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  • Richard D

Shopify Inventory Management Tips

Top tips direct from the subject matter experts at Shopify.

Tip 1 - Use Shopify inventory tools already built into the software.

Tip 2 - Set par levels or the min and max amount for inventory. Min or par level should trigger a re order so you don't miss future sales from selling out.

Tip 3 - Use FIFO (First In First Out) if you are using inventory that has an expiry date or short product life cycle.

Tip 4 - Manage supplier relationship so you can get help with rush orders or returning excess inventory.

Tip 5 - Have a plan B. This plan should be actioned if you under or over sell inventory.

Tip 6 - Understand the 80/20 rule. A business truth is that 80% of your sales will come from 20% of your top products. Try not to over buy the 80% as it will tie up your working capital.

Tip 7 - Setup product codes or SKU (Stock Keeping Unit) for each product and variant. This way you can get data on how each products is performing.

Tip 8 - Setup different locations if you have more than one channel for selling (retail vs online). This will ensure you have the right amount of inventory at each location. This will also help you tracked down the physical location of your inventory.

Tip 9 - Have a clear strategy and action plan to clear nonperforming products. Discount and clear these products as soon as possible. This will free up warehouse space and put the cash back into products that sell.

Tip 10 - You don't need to learn hard or costly inventory lesson. Get your friendly ecommerce consultant to help setup inventory best practice in your business day 1.

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