There's a lot of terms to get used to when dealing with inventory management. Newer Merchants may want to familiarise themselves with the list.
More experienced Merchants may know these terms by another name, so it's still worth glancing over.
- Est. time until zero stock - taking a simple formula this calculates your current sale rate and displays an estimated number of days left until you run out.
- Reorder point - Using a more complex formula to calculate the ideal level of safety stock based on previous sales fluctuations. As your current stock level gets closer to this number, consider ordering more inventory
- Current Stock Level - Sync’d from your website, this shows the up to date view of how many units you have left to sell. If this number hits zero then you’re out of stock.
- Max Lead Time - The maximum time in days that it would take to receive your inventory from the day you place the order. Account for manufacturing time, shipping time, delays in customs and processing time. This is a key setting in the setup of your inventory management system and will be used to show you an accurate reorder point.
- Max Sales per day - This value represents the highest spike in sales you have had in one day for one single product. Used within the formula to calculate an adequate level of safety stock.
- Average Sales per day - This value shows your average daily sales over the last 90 days. If your store is new, the product is new or has been out of stock for a while, you may ‘interpolate’ the data by toggling the option in settings.
- Interpolate Data - This setting will give a prediction based on the rate of sales for a period of less than 90 days. It has lower accuracy but can be useful for new product lines. After 90 days, this setting takes no effect so is safe to toggle on.
- Vendor - Sync’d from your website, most merchants will use Vendors to categorise the manufacturer of the products. If you stock direct from the manufacturer then filter and sort by vendor to show only the inventory you sell from the same source. Or see which vendors products are hot.
- SKU - Stock Keeping Unit. The commonly used identifier merchants use to differentiate products in a database. If you don’t have any, then make them up as long as they are unique to the variant.
- Dashboard - Your costs are sync’d from your website Important, for this data to be valid, please fill in the ‘cost’ field in the variant section of your products. Your purchase cost will be automatically factored in to provide a clear indication of profits made.
- Xune - Noun, Growth Agency. On a mission to help the world's eCommerce merchants make more money