Does your business have a Retail Inventory Manager? Why should you have one.

The role of the Inventory Manager who is responsible for the Retail Inventory Management, has for long been one of the most important jobs in a retail store. So, do you have a Retail Inventory Manager?

Whose job is it anyway: –

The owner typically does the purchasing, because, he believes that he has the best knowledge and “ownership” of the job. It’s after all his money that is involved.

Those were the good old days:  –

In earlier times,  the purchases could be done when ever the owner could find the time. He would meet with vendors, visit the wholesale market or an exhibition and buy. He bought from his experience or what he thought were the best products for the business.

Having consulted with many vendors and retailers, we have found it was also a situation when the relationship was important, credit line was important and convenience of buying was important too.

What are you expectations for this year and beyond: –

want to increase stock rotation

If retailers are to earn the return on their investment based on their annual plans, then there is a need to put in place a proper inventory management policy and have a dedicated person who is responsible for it.

The Gem and Jewellery Skill Council of India is the nodal entity for skill development of the Indian Gems & Jewellery industry. Formed in 2012 under the aegis of the National Skill Development Corporation (NSDC) and the Ministry of Skill Development & Entrepreneurship (MSDE).

It covers skilling under all the areas and functions of the industry such as retail and various other skills of the industry.

The Council has developed a National Operating Standards( NOS) for the role of the Inventory Manager in the store. The Key Result Areas of the Inventory Manager is based on this NOS.

Brief job description: –

Brief Job Description: The Retail Inventory Manager in the jewellery retailing store maintains record on all jewellery products . These include fresh incoming jewellery from factory, jewellery from customers for exchange sale, jewellery for repairs. The individual also places order for replenishment of jewellery products with vendor.

Personal Attributes: –

The Retail Inventory Manager’s job should have many abilities. He should document; have attention to details; have a flair for numbers; ability to multitask; ability to interact with different persons; and integrity.