Become an Inventory Wizard: Understanding Stock Turn

Managing your bookstore’s inventory effectively is crucial to the lifespan of your business since holding inventory is one of your biggest investments. Keeping the right inventory level is one of the key things to keeping your customers satisfied and your capital investment working for you. Knowing how to evaluate your stock and its 'efficiency' is one of the keys to successful retail. Stock turns are one of the crucial metrics that help shed light on your efforts to handle both your investment and your customer service.  

So, what is a stock turn? How many ‘turns’ per year should you be aiming for? What does strong inventory management look like, and how can you leverage this to take your business to the next level? These are some of the questions you may ask yourself regarding managing your store's shelves.  Join Tim Middleton, BookNet Canada’s Product Manager, and take your first step to becoming an inventory wizard.

In this session, you will learn how to:

• identify how many stock turns your business is currently making each year, and how many you should aim for
• recognize the 'dead' stock in your system, and make a plan for replacing it with items that will sell
• create an effective replenishment plan so that you always have popular items on hand
• study the turnover rate for different sections in your store

Presenter: Tim Middleton, Product Manager, BookNet Canada