Ready to take control of your inventory and make sure you're always in stock and on top? Say hello to Shopify inventory management. With Shopify inventory management, you can wave goodbye to the headaches and stress of stock control, overstocking, understocking, and all the other inventory-related issues that can drive you up the wall.
Instead, you'll have all the tools you need to manage your inventory with ease. From tracking stock levels and sales trends to setting alerts and creating purchase orders, Shopify inventory management has got you covered.
In this article, we will discuss the importance of inventory management in Shopify, the benefits of an efficient inventory management system, and the best ways to handle Shopify inventory. We will also provide examples of inventory management software for Shopify, and answer some frequently asked questions about Shopify inventory management. Learn more about Inventory Management here at Replo. Book a demo now!
What Is Inventory Management?
Inventory management is the process of tracking and managing your business's stock levels, ordering new supplies, and managing the storage of products. It's an essential part of any successful business, as it ensures that you always have the products you need to keep your business running smoothly.
Inventory management also involves organizing and storing products in a way that makes them easy to find and access. This can include labeling, organizing, and sorting products in a way that makes them easy to find and access.
Can Shopify Handle Stock Inventory?
Yes, Shopify can handle stock inventory. With Shopify's inventory management system, you can track stock levels, set reorder points, and view inventory across multiple locations. You can also set up automatic reordering when stock levels reach a certain point.
This ensures that you never run out of the products you need to keep your business running. Additionally, Shopify's inventory management system allows you to track product costs, so you can accurately calculate your margins and profits.
Why Is Inventory Management Important In Shopify?
Inventory management is an important part of any successful business, and it is especially vital for Shopify stores. Shopify stores rely on the accuracy of their inventory levels to ensure that customers can always find the products they are looking for. Inventory management helps Shopify stores in a variety of ways:
- Monitor Stocks To Satisfy: It enables Shopify stores to monitor their stock levels and make sure they have an adequate supply of the products they require to satisfy their customers.
- Understand Customer Base Product: It also helps Shopify stores to better understand their customer base and what products are popular. This helps them make better decisions about which products to stock and which products to discontinue.
- Save Money: Inventory management also helps Shopify stores save money. By tracking their inventory levels, they can ensure they are only ordering the products they need and not overstocking.
- Improve Customer Service: Inventory management enables Shopify stores to improve customer service. By ensuring that customers can always find the products they are looking for, Shopify stores can improve customer satisfaction and loyalty. This can lead to increased sales and better customer retention.
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Benefits Of An Efficient Inventory Management
Here are some benefits you should note:
Improved Warehouse Organization And Productivity
Organizing and managing a warehouse is a daunting task, especially for businesses with large inventories. Shopify’s inventory management system can help businesses improve their warehouse organization and productivity.
By providing an accurate, real-time inventory count, businesses can better plan their resources and optimize their stock levels. Additionally, Shopify’s inventory management system helps businesses track the movement of items within the warehouse and set up automated alerts to ensure they never run out of essential items.
Saves Time And Money
With Shopify, you can easily monitor stock levels and reorder supplies to make sure you never run out of the products you need to keep your business running. This eliminates the need to manually check stock levels and place orders, saving you both time and money.
Shopify also allows you to set up automated reordering systems, so you can rest assured that you will never run out of stock. This lessens the need to constantly monitor stock levels and place orders, freeing up time and resources that can be used elsewhere in your business.
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Improves Accuracy Of Inventory Orders
Accuracy of inventory orders is a crucial factor for businesses, especially those that sell physical products and need to keep track of stock levels. With an efficient inventory management system, businesses can guarantee that they always have the right amount of stock on hand to meet customer demand.
Shopify’s inventory management system allows businesses to create and manage product variants, such as size and color. This helps businesses accurately track stock levels and orders, as they can easily distinguish between different variants of the same product.
Improves Customer Retention And Engagement
By having a better understanding of your stock levels, you can ensure that customers receive the products they need quickly and without any issues. This can help to build customer loyalty and trust in your brand, as well as encourage them to return and make more purchases in the future.
