What is Inventory Management?

Inventory Management is the process of tracking, storing, and managing stock levels to ensure products are available for sale while minimizing overstock or stockouts.

Examples of Inventory Management:

1. Real-Time Stock Tracking: Automatically updating stock levels as sales occur.
2. SKU Management: Assigning unique codes to products for easy tracking.
3. Order Fulfillment: Coordinating with warehouses or suppliers to restock products.
4. Demand Forecasting: Using data to predict future inventory needs.

Why Inventory Management is Important?

Effective inventory management ensures that businesses can meet customer demand without holding excess stock, reducing storage costs and improving cash flow.

Available Inventory Management Tools:

1. TradeGecko: A platform for managing inventory, orders, and shipping.
2. Zoho Inventory: A tool for tracking stock levels and managing orders.
3. Ordoro: A software for inventory management, shipping, and dropshipping.
4. Cin7: A comprehensive inventory management system for ecommerce and retail.