There is a saying that goes, “there are many ways to skin a cat”. Colloquially, this means that there might be several ways to do the same thing.
In this article, we are going to talk about the many ways to manage the stock at your store. We are going to look at a few different options and go over what kind of shops and/or products find them the most useful.
Hopefully by going through this list, you can find the best system for your store. Or maybe you will find that a combination of a few might be the best choice for you.
So, let’s take a look at some ways to handle stock!
1. Serialized Inventory
Serialized inventory is a system of inventory management with a very specific use. It is intended for products where each individual unit is unique in some way.
While the mind might jump to luxury products like a Roll’s Royce, serialized inventory can be used for more mundane items too. For example, each mobile phone comes with its own IMEI number which can uniquely identify that particular unit. As such, the best way to catalogue phones is to give each unit a unique serial and to keep track of it.
Serialized inventory systems are useful if you sell products where each unit is unique. Stores such as tech stores, music stores, handmade gift shops, and so on might benefit greatly from such a system.
2. Variant Inventory
Variant inventory is a system which applies to products which are largely similar but have small variations between different units.
The first thing our minds jump to when discussing variant inventory is the fashion industry. When you have the same t-shirt design from the same company but in different sizes, you COULD make individual entries for each variation. Or you could simply use variant inventory so one bit of data entry can save you and your staff a lot of trouble going forward.
Variant inventory systems are best suited for clothing stores, shoe stores, art stores, and other such stores that carry variations of basically the same product. So if you carry such products, this is what you’re looking for.
3. Batch Inventory
Batch inventory is a system which is best used on products which were produced by the same manufacturer at around the same time and comes in batches.
The most obvious use for such a system comes in the form of tracking expiry dates for food items. By having all the units of a particular batch of products be identifiable, you and your staff can know when expiry dates are near.
Additionally, batch inventory systems can also be useful if disaster strikes and an entire line of products need to be recalled. This has happened to some automobile companies, some pharmaceutical companies, and some food manufacturers as well.
Batch inventory is what you’re looking for if you run a convenience store, an automobile retailer, or any other type of shop where your products come in batches.
Those are just three of the most common types of inventory management systems. What we’ve offered is just the tip of the iceberg in terms of what each as to offer, so feel free to continue your search to find the best suited inventory system for your store.
Additionally, as mentioned before, some types of stores sell products that could fit into two or more of these stock types. When that happens, what you need is an inventory management system that can handle all of it.
Allow us to introduce you to Ewity. Ewity is an easy-to-use, easy-to-learn, cloud-based POS system with robust stock options.
Ewity can easily handle all three of these types of stock. When it comes to inventory management, your staff have never had it easier.
So, head on over to our website and sign up for FREE to see what Ewity can bring to your store and its stock.