Recording Inventory Data
Products and/or components enter inventory at the time of purchase. Merchants record those purchases in an inventory ledger that can be an actual book (kind of old-school), spreadsheets, a basic app bolted-on to accounting software or eCommerce platforms, or inventory software.
Inventory Management Methods
With the Perpetual Inventory method, merchants continuously adjust stock levels and costs in their ledgers. With the Periodic Inventory method, they only adjust inventory (by matching stock with sales) after a monthly, quarterly or annual stock-take.
Automated Inventory Management
Merchants need consistent product messaging and coordinated marketing efforts to ensure a singular customer experience. That means making sure the product information is up-to-date and unified across all their channels, and understanding what, how and where customers make their purchases.
Tools of Inventory Management
Lost stock, overselling, flat sales and ever-shrinking margins can all point to a failing inventory management system and a suffering business. Any inventory management tool should give merchants real-time data and control over their goods across their entire business, efficiently and cost-effectively.That’s exactly what Cin7’s core inventory features, extensive integrations and automated inventory solution do for ominchannel merchants.