Whether it’s about running an e-commerce on Shopify or a physical brick-and-mortar store. Having a good inventory system would always get your business, to reach heights of success.
Thus, it becomes a necessity for all these business owners to have a good inventory management system to streamline their inventory easily.
Whatever tools or software you use, Shopify has got some great inventory management tools which can make your life easier and your customer happier.
Having an excel sheet to manage the inventory in Shopify, is not at all a good thing to do when you have got many good tools available in the Shopify app store itself.
Features of inventory management tools in Shopify
Before choosing an inventory management tools for your Shopify store you need to consider a few things:
- Basic Inventory Control Yes, basic inventory control, it sounds simple but yet it tops the list of most requested feature. It means having a well-organized way to truly ‘manage’ and automate your inventory across all your channels even if its other than Shopify. The tool that you’re going to use must have easy and user-friendly controls so that no-more-time is wasted on learning the tool itself.
- Demand Forecasting In our scenario Forecasting means to predict and estimate future demand by determining the potential markets by determining the potential markets for the product or service during the following period. Thus, once the data or information is with you provided by the tool, then you can plan and manage your inventory stocks effectively on Shopify.
- Reporting and Analytics Analytics and reporting is a great feature when it comes to inventory tools. Reporting helps you understand how much inventory stock you have on hand in the warehouse. It also helps you recognize the pattern of your customer behavior, predicting demand, and forecast future demand and sales.
Indeed these report and analysis data would help you optimize your inventory levels and ensures that you’re tracking it properly.
- Mobile Support Let me guess! You must be spending more time on your mobile phones or tabs than your PC, right? So, having a tool that is even compatible with mobile phones gives you more freedom and flexibility.As a Shopify user, you must be knowing that how much time you save by checking all the small things right on your palm without actually turning on your big PC.
- Integrations Having a tool which has numbers of integrations with other e-commerce platforms or channels decreases the task of managing different tools. All the online market giants like Amazon, Shopify, eBay, Woo-Commerce, BigCommerce, Magento etc are the platforms where your inventory system must be compatible with.
These are some of the basic features that an inventory management system should have.
RFID & Barcodes in Warehouse
When it’s about tracking your inventory management system in Shopify, first you need to:
- Setup inventory Tracking and Organize all your product in the system you have chosen.
- After that, you have to Enable Inventory tracking.
Going through the above links will give you the insights of Shopify’s inventory system.
With Shopify’s inventory system you can set reminders of when to place orders or when to manufacture more product and update inventory number when you receive a new shipment.
Inefficiencies in warehouse inventory management are common and it costs a significant sum of money every year. One of the major problems for all business who deal with inventories located at different geographical locations is to keep up with accuracy. Due to the inaccuracy of inventory, businesses store excess stocks than required. Which leads to increased cost of managing the extra stock, until it gets sold.
Because of this issue, businesses are employing a warehouse inventory management that provides RFID based counting in order to be efficient and effective on inventory status. A tool named Orderhive’s barcode inventory system which can be integrated with Shopify and many other e-commerce platforms do the same seamlessly.
You can also assign existing barcodes to specific products, or if there’s need to create a new barcode for fresh inventory, Shopify’s inventory management system is all way round flexible and compatible to accomplish any of these tasks.
Supervise your flow from Manufacturer to Warehouse
According to the State of Small Business Report, 46 percent of the small or mid-sized business don’t their track inventory or they are doing it manually. Due to which they are losing out many perks by not automating this time-consuming process.
With Shopify and its numerous Apps & Plugins, you get the ability to supervise your inventory flow from the product manufacturer to the warehouse and from there to POS (point of sale). The key feature of an inventory system is to keep a detailed record of each new or returned product in warehouse or point of sale.
As discussed previously on demand forecasting, you’ll also get to know about which product is in demand so that accordingly you can order your product from the manufacturer without actually running out of the stock or sometimes overstocking them.
There are hundreds of inventory management apps and plugins available in the Shopify app store, you need to choose the right one that suits your business needs and ease your overwhelming task of managing the inventory.
So now as you have already invested your ‘7 minutes’ reading my post. It’s time to boost your customer experience by automating your Shopify’s inventory, which would surely help you compete in this wide area of the crowded marketplaces.