Every retail company, either a big or a small, should need some form of WooCommerce inventory management for their products. To run a successful business every entrepreneur needs to understand the available inventories in their eCommerce store. The things that need to know :
1. Reorder at what time
2. What to reorder
3. How much quantity need to reorder
4. For how much time your stock will be kept in a warehouse
The following question that most entrepreneurs should ask.
How much money have you spent in inventory now? Money that is actively depreciating in value rather than being used to increase the profits of the company?
After reading this article, you have several inventory management techniques to bring into practice today, as well as two new, cutting-edge methods that have only recently been proven.
Start managing your inventory more effectively.
Table of Content
1. What is Inventory Management?
2. How inventory management is important?
3. Top 2 inventory management plugins for online retail?
WHAT IS INVENTORY MANAGEMENT?
Inventory management describes how an entrepreneur keeps track of their company’s product inventory. Inventory management is nothing but to examine the quantity and quality of available goods and services.
Three things that every entrepreneur needs to manage :
In this digital world where all the customers can purchase and sell their commodities online. For this, WooCommerce provides many numbers of software to the online entrepreneur in order to take control of their company’s product stock. This is useful for small as well as large scale businesses.
HOW INVENTORY MANAGEMENT IS IMPORTANT?
The inventory management – the process to handle the stock of companies that have existed for centuries. Today’s market is more customer-focused than ever before, and there are many useful strategies built-up to manage inventory in your warehouse.
Earlier times, there are no effective plans that are used to handle the inventories. Sometimes, a number of units of stocks are found to have disappeared from the warehouse. Without an inventory management plan, you know that when you are deemed, you cannot fill an order. When you are overstocked, you do not realize that you have unnecessary storage costs.
In order to reduce such complexity, there are a number of useful inventory management plugins invented by WooCommerce. Every entrepreneur has to know how to manage the stock and maintain the inventory, even when something unexpected happens. There is a list of inventory management ideas that contains five of the most popular inventory control strategies, followed by two new, AI-augmented and advanced inventory management plugin plans.
TOP 2 INVENTORY MANAGEMENT PLUGINS FOR ONLINE RETAIL
TradeGecko is a powerful cloud-based WooCommerce inventory management plugin that is used for modern online businesses. It helps the entrepreneur to combine all their sales channels, locations and currencies in one place so that every available product can be easily purchased by the customers from that particular platform.
TradeGecko gives the facility to all the entrepreneurs for detailed visibility and control over your inventory. Easily track pack orders, backorders, stock takes and adjustments, plus pack sizes, batches and expiry dates in many warehouses.
When you sell all your online and offline channels, keep a central source of truth at stock levels. TradeGecko also provides the facility to manage all the transactions (invoices, shipments, and payments in multiple locations and currencies).
To create and save custom inventory and sales reports to track business performance and development plans. In other words, it can create business graphs that help to take a view on the overall listing of your online store. TradeGecko can give the entrepreneur the overall detail of customer insights that helps them to build their strongest relationships with customers, suppliers, and distributors.
They invite your customers to order online from the front of a shop that you make for each buyer. One-click limitations and a searchable catalog make selling wholesale much easier than selling on the phone or email.
Katana’s WooCommerce inventory management plugin is designed for online manufacturing who needs to scale their online business. Katana takes the available raw materials and after then it automatically allocates them to finished goods for production orders as well as sales orders.
If an entrepreneur receives a sales order for a product that particular product is not in stock, at that time Katana inventory management plugin immediately shows the entrepreneur to produce that product.
Katana provides the real-time updates of inventory and operations, and also full order fulfillment at your fingertips. An Entrepreneur can create a specific bill of ingredients for each product and product version and can add both ingredients and by-products to your recipes.
It is totally based on your bills of manufactured stock, Katana will make automatic inventory adjustments, calculate the cost of manufacturing and check the availability of raw materials for manufacturing orders.
The priority of manufacturing orders affects the availability of material and the calculation of production deadlines. Stay in control of your tasks and don’t miss a deadline again!