Inventory management touches many parts of your WooCommerce business. When you forgo management, you can’t forecast sales. You can’t efficiently get items to customers when they need them.
This can lead to different types of problems. Carrying too much inventory ties up capital. Too little means missed opportunities for sales. Both affect your customer experience.
Inventory management can benefit you in many ways, like:
- It prevents overselling. When inventory isn’t tracked, it can lead to you incorrectly listing available inventory on your site or marketplace. Nothing is worse than telling a customer you can’t ship an item they bought because you actually don’t have it.
- It provides a better customer experience. Tracking inventory means that customers can check online for inventory levels, whether for online or in-store. Employees are also better equipped to help customers with this information too.
- You can track and forecast sales. If anything, this should be a major advantage of implementing a robust inventory management system. Tracking your sales means you can estimate how much inventory you’re going to need on hand during different parts of the year. This helps you avoid making or ordering too much or too little.
- Inventory management helps speed up shipping processes within the warehouse. When you don’t rely on manual entry, you can quickly know that you have the inventory on hand to ship. You’ll have more control over your inventory and be able to track it over different locations.
With these types of benefits, it’s easy to see why inventory management should be one of your top priorities.
WooReports offers you ability to understand your current stock levels and it’s associated value at price, sales price and cost. Just follow the simple steps below to access the report:
- If you do not have WooReports installed, follow these instructions
- Go to Stock at sales value report, simple Grid view