Shopify inventory management is one significant aspect that facilitates a merchant’s success. Today, Shopify has the most significant eCommerce market share in the US. 32% of online businesses use it to boost their store. This is equivalent to about one in every three online businesses.
The good news is that you don’t have to be an expert to start using Shopify inventory to manage your business. That’s why many startups now use this tool.
Inventory refers to the product’s quantity that is available for sale. Inventory management is a crucial element for any eCommerce company. In fact, failure to establish a solid ground for tracking inventory can cause drastic issues.
You can run into many problems whenever you don’t follow up on the products’ availability in your online stores. Inventory management helps you to prevent the sale of products that are out of stock. It lets you know when you should produce or order more products.
A study was done amongst 188 micro and small enterprises (MSEs) operating in the manufacturing sub-sector. The results indicated that; practicing inventory management at higher levels could improve organizational performance. It can also lead to an enhanced competitive advantage.
So, with Shopify inventory, you can achieve the following:
- Establish inventory tracking
- View your inventory
- Modify your inventory levels in the Shopify inventory area
- Check the history of inventory adjustments for particular products.
How Ecommerce Merchants Use Business Point of Sale
Ecommerce merchants use business point of sale (POS) to run their online stores. It’s mainly because of the flexibility in managing businesses of all sizes.
This explains why there’s notable Shopify merchants’ online sales growth. In 2020, statistics revealed that Shopify processed over $5 billion transactions. 69% of Shopify transactions are made via mobile devices.
The same statistics show that 100,000 entrepreneurs use Shopify POS for their online and offline business unification. The businesses include a point of sale system for retail stores and pos system wholesale.
Shopify POS is a point of sale app. You can use it to sell your products almost anywhere. The app takes care of customer-related activities. It also handles your in-store settings. Shopify POS offers you more control in managing your inventory than a traditional POS system. This is because inventory is synced over every location where you operate.
Essential Things to Know About POS System
Your business can benefit extensively from the state-of-art point of sales. You can sell your merchandise both to your retail and wholesale customers. And, you get to do this almost effortlessly.
You can customize counterpoint POS to fit your business using a configurable touchscreen. You get to streamline operations, reduce errors, and maximize profits by doing this.
As a result, it becomes easier to:
- Connect well with your clients,
- Manage inventory from anywhere, and
- Improve your business’ growth.
Indeed, business points of sale are an essential focus for merchants. This is because consumers often make purchase decisions on high-end products and services at such strategic locations.
Traditionally, businesses usually set up POS systems close to store exits. This helps to enhance impulse purchase rates, which happen as customers leave.
However, varying POS locations offer retailers the chance to micro-market particular product categories. It enables them to influence customers at initial points in the sales funnel.
Business POS software systems are very interactive. The system enables customers to make orders and reservations. They can then pay bills electronically and have receipts electronically or in print form. However, cloud-based POS systems are now popular among merchants.
Electronic POS software systems often streamline retail functions. This is achieved by automating transaction processes and tracking important sales data.
Basic systems involve e-cash registers and software. They help to coordinate data gathered from daily purchases. So, retailers can boost functionality by using a point of sale system for retail stores. They can do the following:
- Installation of a network of data-capture devices
- Adding card readers and barcode scanners
Based on the features, the POS retail software can track:
- Pricing accuracy
- Gross revenue
- Sales pattern
- Inventory changes
Applying integrated technology in data tracking helps retailers notice cash flow or pricing discrepancies. This is what could lead to sales interruption or profit loss.
Besides, POS systems that help in monitoring inventory and buying trends can allow retailers to prevent customer service issues like:
- Out-of-stock sales,
- Tailor purchases, and
- Marketing-to-consumer behavior.
How Can You Benefit from Modern POS Software for Your Business?
You Get Powerful Mobile POS Software
The POS software helps convert any mobile device into a powerful POS. So, you can download the Shopify Retail POS app onto your Android, iOS smartphone, or tablet.
You can Customize POS Terminal
You can personalize your POS system in line with your business. As a result, you can maintain your most-used apps, products, and discounts at your fingertips. Thus, you get to conduct quick checkouts.
You Manage to Maintain a Wholly-Integrated Hardware
Whether a pop-up shop, a retail store, or a wholesale, you can get the ideal POS setup. Shopify POS connects harmoniously with compatible hardware accessories, and Shopify card readers.
You can Enhance Your Retail Store Operation
Things get more manageable with the tools you require to operate your retail store best. The all-in-one POS system comes with benefits like:
- Inventory tracking
- Staff management, and many more.
Why Inventory Management is Vital on Shopify
With a well-organized inventory, you can prevent profit losses due to:
- Return of products by customers
- Misplaced items
- Product spoilage
This helps in reducing overall inventory costs. It also optimizes customer satisfaction and leads to enhanced customer service.
In short, e-commerce inventory management for wholesale offers you insight into important matters like:
- Consumer behaviors, interests, and preferences
- Financial performance
- Overall profitability
- New business opportunities and product ideas
- Customer buying trends
The best Shopify inventory software offers an excellent structure for all-sized brands. It gives merchants the essential framework to operate retail or wholesale businesses successfully.
Thus, Shopify’s point-of-sale (POS) and its online capacities, plus the extensive app store, can enable your brand to operate almost everywhere. But, it is still upon you to establish the operations structure that keeps enhancing this framework.