Inventory management is a data-driven task, but at the heart of it, we’re trying to stop goods from running out. In the world of e-commerce, this aspect becomes even more crucial. By leveraging data, businesses can efficiently manage their inventory and implement various strategies. The primary objective is to ensure that goods are readily available for sale. It is widely acknowledged that recovering lost sales can be a challenging task. To keep things running smoothly, businesses must ensure their stock levels are always up to date. A vital tool in achieving this goal is the low-stock product report.
Understanding Low Stock Product Report
This report template is designed to display items with low stock levels in your inventory. The inventory quantity field showcases the number of units per product, which is set by default to trigger the condition (inventory quantity < 10). However, it’s important to note that the reports can be customized, allowing flexibility in defining the desired quantity to indicate low stock.
Common Fields Used in the Low Stock Product Report
Product Title – Name of the product
Variant Title – Variant title of the product
SKU – Unique identifier for the product in the store
Product Status – Determines if a product is available for your visitors to view in your online store
Inventory Quantity – The number of items in stock
Price – The listing price of the product
Inventory Value – The multiplied output of the inventory quantity and the product price
Product Cost – Acquisition cost
Inventory Cost – Total cost of the inventory, calculated by multiplying the acquisition cost by the available quantity in the inventory.
Why Your Shopify Store Needs This Report
An empty shelf can significantly impact your store’s conversion rate, or the percentage of visitors who make a purchase. When an item is out of stock, not all customers will opt for alternative items. This can lead to a high bounce rate as customers search for alternative sources to fulfill their needs.
By keeping track of low-stock items in your inventory and promptly restocking them, you can meet the incoming demand and avoid potential sales losses.
You can schedule a report to highlight low-stock items to notify when product quantity hits a minimum threshold. These reports should be sent to your designated mailbox or preferred source of information. The data provided indicates when it’s time to reorder all your products. Each product/variant mentioned in the report should be replenished.
Even if you stumble upon a few empty inventory shelves at first, remember this report is all about preventing that ‘out of stock’ sign in your online store. By holding onto this report for a significant period, you can effectively avoid stock shortages.
When assigning a low stock indication to your inventory, there are several factors to consider. These factors include your supplier, the anticipated arrival time of stock, demand, and the product type.
By staying proactive and keeping a close eye on your inventory levels, you can ensure a steady supply of goods. This not only meets customer demands but also creates a smooth shopping experience that keeps customers coming back.
Most Commonly Asked Questions Answered by This Report
What factors should I consider when deciding the minimum stock level for my inventory?
How can I personalize the low-stock product report in Report Pundit to match my inventory requirements?
Can I schedule specific reports in Report Pundit that focus on my best-selling products and ensure they’re always available for customers?
How does keeping track of low-stock items in my inventory help me retain customers and prevent potential sales losses?
What negative impact can an empty shelf have on my Shopify store’s conversion rate?
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Tips & Suggestions for Hassle-free Report Generation
Report Pundit offers two options for generating reports: Pre-created and Custom reports. Users can utilize over 100 pre-created templates, or use the report designer tool to create custom reports from scratch.
The Report Designer tool provides customization options such as static and calculated columns, date range selection, filter conditions, and sort conditions. Users can export reports in various formats, including Excel, PDF, CSV, and Google Drive, and can also schedule automatic report generation.
Learn more about hassle-free report generation using Report Pundit by CLICKING HERE for a dedicated article on it.