Overseeing inventory can be a tedious/terrifying undertaking for Shopify store owners or managers.
It’s not always simple to keep track of stock levels while accounting for customer demand, but the effort is worth it – taking charge of your inventory management will minimize the manual labor required to run a successful business.
In this article, we’ll explore how you can effectively manage your in-stock products and handle reordering efficiently with Shopify stores.
Reasons for Managing Stock Levels
It is imperative for any organization to manage its stock levels carefully to allow it to remain competitive.
Accurately tracking the inventory within your storehouse and ordering just enough products to meet customer demand not only reduces costs but also prevents you from overstocking or stocking out-of-date items.
Automated ordering systems can bring a new level of efficiency to your operations, allowing you to reach production targets on time without fail.
Tracking stock is also key in cutting labor costs and keeping customers supplied with the right product – meaning decreased wastage and better customer satisfaction!
Streamline your processes while freeing up resources to focus on other areas of business by utilizing automated ordering systems that efficiently manage stock levels.
Tracking Stock Levels
Tracking your stock levels is an important step in managing inventory effectively and optimizing efficiency.
Shopify offers a useful feature that allows you to show stock levels directly on your product pages, making it easier for customers to know how many items are available and giving you more insight into the stock in your warehouse.
Shopify plans offer three different levels of inventory management:
- The basic plan starts at $29 per month and allows you to assign and transfer stock between four different locations, as well as manage your stock levels.
- The Shopify Plan includes all of the features above, plus an ABC analysis for $70 per month.
- Advanced Shopify is the most comprehensive plan and costs $299 per month. It includes all standard features plus tracking and transfers between up to eight separate locations.
Using these features, businesses can get a better understanding of the demand for their products, ensure customers always have the right products when they need them without fail, and reduce labor costs, wastage, and unnecessary ordering.
With Shopify, you can index your orders in one easy place. Filter and organize them to help with fast fulfillment.
View and edit orders before they’re shipped, as well as run a subscription business right from the same platform. Print anything you need for order fulfillment and keep customers updated on their order status.
Easily fulfill bulk orders and create invoices from any location using draft orders. Finally, view analytics and reports for performance insights.
With accurate tracking of stock levels, businesses can focus on other elements of their business, like customer service or brand recognition, safe in the knowledge that they have strong inventory control systems in place.
Reordering Products
Reordering product is an important step in keeping stock levels up and ensuring customers can always access the products they need.
Setting a reliable reorder process that works for you and your business will provide more control over stock levels and help manage any potential risks.
Evaluating when it’s time to reorder is key, as too soon or too late can cause issues with customer service, cash flow, or production targets.
The type of product, customer demand, lead times, and supplier availability should all be taken into account when planning reorders.
Maintaining accurate records of current stock levels, inventory turnover, and supplier delivery times are also essential for predicting when items will need to be restocked.
By regularly reviewing stock levels in line with customer demand, businesses can maintain a steady level of inventory which helps reduce associated costs from holding too much inventory or risk stocking out of popular items.
With better analysis comes improved forecasting, reduced costs, and streamlined operations in the long run.
Automating Your Reorder Process
Automating the reorder process can be a great way to improve stock management efficiency and reduce risks associated with manual, time-consuming processes.
Shopify stores have the added benefit of being able to automate stock replenishment using an app, allowing you to set reorder points that will trigger automatic orders when stock levels fall below a certain threshold.
By automating the process, you no longer need to manually calculate when products need to be replenished and risk under or over-ordering – saving valuable time and money.
In addition to providing more control over your stocks and reducing costs associated with labor and wastage, automated ordering also helps by making sure customers always get their desired products in a timely manner, promoting customer loyalty and satisfaction.
Automating your reorder process is an invaluable feature that helps streamline operations while improving customer service.
List of Apps That Allow You to Manage Stock
Streamlining inventory management is essential in order to sustain a successful business.
Fortunately, with the help of powerful Shopify apps, you can regulate your stocks and automate reordering processes – all while keeping customers content by providing them with their desired products promptly.
Here’s our list of top-rated Shopify applications that make it effortless for you to manage your inventory and automate orders!
In Summary
Inventory management is essential for the success of any business, and Shopify store owners have a powerful tool available to them: automated reordering.
Automating the reorder process can help reduce risks associated with manual processes by regularly reviewing stock levels in line with customer demand and setting reliable reorder points.
This allows businesses to maintain a steady level of inventory and provide customers with the products they need in an efficient manner.
Shopify apps such as QuickBooks Commerce, Skubana, Sellbrite, and ShipBob can all make it easier to manage stocks and automate ordering – helping store owners keep their brand recognition safe in the knowledge that they have strong inventory control systems in place.
With better analysis comes improved forecasting, reduced costs, and streamlined operations in the long run.