The Tower Systems POS software helps retailers deal with, manage and track consignment stock in their businesses.
Consignment stock is stock supplied to the shop on the basis that it is paid for when sold.
In our years of experience working with retailers across several retail channels, we have seen a variety of approaches to handling consignment stock. There is no standard, no one way that is most common. Our POS software consignment stock solutions have evolved over time, as we have seen a greater variety of situations.
We have built into our POS software several opportunities for managing consignment stock. These include options for tracking the stock when it arrives in the business, all sales and accurate reporting for reconciliation for the supplier when it comes time to settle up with them.
Thanks to our options and in-built flexibility for managing inventory, we are able to report on the sales of items provided to a shop on consignment. We have seen this be useful in a range of retail situations including, gift, jeweller, garden and collectibles.
The consignment stock management options available for use in our POS software have evolved over time and they are sure to evolve further – like you would expect from any advancing POS software that serves a range of retail settings.
The tricky thing with consignment stock is that in most settings it is not an inventory asset of the business yet you want to track its sales. It’s through our tagging, supplier settings and stock settings themselves where the software can help retailers access the level of reporting that is important to them in managing consignment stock.
Consignment stock is loved by retailers as they get to carry inventory for no capital outlay. Suppliers love consignment stock as they get to take floorspace in more retail situations as a result. The key to making this mutually beneficial relationship work is timely access to accurate data.
We don’t claim to be the best at managing consignment stock through our POS software, but we do offer several solutions.it is this flexibility that has been appreciated baby our customers, not only in this area of consignment stock but in other areas where our software has served.