Are you an online store owner?
Do you struggle to manage the Shopify inventory management system?
If yes, you’re at the right place. Here, we will discuss why inventory management is essential and how you can easily manage Shopify listings.
The eCommerce industry is expected to reach $4.5 trillion in 2021, and in the future, experts have predicted online shopping will value more than 95% of all purchases. For Shopify store owners, who want to improve their sales and boost revenue, inventory management is necessary.
Ordering, tracking, and storing inventory is a huge task. So before launching your Shopify store, it is essential to leverage the best tools and technologies to get the job done right.
Why Is Inventory Management Needed On Shopify?
Not only on Shopify, but inventory management is essential for all the eCommerce platforms. It helps online store owners to get a deep insight into the stock to meet the customer demand. If the inventory is not managed well, it can result in a business losing money on sales or wasting money by stocking excessive inventory.
Here are some of the reasons why inventory management is crucial on Shopify:
An online store’s reputation can be hurt if it sells expired products. However, inventory management on Shopify effectively helps store owners to evade unnecessary spoilage.
Eliminate Dead Stock
Deadstock refers to any unsold item kept in the warehouse for a long time. It acts as a bad investment for your company. By adopting a keen strategy, you can direct this expensive inventory mistake.
Improve Cash Flow
Inventory refers to the product purchased in cash and needed to sell for money. But while it is lying in your warehouse, it’s not cash.
If you have a robust inventory system, you’ll get an insight into how much product you have in real-time. Then based on sales, you can project when you’ll run out of stock and place the order. It allows you to plan for buying more by ensuring you have enough cash set aside, making sure you don’t lose sales.
If inventory management is done correctly, it can lead to a decrease in business expenses and remarkable improvements in your cash flow.
Benefits Of Managing Your Shopify Listings
Leveraging inventory management tools is the first step towards managing your inventory requirements. But every business is different, and so are the inventory needs.
Here are some of the benefits Shopify inventory management offers to online store owners.
Inventory Tracking On Individual Listings
Barcoding products play a crucial role in the inventory tracking process. Using the same barcode from the warehouse to the checkout process in your online store facilitates complete control over each product at all times. In addition, it promotes efficiency, ease of use, streamlined performance, and integrity in several other functions.
Inventory management incorporates all necessary inventory features that enable you to manage and control your stock. Some of the Shopify inventory management features that your business can make use of regularly include:
- Product information, including names, specifics, and descriptions
- Product weight
- Product categorization
- Vendor management
- Stock control
- Product dimensions (length, width, and depth)
- Purchase history
- Shipping controls
You can manage your inventory remotely and create your own system for working with the same data.
A purchasing functionality in Shopify’s inventory management system allows owners to create their purchasing orders. This feature comes with templates that can be used to base your own off, allowing your business to start from the ground.
It can also integrate with your existing inventory system to incorporate barcoding, tags, and product information.
Online store owners can easily access Shopify store’s inventory history for a product. It includes the date, who made the changes, improvements, and the updated quantity from the event.
Shopify Inventory Sync – Why Is It Important?
If you’re looking to split inventory across multiple warehouses, you need a tool that allows you to track inventory levels across locations from one dashboard.
With Nembol, you can easily organize data from your Shopify account, and it will sync everything to a single central system.
Every time you get an order in one of your channels, Nembol automatically syncs the number of products across your connected marketplaces and eCommerce carts. It is an easy-to-use platform where you can turn on/off quantity sync in each of your related sources. Use it everywhere, or just in some channels.
To sum it up, inventory management can be simplified to vast proportions by using the right features that cater to your inventory needs.
With Shopify’s inventory management, you can easily track inventory across multiple channels. Also, leveraging the right tools such as Nembol, you can effortlessly track your inventory and make the inventory tasks much easier and more streamlined.
The best thing about Shopify is that its email marketing functionality gives you the tools to build lasting customer relationships.