There are innumerable manufacturers across the world who are trying to commence their own web stores on the internet in order to compete in the fast-growing world. The reason is that selling things online is pretty simple and fast compared to offline shopping in the outlets. Besides this, there are innumerable advantages to it. Some of them include providing direct access to the consumers, instant feedback on your products and the consumer service. Apart from this, the users don’t need to give away the margin to the re-sellers as well as the traders.
Most of the small-scale manufacturers select Shopify as their best e-Commerce platform as it has more than 800000 stores and counting. One can easily set up and run the business without any hassle. the major element missing in this platform is the Shopify inventory management software. Shopify is a popular e-Commerce company originally commenced its operations in a huge manufacturer’s garage. Later, it has developed its company and reputation with its products and unique strategies. It has already witnessed a plethora of sellers on the platform that explores from thousands to lakhs in just a less span of time.
As of now, the Shopify online marketplace gives something at a larger extent in order to enhance worldwide commerce sales. However, it will enhance only when the usage of the internet becomes high across different parts of the world such as Asia, South America, and Africa. The United States secures the 2nd leading position as online purchases become high after China in the country. It has become quite common among customers to purchase online from different countries. Here is everything you need to know about Shopify Inventory management, its benefits, features and more. Have a look!
What is Inventory Management?
Inventory Management is actually the major element for handling a successful Shopify store. Ensure that there are elements in sync with the warehouse and ERP. The owners of Shopify must and should evade overselling and stockouts of different products. The major problem is when you tell a customer you don’t have the requested product in stock. In such a case, the customers will surely upset as they couldn’t buy their preferred product. The owners have the responsibility to ensure that all the integrations appear and function in a similar way.
There are several small-scale makers who sell through Shopify ask them whether they have an automatic inventory management system or not. Shopify comes built-in tracking features that are perfect for reselling the goods. This inventory management system of Shopify will surely keep a track on the stock that reaches the godowns from the supplier and is sold based on the orders.
Some of the companies might lack the basic management features of Shopify and find it complicated at the time of selling their products. In such a case, the shop owners should follow a precise inventory management system. Shopify demands you to fix up the tracking and coordinate the inventory in your Shopify report yourself. As a result, several Shopify merchants perform do without all the inventory management characteristics that are suggested as an example. To fasten it up you require to facilitate transfers. Follow the below steps:
- Navigate to the Shopify admin. Choose any of the product variants and tap the option that says ‘Edit’.
- From the window, you need to scroll down to the Inventory section and locate the ‘Inventory Policy’ drop-down menu.
- Choose the option that says ‘Shopify Tracks this product’s inventory’.
- Ensure that you have saved all the changes that you have made on the site.
Shopify vision: supported by efficient supply chain management:
Shopify is the most popular e-Commerce company in Canada that has its headquarter in Ontario. It is the proprietary e-Commerce platform for most of the Shopify online stores and some other retail outlets. This shopping platform provides a plethora of services to the online retailers that include marketing, shipping, payments and the engagement of consumers through some tools. All these services help people to lessen the process of hunting the stores manually for purchasing a single outfit. Until the previous year, this company had more than lakhs of businesses in more than 175 countries all over the world.
Originally, the company was established in the year 2004 and it’s been 15 years since the official launch of its products into the market. Shopify is one of the topmost and leading online commerce platforms across the world. It has designed the online portal keeping the small scale as well as the medium-scale businesses in mind. It provides an individual to generate their own unique style of an online store just by choosing one of the selections from the available themes on Shopify. It generates the ease to create an outstanding online store at great ease. It must be available for all the small-scale makers, artisans and more to make their products popular across the marketplaces globally.
Shopify Inventory Management Strategy:
The strategy of Shopify in terms of the inventory management system is the ability to synchronize the inventory amount available on different channels. One must handle the inventory in an accurate manner and sync it with the locations feature available on Shopify. The executives must tie up each of their sales and supplying channels for a full view of their business. It is necessary to fix the product kits in order to ship the bundled products with much ease. Through the app, it must be possible to send out the purchase orders.
In order to utilize the inventory management strategy in the best way, the executives must ensure that they doesn’t miss even a single point from the below things:
- Evade Spoilage
- Save money through storage charges
- Evade Dead Stock
- Enhance the cash flow
- Follow First-in First-out policy
- Fix standard levels
- Handle relationships
- Crisis Planning
- Predict Forecasting
- Think about Dropshipping
- Arranging Audits on a frequent basis
How to Separate High-Flow & Low-Flow Warehouse Facilities
It is quite crucial for a company to handle the high-flow as well as the low-flow warehouse facilities. Shopify products are harmonious with the high-flow warehouse facilities and the low-flow warehouse facilities that are standard. In the high-flow warehouse, Shopify operates on the automatic storage and retrieval systems with an intention to fulfill the target of ‘costs-per-touch’. Truly, the products that are stored in a low-flow facility aren’t available at high demand. Anyhow, the functionalities rely on the basic procedures as the workers may not be able to move things around.
Usually, the high-flow facilities are carried out via computers and other automatic devices. It can be done automatically at the time of retrieving the packages. It offers the capability to store maximum number of items. The low-flow warehouse facilities will protect the items that have minimal demand among the customers. This kind of functions are done in a manual manner.
This type of ideas have transformed Shopify into the most successful garments vendor in the world. The fundamental strategies include low operating costs and high product demand. This unique strategy turns every company remain roaring in the marketing industry. Besides this, the firm plans to execute exceptional and popularly advanced methods to ease the inventory management system.
Some of the many features our Shopify users love
Here are some of the outstanding and notable features of Shopify that most of the customers love to access as listed below:
- Handling Sales Orders
Whenever a consumer visits your online store, they will place an order for their preferred product. Shopify captures this particular sales order instantly and directs you towards the order completion procedure.
- Match Inventory
The customers can pick their preferred products and variables to announce on your Shopify store. The details and the pictures of the product will be synchronized automatically from the stock control software to the Shopify marketplace.
- Apt for Multiple Channel Sales
This shopping portal carries out the backend operations on Shopify and it blends all the sales channels, currencies as well as the locations.
- Strong eCommerce Integrations
The owners can enhance and spread the Shopify store across different popular channels that include eBay, Amazon, Etsy and more. It becomes even simpler to handle various orders from a single platform.
- Synchronize Stock Levels
Whenever you sell an item on Shopify or some other channels that include B2B then, the stock levels on the website will be updated in an automatic manner in order to stop the risk of stockouts.
- B2C eCommerce Experience for Wholesale Customers
One must provide an excellent purchasing experience for wholesale consumers by offering completely customizable options. This way, you can go to the private B2B eCommerce store with much ease.
That’s all! This is everything you need to know about Shopify Inventory Management and its strategy in running the business in an efficient manner. We have included the best features that the users of Shopify love to access, the facilities of high-flow and low-flow warehouse and more. For more doubts and queries, just drop them in the comments section. We surely reach you by providing precise solutions to it. Drop your ideas and thoughts below.