Table of Contents:
Salon and Spa Product Inventory Management
Salon and Spa Product Inventory Management is an integral part of every salon and spa’s profitability. If you’re a seasoned beauty business owner, you probably know by now that stock is a key part of your business. When not managed correctly, it can severely affect your overall bottom line.
Salon stock, inventory, or products can be used in two ways –
➭ Internal consumption
Manually counting how much inventory you have can be downright frustrating. Imagine you enter your stock room only to realize you’ve run out of a certain product. It leads to an embarrassing situation as you might have to deal with a disgruntled customer. It speaks poorly of your salon or spa, and can even hamper your reputation altogether. Expect negative reviews and poor social media ratings if something like this ever happens.
Thankfully today, we’re occupants of a digital age which gives us access to new technology. To keep track of your stock, Salon and Spa Product Inventory Management, and boost retail sales, you should consider getting salon management software. According to the Small Business Association of America, failure to do Salon and Spa Product Inventory Management is one of the biggest reasons why salons fail.
Your duty as a salon or spa owner doesn’t end by delivering a service to a client. Have you realized why you keep professional products in your outlet or why it is important for you to sell retail? Well, that’s because you hold a certain responsibility towards your clients. You want them to feel good about themselves even when they leave your premises. Selling retail can definitely increase your profits. In fact, in more ways than one. Retail products in a salon usually include shampoos, conditioners, creams, and other skincare and hair care products. The more products you’re able to sell in a month, your revenue increases. Salon owners should also train their employees on upselling and cross-selling strategies. In every salon or spa, retail products make up the following categories:
➭ Fast Moving Products: Sold within a month
➭ Slow Moving Products: Sold within two months
➭ Rarely Moving Products: Takes over six months to sell
Besides having a rack full of retail products, salons and spas also use a considerable amount of product internally. You can easily manage this all using smart Salon Software.
For every service offered to a client, a certain amount of product is used. For example, during a hair wash, shampoo and conditioner are used. Similarly, for a facial, a small quantity of several products is used. All these make up the internal consumption of stock/inventory. But the question here is – how do you know how much product you’re using for each service?
Therefore, tracking your retail and internal consumption is important. Knowing what you need and how much you need are the two numbers you need to get right. Salon software can definitely help you with that!
Here’s What Happens If Retail Products Are Not Tracked:
➭ Product Dumping
As the name implies, if you don’t have a tracking system, non-moving products are dumped, and you might have to wait for a long period in order to gain a profit.
➭ Product Non-Availability
Imagine a client asks for a fast-moving product and you don’t have it in stock. This leads to an embarrassing situation and you might lose the client as well.
Here’s What Happens If Internal Product Consumption Is Not Tracked:
You have a product in your salon that costs Rs. 1,000. If it can be utilized for 20 services, you will get Rs. 200 profit. This is only possible when your salon product inventory is tracked. If there is no definite tracking system, the numbers will diminish.
Similarly, if a client has availed a service worth Rs. 1,000, here’s how the profit will vary depending on whether you track the inventory or not.
When salon product inventory is not tracked, product wastage and shrinkage increase, which further affects your profits.
How MioSalon Helps?
MioSalon’s inventory management feature helps to do Salon and Spa Product Inventory Management automatically. Here are some of the Salon and Spa Product Inventory Management capabilities of the software:
➭ Get notified when you’re low on product and stock
➭ Helps to maintain a sufficient inventory for sales
➭ Manages product usage, expiry, and purchase orders with simplified inventory management tools
➭ Boosts the bottom line while reducing cash flow
➭ Tracks stocks for multiple locations
➭ Real-time access to inventory levels
➭ Automatically orders products from suppliers
➭ Prevent stock-out issues
➭ Minimizes damages, losses, misuse, and product pilferage
To know more about the capabilities of MioSalon, visit – https://www.miosalon.com/features
To Request a Demo ——> https://www.miosalon.com/request-demo