![]() Variants: This refers to variations of the same product such as a toaster that comes in different colors or finishes.Minimum Viable Stock: This is the minimum amount of a product you need to have on-hand to keep up with consumer demand.SKUs: This refers to a stock keeping unit – an identification code used to classify and organize your products.Units of Measure: The way you measure your stock – this could be items, bundles, pieces, ounces, kilograms, etc.Supply Chain: The supply chain refers to the processes and systems responsible for producing, managing, and distributing a product/piece of inventory.Inventory: Inventory refers to all tangible items, good, and products to be sold to customers.To really get a handle on inventory management for eCommerce, check out this simple guide. Your Simple Guide to Inventory Management for eCommerce ![]() ![]() When the inventory is managed well and effectively, customers are happy, business booms, and you can foresee growth. They may receive the wrong product, have a long wait to receive the right product, or get tangled up waiting to cancel their order altogether. For example, if you do not have the right numbers for a certain product or if a product is out of stock and listed incorrectly in your records, it could lead to a poor customer experience. Since inventory management is all about keeping track of your products from start till the end. When a product is in stock, it is part of your business’ inventory and is managed as moves through the supply chain, or from you to your customer. Inventory management is the process of overseeing the volume, diversity, pricing, and location of your products. Why Inventory Management Should Be a Top Priority Since inventory management is so important, it only makes sense that all business owners, managers, and entrepreneurs should learn the best tips, secrets, and ins and outs of inventory management for eCommerce. Poor inventory management can lead to poor customer relationships and loss of revenue, and it can be hard to recover from this irrespective of your level of expertise, the type of products you sell, or the size of your business. No matter the size of your business, managing your inventory effectively plays a huge part in your success. Inventory Management for eCommerce: A Simple Guideīuilding a sustainable eCommerce business in today’s modern era is almost completely reliant on proper inventory management.
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