Tracking inventory is one of the most important aspects of any retail business. Failing to do so can result in overselling, losing products, and losing customers.
There are many ways to do the inventory of your shop. Different products benefit from these different approaches. That said, today, we will be focusing on serialized inventory.
To the uninitiated, serialized inventory is when you track individual products using unique serial numbers. This differs from using something like an SKU code for products because the same SKU code will apply to a specific type of product. However, with serial inventory tracking, each item has a unique identifying code that allows it to be identified.
An example of this could be mobile phones. Each phone has a unique IMEI number that identifies that one phone, even in a batch of identical phones. This can be used to keep track of it via a serialized inventory system.
Depending on the product, there are quite a few benefits to such a system. Let’s quickly take a look at some of these benefits to see if serialized inventory is right for you and the products you sell.
Keeping Goods Secure
One of the biggest draws to using serialized inventory is the security it offers. The fact that each individual item of each type of product gets its own serial number makes it possible to keep track of these products. From the manufacturer to the warehouse where it is stored to the supplier to your shop, there is a clearly observable paper trail that can be followed if there are any issues with the product.
Additionally, product ownership can also be verified in the event of theft or loss of the product on the customer side. It is almost as if each recorded item has its own fingerprint that can be used to identify it, even after the sale is made.
Guarantees and Warranties
Guarantees and warranties are another area where serialized inventory can really benefit you. Usually, these offers are for a limited time only, so it is very important for you to be able to know if the product a customer brings to you actually meets the criteria to be eligible for the guarantee or warranty.
If you use serialized inventory, there would be a clear record of that specific product and when it was sold. This ensures that you can easily tell if the product is under warranty. Even if different individual products are sold at different times, you can track the warranty status of each product through its unique serial numbers.
If the worst-case scenario comes to pass and a product you sold must be recalled, serialized inventory can help make this process smoother. The manufacturer can tell you the exact serial number for the defective product, which you can then look up to see which customer it was sold to.
This is a lot more streamlined and controlled than mass product recalls, which can be very costly and can affect customers whose products do work well.
Products like cars and phones especially benefit from serialized inventory in times of recall.
Serialized inventory tracking is an extremely useful tool for certain kinds of products where each individual item can or should be tracked. It can help both you and your customers, both in the short and long run in a variety of ways. But the question is, how do you begin dabbling in this method of inventory management?
That’s where Ewity comes in. Ewity is a fully featured cloud-based POS system to help you run your business. Whether you are a small business or a large chain, we have all the tools to empower you to handle the needs of your business.
Ewity offers the ability to easily create and manage a serialized inventory system using only Google Chrome and an Internet connection. If you wish to learn more, please come by our website and try it out for the low price of FREE!