Does shopify do inventory management
Have you ever found yourself struggling to keep track of your inventory while running an online store? It can be a daunting task, but fear not, because Shopify has got you covered. Yes, you heard that right – Shopify does inventory management. In this article, we’ll dive deeper into how Shopify’s inventory management system works, why it’s a game-changer for online sellers, and how it can help streamline your business operations. So, whether you’re a seasoned online seller or a newbie just starting out, keep reading to learn how Shopify can make your life easier and your business more successful.
Does Shopify Do Inventory Management?
When it comes to running an online store, inventory management is crucial. It can make or break your business, especially if you sell products that have a high turnover rate. With Shopify being one of the most popular ecommerce platforms, many people wonder if it has a built-in inventory management system.
The Short Answer
Yes, Shopify does have inventory management features. However, the level of inventory management you can do depends on the Shopify plan you have.
Basic Shopify Plan
If you have the Basic Shopify plan, you can manage your inventory by setting up product variants and tracking the quantity of each variant. You can also set up low stock alerts to notify you when a product is running low. However, you cannot track inventory levels across multiple locations, which can be an issue if you have more than one warehouse or retail store.
Shopify Plan
If you have the Shopify plan, you have access to more advanced inventory management features. You can track inventory levels across multiple locations, set up automated inventory tracking, and use barcode scanning to manage inventory. You can also set up rules to automatically hide products that are out of stock.
Advanced Shopify Plan
The Advanced Shopify plan gives you even more inventory management features. You can set up custom reports to track inventory levels and sales trends, as well as create purchase orders and receive inventory directly in Shopify. You can also set up multiple staff accounts with different levels of access to your inventory.
Third-Party Inventory Management Apps
If you need even more advanced inventory management features, there are plenty of third-party apps available in the Shopify App Store. These apps can help you manage inventory levels, track sales trends, and automate many of the tasks involved in inventory management. Some popular inventory management apps include Stocky, TradeGecko, and SkuVault.
Why Inventory Management is Important
Effective inventory management is important for several reasons. First, it helps you avoid stockouts, which can lead to lost sales and unhappy customers. Second, it can help you optimize your inventory levels to reduce carrying costs and improve cash flow. Finally, it can help you make better business decisions by providing you with accurate data on sales trends and inventory levels.
Best Practices for Inventory Management
Here are some best practices for effective inventory management:
- Set up low stock alerts to notify you when inventory levels are running low
- Track inventory levels across multiple locations if applicable
- Use barcode scanning to speed up inventory management tasks
- Regularly review sales trends and adjust inventory levels as needed
- Consider using third-party inventory management apps for more advanced features
The Bottom Line
In conclusion, Shopify does indeed have inventory management features. The level of inventory management you can do depends on the plan you have, with more advanced features available on higher-tier plans. Effective inventory management is crucial for running a successful online store, and Shopify provides several tools to help you manage your inventory effectively.
Why Effective Inventory Management is Important for Your Online Store
Inventory management is a crucial aspect of running a successful online store. Without proper inventory management, you could lose sales, damage your reputation, and struggle to manage your cash flow.
One of the main reasons inventory management is important is that it helps you avoid stockouts. When you run out of stock, you risk losing sales and customers. This can be especially damaging if you sell products with high turnover rates, such as fashion items or electronics. By tracking inventory levels and setting up low stock alerts, you can ensure that you always have enough stock on hand to meet customer demand.
Effective inventory management can also help you optimize your inventory levels and reduce carrying costs. Carrying costs refer to the expenses associated with storing and managing inventory, such as rent, utilities, and labor. By tracking sales trends and adjusting your inventory levels accordingly, you can reduce your carrying costs and improve your cash flow.
Another benefit of effective inventory management is that it can help you make better business decisions. By providing you with accurate data on sales trends and inventory levels, you can identify opportunities for growth and make informed decisions about which products to stock and how much inventory to carry.
Best Practices for Effective Inventory Management
Here are some best practices for effective inventory management:
- Track inventory levels regularly and set up low stock alerts
- Use barcode scanning to speed up inventory management tasks
- Regularly review sales trends and adjust inventory levels as needed
- Consider using third-party inventory management apps for more advanced features
- Track inventory levels across multiple locations if applicable
- Set up automated inventory tracking to save time and reduce errors
- Create purchase orders and receive inventory directly in your ecommerce platform
- Train your staff on proper inventory management techniques
Third-Party Inventory Management Apps for Shopify
While Shopify offers a range of inventory management features, some businesses may require more advanced inventory management tools. Luckily, there are plenty of third-party inventory management apps available in the Shopify App Store.
Some popular inventory management apps include:
- Stocky: a comprehensive inventory management app that integrates with Shopify and provides real-time data on inventory levels, sales trends, and more.
- TradeGecko: a cloud-based inventory management platform that can help you manage inventory across multiple sales channels and locations.
- SkuVault: an inventory management system that provides barcode scanning, automated tracking, and reporting tools to help you optimize your inventory management processes.
By using a third-party inventory management app, you can streamline your inventory management processes, reduce errors, and gain deeper insights into your inventory levels and sales trends.
Conclusion
Effective inventory management is crucial for running a successful online store. By tracking inventory levels, setting up low stock alerts, and using advanced inventory management tools, you can avoid stockouts, reduce carrying costs, and make better business decisions. Whether you use Shopify’s built-in inventory management features or third-party inventory management apps, it’s important to have a solid inventory management strategy in place to ensure the success of your ecommerce business.
Frequently Asked Questions
Does Shopify Do Inventory Management?
Yes, Shopify provides inventory management tools to help you keep track of your stock levels and prevent overselling. You can set up alerts, track inventory across multiple locations, and even sync your inventory with third-party apps.
How Does Shopify Handle Order Fulfillment?
Shopify offers a built-in order fulfillment system that allows you to manage your orders directly from your store’s admin panel. You can view order details, print shipping labels, and track shipments all from one place. Shopify also integrates with several third-party fulfillment services, so you can outsource your order fulfillment if needed.
Can I Sell Digital Products on Shopify?
Yes, Shopify supports the sale of digital products such as music, ebooks, and software. You can upload your digital products to your store and sell them just like physical products. Shopify also provides tools to help you manage digital product delivery, such as download links and access codes.
How Does Shopify Handle Payment Processing?
Shopify offers its own payment processing system called Shopify Payments, which allows you to accept credit card payments directly through your store. You can also use third-party payment gateways such as PayPal and Stripe. Shopify charges transaction fees for third-party payment processing, but these fees can be reduced if you use Shopify Payments.
Key Takeaways
– Shopify provides inventory management tools to help you keep track of your stock levels.
– The built-in order fulfillment system allows you to manage orders directly from your store’s admin panel.
– You can sell digital products on Shopify and use tools to manage delivery.
– Shopify offers its own payment processing system, Shopify Payments, and also supports third-party payment gateways.
In conclusion, Shopify is a comprehensive e-commerce platform that offers a wide range of features to help you manage your online store. From inventory management to payment processing, Shopify provides tools to simplify the process of running an online business. With its user-friendly interface and extensive app store, Shopify is a popular choice for businesses of all sizes.
