What you should use this application for
What should I do first?
When you first install the inventory management app, you’ll want to set it up so that you get accurate data about your inventory. Follow these steps:
- Select Settings – the first section you’ll see is Max Lead Time Bulk Update. What this represents is the length of time in days that it takes from you ordering goods, to them arriving to your warehouse. You can select different vendors to apply this setting to – different vendors can have different lead times. More on max lead time here.
- Next, we have Warning Settings. You can use them to warn you when a product is close to its reorder point, so you may reorder it early. The Medium Risk warning is quite useful – when you’re reordering products that are at high risk, you can also reorder items that are at medium risk, or you can at least be aware of what you need to reorder next.
- Safety Stock should be on for bigger merchants. It’s recommended that it is off for smaller enterprises – people who are just starting out – as it will not account for as many of the spikes in sales that you may have in the future, but it will keep more of that cash flow in your pocket and less money tied up in stock. If you find that you’re not notified of low stock soon enough, you can either include safety stock, or increase the warning settings so that you’re notified earlier.
- User Interpolation allows for faster gathering of data. There’s usually a learning period of 90 days before data starts being shown, and enabling this setting allows you to get data straight away using the current sales that you have since day one.
- Choose the right currency for your business. Reach out to Xune if there’s any currency you’d like to see added.
- You can include zero stock – but you might want not to, if there’s a lot of items that you have zero stock for.
- If you include awaiting sales, you won’t get a calculated reorder point until you do get sales.
- You can also include inventory not tracked in Shopify, if you so wish.
- You can set a default lead time for new products that are added, which is especially useful if you have a global lead time for your products.
- And finally, you can control how to wish to be notified – you can be notified via email about the warnings that you previously set.
We are creating a library of knowledge for you to read and make better decisions when it comes to managing your inventory. We’ll update it regularly as questions are asked by you and others who are using our app to better manage their inventory. You can also find some of our recent articles below.