Is it become difficult for you to easily identify your best and worst selling products? Or do your customers order products that are out of stock?
Well, whether you are selling in store, online, or in both ways- you will always have to keep an eye on your inventory and also capable to manage it properly. In present time, the old method of maintaining work on pen and paper is not going to work for you.
You are lucky enough as you have Shopify’s inventory management. In this article, we are going to discuss how Shopify inventory management will help you manage all your business operations.
Significance of Inventory Management
Previously we had discussed the side effects of poor inventory management, which is the very scary and tough side of any business. But, today we are talking about the benefits you will get if you manage your business stuff with Shopify Inventory Management. Here are some benefits:-
- Avoiding monotonous inventory checks with a pen and paper
- Never over-ordering products
- Abolishing any chance of wasting money on slow moving products
- Enhanced productivity and efficiency by using devices such as barcode scanners
- Totally eliminating error-trotted manual procedures
- Getting trustworthy and repeat customers by always having the products they want
Let Shopify Manage your Inventory
Managing a single product with different variations is a tough job if you do not have a proper inventory management with you.
Shopify provides you the ability to easily manage 'n' number of variations for a single product that reflects different materials, sizes, colors and so on.
1) Set Up and Organize Your Products
First step of managing solid inventory is setting up and organizing your entire products. Just giving name to each product or assigning a barcode is not enough now. Develop classifications that seem sensible in your business.
For instance, Shopify helps you group products by type, category, sale, season and more. We organize these groups through collections. So if you are selling ladies tops, possibly you want to group them in a fall collection. Or, if you are selling phone covers & cases, possibly you want to classify them in a collection based on their designs and materials.
You can start to automate the organization process when you use keen collections to categorize products according to vendor, price and inventory level.
2) Assign Barcodes to Your Products
You might be looking to assign barcodes to your products depending on your business and amount of inventory you have.
Whether you need to create brand new barcodes for fresh inventory you plan to stock ,or you have existing barcodes to be assigned to specific products, Shopify lets you do both.
You can make use of barcodes to monitor every product you sell, and get Shopify’s wireless barcode scanner to ring in customer orders right away anywhere if you're selling in-person.
3) Track Inventory Levels
Dying to track inventory levels can be a huge setback to your online or retail business. You have probably had it happen before; a customer is shopping on your store, sees an unbelievable product they want and completes a checkout. Little do they know that behind the scenes, it’s out of stock! You have to email them, tell them the situation, refund them, and more – it's just not a pleasant experience for anyone.
With Shopify, you can effortlessly track stock level, set up automated reminders to place orders with your supplier, or to manufacture more product when the count hits a certain number, and update inventory numbers when you receive a new shipment.
Note: If you want to continue to sell a product even when it’s out of stock, you can indicate longer shipping times on the product page.
4) Gaining Insight into Your Sales and Inventory
Which products are high on demand? Which are not so popular and less demanding? How does your inventory management reflect these tendencies?
Shopify’s inventory management system assist you to know exactly how inventory is moving. Why does this matter? Because it can help you forecast sales, plan future orders, create successful marketing campaigns and design special promotions around your inventory numbers.
If your store is on the Professional plan or higher, you can see a full report of sales by product with reports too!
Now that we have taken a look at how Shopify's inventory management system can aid with your inventory woes, it's time to take action, get organized, and start selling. If you are facing any issue, we the team of Shopify experts are always here to help you.