Additionally, having an accurate inventory system in place can help you to better understand customer preferences and purchase patterns, allowing you to tailor your marketing campaigns and product offerings accordingly.
Improves Business Planning
With efficient inventory management, businesses can plan ahead and anticipate customer demand. This allows them to stock up on the right products at the right time, ensuring they never run out of the items they need to meet customer demand.
Furthermore, inventory management helps businesses identify slow-moving items and adjust their stock levels accordingly. This helps to reduce the risk of overstocking and minimize wastage, ensuring businesses are able to make the most of their resources.
Common Challenges Of Shopify Inventory Management
Managing inventory can be a daunting task, especially when it comes to Shopify stores. Shopify is a powerful platform, but it doesn’t come with all the bells and whistles that are needed to effectively manage inventory.
Without the right tools and strategies in place, Shopify store owners can find themselves overwhelmed by the complexity of managing stock levels and product availability.
The most common challenges of Shopify inventory management include:
- Shopify only stores data from the last 90 days
- No multi-channel support/selling
- Limited tracking capability
- Product restrictions
- Poor product integration
- Different functionalities across channels.
What Are The Best Ways To Handle Shopify Inventory?
The best way to handle your Shopify inventory will depend on the size, complexity, and needs of your business. Here are some of the most popular ways to manage your Shopify inventory:
Automation
Automation can help you to save time, reduce errors, and improve accuracy in your inventory management process. Automation can also help you to easily track your stock levels, reorder supplies, and manage your inventory in real-time.
Manual Tracking
This method involves manually tracking your stock levels and manually ordering supplies when needed. This method is typically used for smaller businesses with simpler inventory needs.
Third-Party Software
Third-party software can help you easily track stock levels, reorder supplies, and manage your inventory. This type of software is typically used for larger businesses with more complex inventory needs.
Automation Of Shopify Inventory Management
Automation of Shopify Inventory Management is the process of streamlining and optimizing the process of tracking, ordering, and managing stock levels. Automation of Shopify Inventory Management allows businesses to focus on other aspects of their business, such as marketing, customer service, and product development.
With automation, businesses can reduce the amount of manual labor required to keep track of inventory and ensure that stock levels are accurately maintained. Automation also reduces the amount of time and money spent on managing inventory, as it eliminates the need for manual data entry and manual tracking of stock levels.
What To Look For In Inventory Management Software
With the right software, businesses can track and manage their inventory more efficiently, saving time and money in the long run. But with so many options available, it can be difficult to know what to look for in inventory management software.
Before you choose an inventory app, look out for the following:
- Real-time inventory tracking: The software should provide real-time updates on inventory levels and track inventory movements across multiple locations.
- Integration with other systems: To provide a seamless workflow, the software should connect with other business systems such as accounting, shipping, and customer relationship management software.
- Forecasting and demand planning: Inventory management software should have forecasting capabilities that can help businesses predict future demand and make purchasing decisions accordingly.
- Reporting and analytics: The software should be able to generate customizable reports and analytics that provide insights into inventory levels, sales, and customer demand.
- User-friendly interface: The software should be easy to use and navigate, with a clean and intuitive interface.
- Mobile accessibility: The software should be accessible from mobile devices, allowing employees to access inventory data from anywhere, at any time.
- Security features: To protect sensitive inventory data, the software should have strong security features, such as user authentication and data encryption.
Build, test, and iterate on Shopify without the dev time
Replo has hundreds of templates to help you launch and test new landing pages - without writing a line of code.
Examples Of Inventory Management Softwares For Shopify
Whether you’re looking for an all-in-one solution or something more specialized to meet your specific needs, there are plenty of options out there. Here are some of the most popular inventory management software for Shopify:
Syncee
Syncee is a global B2B dropshipping & wholesale platform designed to help retailers and suppliers connect. It is an inventory management software that allows you to quickly and easily manage your inventory across multiple sales channels. It is presently compatible with Shopify, Wix, Squarespace, WooCommerce, BigCommerce, EKM, and KMO Shops.
