Effective inventory management in retail is paramount to success. It entails buying, tracking, storing and selling stock, meeting customer demand and keeping costs down across the supply chain.  Through inventory management best practices, you can avoid running out of top-selling products or having a warehouse full of items you can't sell.  Retail inventory management requires expert knowledge to understand buying trends, data and market analysis to set the correct prices and automation and software for optimal efficiency. The combination of these components is vital to a thriving retail business. Explore this retail inventory management overview and get tips for keeping shelves stocked and customers happy.  Types of Inventory An essential part of retail store stock management is tracking goods as they move from the manufacturer to the distributor and warehouse and, finally, to retail chains. You must know the different methods for managing stock correctly.  Raw materials: Also called feedstock, raw materials are the primary materials manufacturers use to produce finished products. Raw materials can include anything from wood, cotton, coal and crude oil to fruits, vegetables and biomasses. Some manufacturers produce the raw materials they need to develop finished goods, while others purchase them from a supplier.  Work-in-progress: Stock takes that include WIP goods account for items that are still in the production stage.  Finished products: Any goods that are ready to sell fall under "finished goods" in stock-taking. Some companies manufacture finished goods, while others purchase finished goods and sell them.  Maintenance, repair and operations items: In inventory control, MRO items are...

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