The eCommerce niche is a massive and very popular niche nowadays. There are a great number of different stores on the internet, and you can purchase almost anything from any place in the world. This is super convenient. However, as a retailer, you should be familiar with all the difficulties you may face in such a business. Selling goods is not that simple as you may think, so people are in a constant search of life hacks, tips, and innovations that can help facilitate their routine. For example, you have to manage your inventory properly and in time to not miss the moment when you have to resupply some products. Or you can forget that certain goods are in stock for too long, which is not ok. Anyway, sellers are planning their inventories every day, and this is a quite tiring, time-consuming procedure. It would be much better if you could spend this time doing something more urgent.
Luckily for you, the internet has a great solution. Mirasvit designed a great extension that will do all the work for you, monitoring your inventory, making predictions, and informing you about important events. If there is nothing wrong, all the tasks are completed automatically after the first setup.
There is no need to manually check your inventory if you use the plugin because it automatically inspects the number of products and when they were resupplied. Sales velocity, stock amount, estimated sold-out date, expected reserve, and average replenishment time all influence the figures. Based on their sales velocity and stock amount, it also calculates the overstock quantity for underselling items. Besides, the extension has absolute integration with Magento.
- Make your stock as efficient as it’s possible. Special predictions will help you create a proper, balanced stock, so your spending will never exceed income. Plus, it provides you with the opportunity to use storage space at maximum efficiency.
- Restock your items in time in the right quantity. You don’t need to do anything because all the processes are done automatically by the add-on: it figures out the time and the exact quantity of resupplying. This saves you a lot of money and minimizes the risk of backorders.
- Find the weakest products. The module tells you what products have low sales rates, so you can create a better promotion program for them and avoid ordering such items in the future.
- Simplify the routine for your team. Time is one of the most essential resources in our life, and it goes the same for business. Thus, it’s extremely efficient to free your employees from dealing with stock issues. Free time can be spent on something more urgent and important.
You are the only one who makes the final decision regarding your business. However, with the additional information that this module provides, you can plan much more carefully and achieve greater success. Here is what you can view using Magento Inventory
- Stock quantity
- Overstock quantity
- Days until selling out
- Sales velocity
- Last sale date
- Sales in the last 7/30/90 days
- Total sales
- Stock status
- Replenishment quantity
- Replenishment date
- Lead time
- Days of stock
Keep in mind that even products that are in stock at the moment may be unavailable due to the reservation option. The module allows you to see the actual quantity of products that are ready to sell, as well as the total number of items. It will be displayed as a sum of currently available goods in each warehouse.
- Simple start. It’s amazing that you don’t have to configure the plugin or waste a lot of time figuring out how it works because the extension uses your store’s data to make forecasts on its own. This means you can start getting results a few moments after installation.
- Everything is right where you need it. No third-party platforms or services are needed to use the add-on. Using your Magento data, the program shows you all the necessary suggestions in the backend panel.
- No delays. Algorithms of the plugin always create up-to-date forecasts to provide you with only actual information and be as efficient as possible.
- Incredible operation speed. It doesn’t matter how many products you have, the add-on does its work in a matter of seconds, which is a great advantage.
Q: What is the main purpose of the extension?
A: The module keeps track of the products in your store’s catalog, as well as the quantity sold and reserved in sales orders. It calculates product sales rates using this information, allowing you to create estimations for things like product sales and inventory stock:
- When a product will be out of stock on a given date, this tool will tell you. This plugin also shows you how much of each product you have in stock in each of your warehouses. This module allows store employees to analyze data in the Inventory grid, such as the availability of a product in stock. This inventory management tool also shows sales velocity data for each product, as well as sales information for the previous week, month, and 90 days.
- This field indicates the date by which the product must be replenished by the provider to avoid an out-of-stock issue. This Magento inventory management software calculates an exact amount for product replenishment based on data on sales velocity, days to order and receive a product from a supplier, and the time period that true inventory quantity should cover. The sales velocity of the module is calculated throughout the time period set in the admin interface. By default, it is set to 90 days. The Lead Time and Stock Cover Time are constants that store workers set on the module’s admin page depending on the business’s unique working arrangements with suppliers. A Magento inventory management lesson is included in the documentation for this module.
- Notifies store staff of low-selling and overstocked items. On a distinct page of the inventory management Magento admin panel, the plugin displays commodities with the lowest sales velocity in your business. This data is required to calculate the overstock quantity, which is calculated using the two constants provided in the module’s admin panel. Overstock Quantity Threshold and Overstock Time are both constants. If a product’s inventory amount exceeds the Overstock Quantity Threshold, the Overstock Time determines how long it will be categorized as overstock.
Q: Are multiple inventory storehouses supported?
A: Although Magento warehouse management is not supported by the Inventory Planner module, it may display inventory data for many sources of products in your store’s catalog. The majority of the information in the Inventory, Replenishment, and Overstock grids pertain to the overall number of products accessible at each of your store’s product sources. Individual data on the total number of items available and the saleable quantity may be examined for each source. The latter is the entire amount in a warehouse less the quantity held for unshipped orders.
Q: Is it possible to use the add-on with items that have a quantity measured in units other than pieces?
A: This add-on monitors your stock based on the number of goods left. This value is referred to individually packed items because it’s impossible for the extension to track goods sold partially. However, you can use a certain unit to measure such goods and be always aware of the actual quantity. For instance, you can make the plugin control your inventory stock of fabric using 1 square meter as a unit.
Q: What are the algorithms for creating recommendations and forecasts?
A: The module can tell you when it’s time to resupply products. Moreover, you will know the exact number of products you have to order for each position in your inventory. If you want to learn more about the technical side of this process, you can make yourself familiar with the documentation on the official page.
The Magento 2 Inventory Management extension is the way to free you and your team from time-consuming, dull, but yet pretty important tasks. With proper management of your goods, you will not get into problems connected with backorders or the lack of products. A well-organized business is a business that grows, develops, and brings profit. So if you want to make your shop better, it’s a good idea to spend a few dollars today to save thousands of dollars tomorrow. Using this extension, you will easily achieve success and become a market leader.