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Running out of stock or having too much inventory can be a nightmare for any ecommerce business owner on Shopify.
With Shopify as one of the most popular ecommerce platforms, it is crucial to stay on top and ahead by managing your inventory efficiently. With effective inventory management, you can minimize the risks of losing out on sales and incurring extra costs.
Whether you’re just starting your ecommerce business or you’re a force to be reckoned with, read on as we go through this guide to help you manage your inventory, and maximize profitability.
Simply put, Shopify inventory management is the process of overseeing and monitoring how products move in and out of your Shopify store.
The process includes planning, storing, auditing, coordinating, and controlling orders right from production to the point of sale.
Let’s use a very practical example - you sell clothes on your Shopify store and you want to keep track of your sales, revenue, and future opportunities.
To do this, you need to know how many clothes you need to sell and how many clothes you need in stock. With effective inventory management, you can avoid missing out on sales opportunities or ending up with extra clothes you can’t sell.
If you sell food or personal care items with expiration dates, you run the risk of having a bunch of expired products rotting in your storage if you don’t manage your inventory properly.
You may also have items that have gone out of season or style. Managing your inventory effectively will help keep track of products, forecast sales, and avoid ending up with stock you can’t sell.
Storage costs depend on how much and how long you store products in a warehouse. If you’re using a third-party storage facility, this means you can incur extra costs from having too much inventory just collecting dust. With proper Shopify inventory management, you can ensure you have just the right amount of stock to fulfill your orders and avoid unnecessary costs.
By managing your Shopify inventory effectively, you can forecast your delivery and ensure you fulfill customer orders just as promised. Good customer experience can get you better reviews, and repeat purchases.
One of the reasons Shopify stands out as one of the best ecommerce platforms is that it comes with an array of tools including inventory control that help with your ecommerce business operations. Here are a few benefits of Shopify’s inventory management:
Here’s how to set up your inventory on Shopify:
Shopify POS or Point of Sale is an application that enables you to sell products in-store from anywhere in the world. On the app, you can keep track of your inventory, manage your products, and set up low-stock alerts. You can update inventory in bulk and view the history for the past 90 days.
To help merchants keep track of their stock, Shopify uses several communication methods.
Shopify provides basic inventory management functions. However, Shopify inventory management has imitations that can become a challenge for growing or large businesses.
Shopify’s inventory management doesn’t support multichannel selling. This means if you sell on other platforms like Amazon, Etsy, and eBay, you won’t be able to sync data across platforms and monitor inventory levels.
Shopify only offers basic tracking abilities. This means that if you have complex workflows, it will be daunting to keep track of everything. You will need to adjust inventory manually, which can lead to lots of errors.
A larger business will need a system that effectively notifies you of low stocks, recommends order quantities, and automatically generates purchase orders across various platforms apart from Shopify. Unfortunately, Shopify only has basic features that make the restocking process limited.
In a fast-paced ecommerce world, using advanced inventory management software is critical to effective inventory management and maximizing your potential.
With Shopify inventory management software, you can streamline inventory management processes, sell in more channels, get access to advanced data and improve your overall customer experience.
Here are some Shopify inventory management software you can use for your Shopify store:
Extensiv Order Manager is one of the most reliable ecommerce solutions that can help merchants streamline inventory management across multiple platforms.
From a single dashboard, you can track incoming stock, low-stock levels, and fulfillment performance. With their one-click import feature, you can automate routine tasks, get full alerts on your inventory, get valuable insights, and perform other high-function tasks.
Orderhive is a powerful inventory management software that allows you to manage and track your inventory in real time. With Orderhive, you can handle all pre, partial, and back orders in one location, get real-time warehouse updates, build custom order workflows, and much more.
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Stocky is an ecommerce solution developed by Shopify for Shopify POS Pro users. With this software, you can easily stock inventory or transfer items between locations. You can count and manage purchase orders effortlessly with only a few clicks of a button.
Stocky also delivers detailed stock analytics and recommendations.
Stock Sync is an effective Shopify inventory management software that helps you sell across multiple channels. Stock Sync is great for dropshipping, as it allows you to share your fees with different suppliers, determine your prices and automate the stocking process. Using matching SKUs, you can import and export store data from various sources like Google Sheets, CSV, etc.
If you are more into production or manufacturing, Katana may be the best Shopify inventory management software for you. You can get full control of your stock and monitor various aspects of your business, including raw materials, barcode scanning, packaging, etc. You can also sync data across multiple Shopify stores both online and offline.
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As we’ve already established, inventory management is an indispensable part of ecommerce success on Shopify.
Shopify provides basic inventory control functions. However, they are not as comprehensive for growing or larger businesses. You can go through our guide above to find out what Shopify inventory management software you can invest in.
You’ve probably already considered selling on Amazon but its way easier than you think.
Call Us Now