in your operations cannot be overstated.\u00a0<\/p>\n
It\u2019s the lifeblood that flows through the veins of your business, determining your sales, profits, and even the satisfaction of your customers. But efficiently managing your inventory isn\u2019t as straightforward as it might seem. Balancing the demand-supply equilibrium and minimizing stock discrepancies can feel like a daunting task. This is where\u00a0inventory control\u00a0<\/strong>comes into play.\u00a0<\/p>\n But what exactly is inventory control, and how does it differ from\u00a0inventory management?\u00a0<\/p>\n Whether you\u2019re just starting out or are a seasoned retail business owner seeking ways to refine your operations, use this article as your guide to learn why inventory control is important, inventory control methods, challenges you may face, and the different types of inventory control systems.\u00a0<\/p>\n Manage your inventory with confidence<\/p>\n Only Shopify POS helps you manage warehouse and retail store inventory from the same back office. Compare inventory costs to revenue, see which items are selling out or sitting on shelves, forecast demand, and more.<\/p>\n<\/div>\n Inventory control, also known as stock control, is the process of keeping enough items, goods, raw materials, and merchandise stocked so you can meet customer demand and make a profit, while minimizing costs.\u00a0<\/p>\n For example, if you have a brick-and-mortar beauty supply business, your\u00a0stockroom\u00a0is likely full of pallets of wigs, conditioners, hairbrushes, hair dye, and other products. Inventory control is how to track and maintain those goods, distributing them on the floor at the right time so you don\u2019t over- or understock. It\u2019s how to get the most profit from your inventory and planned purchases.\u00a0<\/p>\n \u201cInventory control is the lifeblood of your store operations,\u201d says Holly Amaya, co-founder of experiential retail\u00a0Brik + Clik. \u201cThe ability to monitor and predict your inventory helps the stores visually in being adequately stocked, which impacts your revenues and store appeal.\u201d<\/p>\n Running a business can turn into a guessing game without an inventory control system in place to ensure you\u2019re always meeting customer demand. How do you make sure you have the exact amount of product on hand when and if customer demand increases?<\/p>\n While some businesses resort to a guess-and-pray approach, there are reliable ways you can exact your inventory control process so that you don\u2019t run into stocking issues. Whether customers demand more or less product at any given time, you want to be ready for both scenarios.\u00a0<\/p>\nWhat is inventory control?<\/h2>\n