Sellbrite
Sellbrite enables you to list and sell your products on multiple marketplaces while providing you with a centralized interface to manage your listings and prevent overselling. Sellbrite works with a variety of other tools, including shipping software, fulfillment providers, and robust inventory management solutions.
Skubana
Skubana is another effective inventory management app. It was launched in 2015 to enable vendors in listing their products on different online marketplaces. It helps you automate and optimize your entire inventory management process. With Skubana, you can easily track stock levels, automate reordering, and sync data between Shopify and other sales channels.
SkuVault
With this software, online stores can sell and ship products much more swiftly, increasing consumer satisfaction. SkuVault connects your channels, warehouses, and inventory through efficient integrations and streamlined processes. Inventory management with SkuVault enables businesses to link stock quantities and sales, thereby, improving workflow and avoiding stockouts.
TradeGecko
TradeGecko is a powerful Cloud commerce platform that streamlines and integrates your company's total inventory, orders, and broader supply chain ecosystem across multiple sales channels, from production to delivery, allowing you to concentrate on growth. It offers an inventory management platform aimed at wholesalers and online retailers. The system also integrates with other cloud-based applications such as Shopify and WooCommerce e-commerce.
Stocky
Shopify's Stocky app for inventory management is included with Shopify POS Pro subscriptions. Stocky helps you in inventory management by tracking inventory levels, forecasting the inventory that you need, and recommending which products to order. To adjust your inventory levels, you can perform inventory counts and create inventory transfers.
StoreAutomator
StoreAutomator is a flexible commerce management solution for streamlining, automating and managing your products, listings, pricing, inventory, and sales across multiple channels and marketplaces. Customers of StoreAutomator spend 50% less time on needless admin tasks while experiencing rapid growth in sales and income in the first year.
StoreAutomator eliminates out-of-stock situations and overstock markdowns while maintaining accurate inventory levels through a centralized dashboard with real-time access across channels and warehouses.
Final Thoughts
Shopify's inventory management tools are a powerful asset for businesses of any size. With the right tools in place, you can easily monitor stock levels, reorder supplies, and improve warehouse organization and productivity.
Automating your inventory management processes can save you time and money while improving accuracy and customer engagement. With the right inventory management software, you can effectively manage your Shopify store.
If you’re looking to take your Shopify experience to the next level, Replo can help! We supercharge our clients' Shopify stores with our pre-built Shopify landing pages, which are designed to improve user experience, increase conversions, and maximize profits.
Book a demo today, and let us show you how we can help take your Shopify store to the next level!
FAQs
Does Shopify POS have inventory management?
Yes, Shopify POS offers inventory management capabilities. With Shopify POS, you can easily track your stock levels, set reorder points, manage multiple locations and warehouses, and more.
Does Shopify track inventory costs?
Yes, Shopify can track the cost of your inventory. With Shopify, you can set the cost of your products and track the cost of goods sold (COGS). This can help you better understand how much your products are costing you to produce and how much you’re making from each sale.
Is Shopify good for large inventory?
Yes, Shopify is a great choice for businesses with large inventories. Shopify’s powerful inventory management tools make it easy to track and manage large inventories. However, you can also use third-party apps and integrations to further customize your inventory management system.
Can I use Excel to track my inventory?
Yes, you can use Excel to track your inventory. You can create an Excel spreadsheet to track your inventory levels, product costs, and other important information. Yet, if you have a large inventory, it can be time-consuming and difficult to manage in Excel. For larger inventories, it’s best to use a dedicated inventory management system like Shopify.
What is the success rate of Shopify stores?
The success rate of Shopify stores varies depending on a variety of factors such as the product you’re selling, your marketing strategy, and your customer service. But then, Shopify has a high success rate, with many successful stores on the platform. To increase your chances of success, make sure you have a well-designed store, an effective marketing strategy, and excellent customer service.