Inventory management is critical for any business, yet it can be tricky to get right.
Managing your WooCommerce store isn’t just about selling your products. It’s about running your company effectively as you scale your business and ensuring your customers can always get the products they want from your store.
Effective inventory management can also be one of your most robust sales strategies. When you understand which items and types of stock are most popular in your store, it’s easier to expand your most lucrative niches and avoid investing in inventory that will not perform as well.
Fortunately, you can use some valuable tips and tools to make this critical task both more accessible and effective.
In this post, we will explore how to manage your inventory utilizing WooCommerce’s Inventory Management system and how to streamline the process to give you the results you want easily and quickly.
If you’re using WooCommerce to power your eCommerce store, here are some best practices and tips to help you get started.
Let’s dive in.
What is WooCommerce inventory management?
If you own an online business, then you’ve probably heard of WooCommerce Inventory Management. But what is it?
Simply put, it’s a way to keep track of your inventory, optimize your stock levels, and ensure that you always have the products your customers want in stock. In other words, it’s a crucial part of running a successful online business.
There are several different inventory management systems, but WooCommerce is one of the most popular. That’s because it offers many features and benefits that other systems don’t.
For example, WooCommerce is highly customizable, so you can tailor it to fit the specific needs of your business.
It’s also easy to use, so you won’t waste time figuring out how to make it work for your business.
And last but not least, it’s relatively affordable, so you won’t have to break the bank to get started.
If you’re looking for a way to streamline your business and ensure that you always have the products your customers want in stock, then WooCommerce Inventory Management is worth considering.
To begin tracking your inventory, you’ll need to select Enable Stock Management in your Products Inventory Settings.
WooCommerce Inventory Management also allows you to manage and track your inventory; however, the function must be enabled to work correctly.
If you do not select this feature, you will be limited to seeing your stock status in the Product Data Inventory box.
And, if you opt not to use the WooCommerce Inventory Management system to automatically track changes to your stock, you’ll be responsible for manually updating the status of your inventory.
Benefits of WooCommerce inventory management
WooCommerce Inventory Management is an extremely useful tool for business owners who want to keep track of their inventory. With this tool, you can see how much inventory you have on hand, track your most popular items, and automate your stock replenishment.
This is essential in managing your business: it can free up capital and help you avoid overstocking or running out of inventory.
Additionally, WooCommerce Inventory Management enables you to track your sales and monitor your stock levels. This information is critical to ensuring that your business runs smoothly and efficiently.
Overall, WooCommerce Inventory Management is an excellent tool for business owners who want to keep track of their inventory and sales. This tool is worth considering if you are running an eCommerce business.
WooCommerce Inventory Management provides:
- Better customer experience
- Improved cash flow
- A clear picture of what is working in your business
- Better management of your supply chain
- Automation of business processes
- Ability to increase sales via cross-sells and upsells
- Minimizes loss due to excess and obsolete inventory
- Increases profitability
- Improves your business’s bottom line
WooCommerce inventory best practices and tips
As a business owner, you know that managing inventory is a crucial part of running a successful operation. But with so many products and data to keep track of, it can be challenging to know where to start. We’ve put together a few WooCommerce inventory best practices and tips to help you get the most out of your business.
First and foremost, it’s essential to keep accurate records of your inventory levels. WooCommerce makes it easy to track your inventory levels with their built-in tools, so take advantage of them! This data can help you decide strategically what products to stock and how to price them.
It’s also important to stay organized when managing your inventory. Keep your products sorted into categories to quickly find what you’re looking for. And don’t forget to regularly check your stock levels to ensure you’re not running low on any essential items.
Following these simple tips can streamline your inventory management process and keep your business running smoothly.
Use forecasting to take the guesswork out of inventory management
Forecasting your inventory needs can be a challenging endeavor. Too much inventory and you’re wasting money on storage costs; too little inventory and you risk losing sales.
Fortunately, WooCommerce inventory management can help take the guesswork out of forecasting your inventory needs. By giving you the ability to track your sales data, WooCommerce can help you identify patterns and trends that can tell you when it’s time to restock your shelves.
As a result, you’ll be able to avoid the peaks and valleys of the inventory cycle, saving you time, money, and headaches in the long run.
Leverage dropshipping and 3PLs
Dropshipping business owners often face a unique challenge regarding inventory management.
Unlike a traditional brick-and-mortar business, a dropshipping business typically doesn’t have any physical inventory on hand. Instead, products are only ordered from suppliers after a customer purchases.
This can make it challenging to track what’s in stock and what needs to be ordered.
WooCommerce inventory management can help by providing a central place to track your inventory levels and reorder supplies as needed.
By keeping careful track of your inventory, you can avoid the frustration of selling out of popular products and ensure that your customers always have access to the items they want and need.
Use great plugins
If you want to take your inventory management to the next level, consider using a plugin like WooCommerce Inventory Manager. This plugin allows you to track stock levels, reorder products, and manage your inventory from one central location. This tool can streamline your inventory management process and keep your WooCommerce store running like a well-oiled machine.
Some of the most useful plugins include:
- WooCommerce Out of Stock! Manager: The WooCommerce Out of Stock! Manager provides your business with custom notifications when your inventory is running low. In addition, this plugin includes other useful features, including email warnings when one of your products crosses a low-stock threshold.
- WooPOS: WooPOS has inventory management, a built-in customer relationship manager (CRM) to build and enhance your customer relationships, a cloud database to effectively monitor your inventory, the ability to manage multiple storefronts, and a robust POS system.
- Smart Manager for WooCommerce: Smart Manager for WooCommerce is a powerful plugin giving you complete control of your inventory. You can bulk edit or filter your inventory from a single screen using an Excel-like spreadsheet utilizing fields including SKUs, prices, weight, backorders, stock or tax status, product title, shipping class, and a wide variety of other critical stock-related fields.
Sync your inventory across all your sales channels
As a business owner, there are a million things to keep track of. From inventory to bookkeeping, staying on top of everything can be challenging.
Fortunately, WooCommerce inventory management can help sync inventory across all your sales channels.
You can automatically update stock levels with inventory management when items are sold online or in-store. This way, you can avoid oversells and keep your business running smoothly.
In addition, inventory management can help you track your sales and profits. By understanding your sales patterns, you can make informed decisions about what products to stock and how to price them.
Bulk updating your products saves time
One of the most useful features of WooCommerce’s inventory management tools is updating your inventory and product information in bulk.
As you scale your business and your product offerings grow, keeping track of everything can be challenging. With WooCommerce inventory management, you can bulk update your products with ease. Simply enter the SKUs or product names of the items you want to update, and WooCommerce will take care of the rest.
Use automatic reordering
With WooCommerce inventory management, you can automatically reorder inventory when it gets low.
This can save your business time, as you’ll no longer need to manually check inventory levels and place orders for stock replenishment.
In addition, you can set up WooCommerce inventory management to send you alerts when inventory is low, so you are notified when your stock needs to be replenished before it runs out. This feature is a valuable tool for business owners who want to streamline their operations, reduce the time they spend manually managing inventory, and save time and money.
Managing your WooCommerce inventory can be daunting, but it doesn’t have to be. By following some best practices and tips and using the right tools, you can streamline the process and keep your products in stock (and selling!) on all of your sales channels.