Retail Stocktaking

Planning a stocktaking service with Orridge starts with a consultation to establish your priorities. Using your requirements as a foundation, we harness our expertise to deliver a bespoke package that exceeds your vision.

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From new and emerging retailers through to global organisations, discounters and luxury operators, each will have unique objectives and needs.

Orridge

Meet Our Team

Andy Wise

Retail Sales Exec

Carl Amess

National Sales Account Manager

Mel Humphreys

Operations Director

We work with a long list of Europe’s largest companies, providing a range of services to help support their stocktaking and logistics needs!

Retail

COOP

With a history dating as far back as 1863, The Co-operative Group (TCG) is one of the largest retailers in the UK with over 3,750 outlets serving millions of customers each week.

Retail

Waterstones

Waterstones first opened in Old Brompton Road, London, in 1982. It trades from nearly 300 shops on high streets and shopping centres throughout the UK, Ireland, Belgium and the Netherlands.

Retail

W H Smith

W H Smith is one of the UK’s leading retail groups. It was created in 1828 and has over 600 stores on the High Street, and over 600 stores at airports, train stations, hospitals and motorway service stations.

Retail

Swarovski

Swarovski is an Austrian producer of lead glass (crystal). It has a turnover of 2.06 billion Euro. The business employs approximately 27,000 staff, and boasts 2,800 retail stores in 170 countries.

Retail

Claire’s Accessories

With over 3,000 stores globally in over 34 countries, Claire’s is a leading fashion retailer of jewellery, accessories, and cosmetics aimed at inspiring girls and women.

Retail

Calvin Klein

From its humble beginnings (1968) Calvin Klein has expanded from a small coat shop in a New York hotel to a leader in American fashion.

Retail

All Saints

Established in 1994, AllSaints is a high-quality British fashion house creating clothing and accessories for men and women.

Retail

Iceland

Iceland Foods first store opened in 1970 in Shropshire. They are now a unique British food retailer with over 900 stores throughout the UK.

Retail

British Heart Foundation

British Heart Foundation (BHF) opened its first shop in 1987 and has grown to now be the largest charity retailer in the UK with over 680 shops and stores around the country.

OUR CLIENTS

See our work in practice – Orridge has a clear track record of success with a variety of UK businesses.

What is stocktaking, and why is it important for businesses?

Stocktaking is the process of physically counting and recording all the inventory or stock items a business possesses. It is crucial for businesses because it helps them gain an accurate understanding of their stock levels, identify discrepancies, and ensure their financial records match the physical stock on hand. This process allows businesses to make informed decisions regarding ordering, production, and sales, ultimately improving efficiency and profitability.

How often should businesses conduct stocktaking?

 The frequency of stocktaking depends on the size and nature of the business. Generally, smaller businesses may perform stocktaking on a monthly or quarterly basis, while larger businesses with higher inventory turnover might do it more frequently, such as weekly or even daily. Seasonal businesses may also conduct stocktaking before and after peak periods to manage their stock levels effectively.

What methods can businesses use for stocktaking?

Businesses can adopt various methods for stocktaking, depending on their resources and requirements. Manual stocktaking involves physically counting items, either using pen and paper or spreadsheets. Barcode scanning or using handheld devices equipped with inventory management software is another popular method. Some businesses also employ radio frequency identification (RFID) technology, allowing for automated and real-time stock tracking.

How does stocktaking contribute to effective inventory management?

Stocktaking plays a vital role in inventory management by providing accurate data on stock levels. This information helps businesses make informed decisions about stock replenishment, reducing the risk of stockouts or oversupply.

Through stocktaking, businesses can identify slow-moving or obsolete stock, allowing them to optimize their inventory and avoid tying up capital in unsold products. It also enables businesses to improve forecasting accuracy and monitor inventory turnover, leading to increased efficiency and profitability.

How can businesses deal with discrepancies found during stocktaking?

Discrepancies during stocktaking, such as missing or excess inventory, can be unsettling for businesses. To address these issues, the first step is to conduct a thorough investigation to identify the causes. Discrepancies can arise due to a number of reasons such as theft, administrative errors, or issues in the supply chain. Once the cause is determined, businesses can implement corrective measures like enhanced security, process improvements, or re-evaluating supplier relationships to minimize discrepancies in the future.

Can technology assist in streamlining the stocktaking process?

Absolutely! Technology can greatly streamline the stocktaking process. Inventory management software can automate various tasks, such as generating stock reports, tracking item movement, and reconciling stock levels with financial records.

Barcode scanners and RFID technology can significantly speed up the counting process, reducing human errors and providing real-time updates. Utilising technology not only saves time but also improves accuracy and efficiency in stocktaking.

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