Navigate Complex Shopify Inventory Challenges with Advanced Reporting

Learn how to manage stocks, avoid deadstock, and forecast future demands. Ensure a well-planned inventory with the aid of detailed reports from your store data.

Inventory is the backbone of your ecommerce business. 

If your stock counts are off, products are gathering dust on the shelves, or vendors aren’t pulling their weight, you’re leaving money on the table.

 

Keeping your inventory in check is crucial for the smooth operation of your Shopify store, and Report Pundit’s Inventory Report offers a variety of valuable information to ensure you’re in total control of your stock. 

 

For example, the Replenishment Report lets you track inventory level changes and stay updated. The Daily Inventory Report offers a snapshot of the inventory quantity on a particular day. The Inventory Level Indicator Report triggers an email the moment your stock levels drop below a certain point. 

The bottom line: you have all the info you need to keep your store’s inventory in check with minimal effort. 

 

What does Report Pundit’s Inventory Report Offer?

Inventory Planning

Report Pundit helps Shopify merchants plan their inventory by calculating data metrics like re-order point, lead days and safety stock. Let’s understand this with an example. 

 

Sam’s apparel store was running out of sweatshirts, especially during the fall when demand was high. He couldn’t understand why he kept running low when it mattered most, so we tried to help him figure it out. 

We gathered some key information from Sam, like the lead time (max. time he takes to restock), safety stock (the inventory he keeps as buffer), etc. He informed us that he occasionally gets bulk orders for 50 or more sweatshirts, so he’s always prepared for them. He’s also prepared for unexpected delays caused by suppliers and his lead time is two days. 

 

We analyzed his store’s data and found that Sam sells 450 sweatshirts on average each month. With this info, we were able to help him maintain the right inventory levels without breaking a sweat. 

Our trick? A simple formula.   

Re-order Point = (Lead Days x Average Daily Sales) + Safety Stock 

In Sam’s case, it was 2 days x 15 units per day (450/30) + 50 units of safety stock = 80 units

 

Inventory Reorder Point

 

Inventory Replenishment Report Schedule

Whenever the inventory levels drop to 80 or below, Sam now knows that he must place an order immediately so he receives the stock within two days. The problem is he can’t track it every single day, and we get that. 

To make his life easier, the report will send him an email notification conveying that his stock quantity has reached the re-order point. And all he has to do is place the order. It really is that convenient! 

 

Inventory Level Indicators

If you’re well-prepared for the holidays and peak seasons, your Shopify store can generate a lot of sales in a short span of time. 

With Report Pundit, you just have to pick each product and enter the quantity you think is reasonable to avoid running out of stock. We’ll send you a notification when the inventory of a particular product dips below the quantity you’ve set. 

And this is not just for low stock levels. You can also set a maximum quantity and stay updated about products that are just sitting on the shelf. These two indicators, Low Stock Level and High Stock Level, will let you know which products you need to re-stock quickly and which ones you can go without ordering for a while.

 

Inventory Aging or Dead Stock Report

Even during seasonal variations, your products should continue to sell, albeit at a slower pace. If they aren’t moving, why not consider getting rid of them? 

The Dead Stock Report pinpoints products that haven’t budged in the last three months. It helps Shopify merchants declutter their inventory, make informed decisions and optimize shelf space to prioritize products with more market appeal.

 

Shopify Reports

Want a bit more from your Shopify reports? Customize them with Report Pundit! 

Some examples of customized reports include ‘Inventory Value by Vendor’, ‘Inventory by Location’, ‘Inventory by Product Type’ and ‘Inventory by Collection’. You can customize these and other reports the way you want and use the data to give your Shopify store a solid boost. 

 

Summing Up

The foundation of your retail enterprise lies in your inventory. Inaccurate stock counts, languishing products or underperforming vendors can all translate to missed revenue opportunities. Report Pundit’s Inventory Report helps you stay on top of your stock and boost your Shopify sales. Don’t leave money on the table – ensure your inventory is well-managed and optimized for success.     

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