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Why do small online shops and stores need Inventory & Instock Control?

08.04.2021 09:48 AM
Why do small online shops and stores need Inventory & Instock Control?
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Why do small online shops and stores need Inventory & Instock Control?
Amid last year's pandemic and forecasted years to come, small businesses are moving online in flocks. Online stores helped retailers compensate for the lockdown losses and acquire a wider and newer portion of local markets. They are convenient, fast to set up, and easy to navigate both for customers and business owners. However, just like in brick and mortar businesses, one aspect of the job never changes, and the secret to keeping your online store alive and thriving truly rests in how effectively you manage your inventory.

What is Inventory?

The verb “inventory” refers to the act of counting or making a complete list of items. Inventory is the accounting of items, component parts, and raw materials a company uses in production or sales. You moved your store online or built it from scratch now you have to order your inventory, keep track of it and manage it to ensure that you have enough stock on hand and to identify when there is a shortage. Inventory management is the process of knowing how many products you have when to order more, and at what price. For example, when:

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a fashion and apparel store buys clothing items of various styles and sizes

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a restaurant orders merchandise for a week’s menu 
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a coffee shop buys coffee beans and milk for their coffee service
How do small businesses organize their inventory?
Small businesses cannot afford to have too big inventory, as it will make them lose money or too little products on hand, as they will not be able to meet the demand. Inventory management's ultimate goal is to keep stock levels optimized at all times. Small businesses achieve this by monitoring current stock levels continually, as well as inbound stock, and accurately placing purchase orders to suppliers.

Many small businesses still use the old classic way of pen and paper to track inventory, but as their management needs and sales records begin to grow and become more complex, business owners quickly learn that using software like Excel is in no way a viable long-term management option. Investing in a digital inventory management system will allow small businesses to manage their item lists, stocks, orders, variants and turn sales and order processing into a smooth and efficient operation. It will help streamline the inventory tracking process by optimizing inventory levels, reducing storage costs, preventing stockouts and cutting down on paper, and saving time overall.

Why opting for dooklik Inventory & Instock Control?

dooklik offers an Inventory & Instock Control system that automates the inventory management process and makes this task much easier and faster and lets you focus on satisfying your customers and growing your sales.
dooklik system integrates financial and inventory functions in one database, maintaining consolidated information throughout your business for accuracy in reporting and intelligence in decision making. Information about Items will include the date of sale or purchase, quantity, unit price, total price paid… When an item is sold, it is instantly removed from inventory. Sales trigger other actions, and when enough sales of a certain product occur, levels drop to trigger a reorder and a purchase request. Such an automated and organized management system will allow you to:

Avoid running out of stock

Know when items are expiring and when promotions may be needed

Maintain enough stock to account for normal increases in demand

Add quantities to products or a product matrix entry if the product uses matrix-like sizes and colors

Monitor Committed and not executed orders

Track sales, costs, produce invoices and reports and communicate all information to accounting

Track your inventory and instock with dooklik control by adding this feature to your cart.
Contact our Sales team to learn more about how you can use Inventory and Instock control to take command of your online store management and get a demo.
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