How to Manage Inventory on Shopify With the Best Apps
Published March 25, 2022.
Inventory management is the proactive and reactive decision-making process used to ensure that a company has the right amount of goods on hand to meet customer demand.
Why Is Inventory Management Important for Shopify?
Well, inventory management allows online business owners to keep track of the products they have in stock, how much inventory they have in reserve, and when they need to order more. Inventory management also allows business owners to track their profits and losses associated with each product.
To ensure your inventory management is running optimally, here are some tried and tested inventory management strategies and apps you can use to make managing your Shopify store’s inventory a breeze.
Best Inventory Management Strategies
1. Allocate Par Levels
Setting par levels for inventory items can be extremely helpful for a business' overall inventory management. By establishing desired quantities for each item, a company can plan its purchasing and stocking decisions more effectively. In addition, regular reviews of par levels can help to identify items that may no longer be needed or necessary, leading to less excess stock on hand.
2. Perform Regular Stock Audits
A regular stock audit is an important tool for inventory management because it helps ensure that the correct inventory is being tracked and that there are no discrepancies between the physical inventory and the accounting records. An audit can also help to identify any potential problems with the inventory system or with the way that the inventory is being managed.
3. Hone Your Demand Forecasting Skills
Demand forecasting is a tool used to predict future demand for a product or service. This information can be used to help with inventory management by helping to ensure that the correct amount of stock is kept on hand. Forecasting can also help identify patterns in demand so that managers can plan for fluctuations of demand in the market.
4. Outsource Inventory Management
One way that outsourcing inventory management to a Shopify app can help to reduce profit loss is by reducing the amount of time that is needed to manage inventory. By automating some or all of the tasks related to inventory management, a business can save time and resources that can be put towards more important tasks.
Additionally, using a Shopify app for inventory management can help businesses to better track their inventory levels and ensure that they are not overstocking or understocking items.
Best Apps for Inventory Management
1. Bestsellers reSort
Take the pain out of manually managing your inventory with Bestsellers reSort. With its automated online merchandising features, Bestsellers reSort will sort products into separate collections by revenue, sales, profit, tags, etc., without any input from the user.
Or, if you’d like to be more hands-on, with its simple and intuitive interface, you can set exact sorting rules that will organize products into designated categories. Additionally, with product tags, users can create a custom order of products. Simply import a CSV, and the app will do all the heavy lifting.
2. Out-of-Stock Police
With the Out-of-Stock Police app, you can effortlessly manage out-of-stock products to prevent overselling and lost sales. Out-of-Stock Police will automatically place out-of-stock items at the bottom of your collection pages. With this approach to out-of-stock products, your store can stay relevant in the SERPs, maintain site traffic, and minimize loss of revenue.
Or, if you’d prefer to, flexible settings will even allow you to hide out-of-stock items. The app also offers a variety of reports to help you track and analyze your stock levels. That way, you can keep your store’s sales sky-high while you wait on your inventory to be restocked.