Have you recently lost a sale because a customer’s go-to brand of cigarette or flavor of e-liquid was out of stock?
If this situation sounds familiar, it’s a clear sign to revamp your smoke shop inventory management process.
In this blog, we’ll explore why inventory management matters and share the six key steps to a perfectly stocked smoke shop.
Putting in the time to learn the ins and outs of smoke shop inventory management might not seem appealing. After all, “inventory management” conjures up images of endless counting, labeling, and organizing — which you might not feel inspired to do even on your least busy days.
But investing your energy into smoke shop inventory management is well worth it. Here are some of the key benefits:
In short, the reasons to make inventory management a priority for your smoke shop are endless.
Before you can reap the rewards of effective smoke shop inventory management, you have to master the basics.
To make things easier, we’ve created a list of six must-follow steps that will help you stock your smoke shop like a pro.
A product catalog is the foundation of any good inventory management strategy.
This product catalog is housed within your smoke shop point of sale (POS) system, and it’s a record of every single item you carry. It should also include each product’s SKU, cost, price, profit margin, and category to make reviewing your stock a breeze.
Compiling your smoke shop’s product catalog can be a huge undertaking, but a POS solution with a centralized product database of common smoke shop SKUs can help. This feature lets you add products from the database to save time and cut down on manual entry.
If you’re migrating from one POS system to another, we also recommend looking for a provider who offers free inventory input. Instead of having to set aside time to build your new inventory catalog, you can rely on your POS provider’s expert team to do it for you — giving you more time to spend learning the system and exploring its features.
Barcode labels are a game changer when it comes to smoke shop inventory management — which is why you need a POS system that can generate barcodes and connect seamlessly with a label printer.
Let’s take a look at how barcodes can transform your inventory and checkout systems:
Using barcodes simplifies inventory counts, speeds up the checkout process, and reduces the number of errors in your stock and sales records.
Running out of your bestselling products can be a disaster for you and your customers, but perpetual smoke shop inventory management can help.
This approach lets you check your stock levels at any time, from anywhere — which makes it easier to be proactive and avoid stockouts. All you need is a POS system with real-time inventory monitoring.
Since smoke shop inventory can be particularly tricky, look for one that includes a carton-pack view of your stock. This feature shows how many individual packs and total cartons you have, making it easier to review your inventory at a glance.
Understanding what you have in stock is only one part of the smoke shop inventory management equation; you also need to know how customers interact with each of your products.
For example, one brand of e-liquid might fly off your shelves while another collects dust. This means that the first brand is a bestseller with a high inventory turnover rate, but the second one moves more slowly and might even be a waste of shelf space.
So, how can you figure out which products are customer favorites and which are stagnant? You need a smoke shop POS system with powerful reporting. This tool shows your sales trends, profit margins, and inventory turnover rates — all of which can help you make better stocking decisions.
Smoke shop inventory management isn’t a “set it and forget it” type of project. New products are constantly emerging onto the market and your customers’ preferences are always shifting — which means you need a dynamic stocking strategy.
Keep a close eye on your sales trends to stay in touch with your customers’ wants and needs. For example, if your sales reports reveal a boost in your cigar sales, try stocking a wider variety of brands to meet this demand.
We also recommend staying up to date with smoke shop industry trends. You can expand your customer base and set your business apart by carrying hot new products like CBD or delta-8.
Congratulations! Now you know how to manage your smoke shop inventory.
The only thing left to do is make your stocking process more efficient. A POS with automation features can save time and make managing your inventory nearly effortless.
Look for a solution that includes low-stock notifications, automated purchase orders, and streamlined receiving.
Ready to transform your smoke shop with these inventory management tips? Then you need a powerful POS system like Cigars POS.
With Cigars POS, you can monitor your inventory levels in real time, see a breakdown of your stock by carton and pack, and get insights into how each product is performing. Plus, you’ll have access to our 24/7 support team who can help you with inventory import and more through the onboarding process and beyond.
Start your Cigars POS journey today by scheduling your personalized demo today.