Shopify Inventory Management capabilities engage merchants to automatically sync sales with stock levels, invoices, and order fulfillment.
Whereas, inventory management is a basic part of any e-commerce company, and also for those that don’t build up a strong establishment for inventory tracking. The most important area that Shopify supports merchants is Inventory Management.
Importance of Inventory management on Shopify?
Having a clear and organized idea of inventory helps prevent loss from theft, returns, and spoilage. It also reduces overall inventory costs, optimizes fulfillment, and paves the way for better customer service.
Inventory management provides information on –
- Behaviors and Preferences of the Customers
- Financial Performance
- New Product Ideas
- Business Opportunities
- How to Increase Profitability
- Latest Trends and Interests of the Consumer
The benefits of Shopify inventory management
There’s a reason why Shopify is so popular: it has a large number of benefits for its users.
When it comes to inventory control and tracking, any sized business owner, from a mom-and-pop shop to a multi-store company, can have a Shopify e-commerce store up and running in no time.
Shopify provides several in-built tools to manage their inventory. This helps in giving a boost to their technological capabilities instantly.
Additionally, Shopify’s basic functions are to track inventory per each individual listing, making it beneficial for businesses that have a simple inventory flow. This is ideal for businesses that purchase finished products directly from a supplier and don’t require any complicated steps in their inventory management process.
Whereas, they can implement some level of multichannel inventory management via Shopify when brands scale and begin to add multiple channels.
Companies can sync their Shopify e-commerce shop to various social platforms like, Facebook, Amazon, Pinterest, and mobile applications to create an integrated solution for tracking the inventory easily across a handful of channels.
Some of the inventory management in-built features of Shopify include:
- Inventory tracking: Shopify merchants can track each product and organize them by category, type, season, and more. Each listing includes an inventory field which can be adjusted manually.
- Manage Product variations: Shopify allows brands to manage variations of a single product all in one place. You can create N nos of versions for a single product to get different sizes and colors and customize the SKU, price, weight, and inventory number for each variation.
- Updates of Bulk inventory: Merchants can use spreadsheets to import inventory adjustments in bulk.
- Transfer of Inventory: Shopify allows you to log, track, and receive transfers between your warehouse locations and suppliers.
- Inventory History: Merchants can view the last 90 days of inventory history for a product or variant. The history includes the date, who made the change, the adjustments made, and the updated quantity from the event.
How the integration of Shopify and Goods Order Inventory works –
Some additional features of Shopify Inventory Management solution are –
- Avoid Out of stocks and Overselling
- Multi-Location Inventory Management within Shopify
- Sync Real-Time Inventory Quantities
- Works with Shopify POS
- Allot unique Barcode for products
GOIS tools and functionalities are tailored to multichannel businesses and expand on many of the powerful In-built inventory management features available in Shopify.