An inventory reporting system is simply a method of generating reports related to inventory. This can be through spreadsheets, basic inventory reporting software, or more advanced e-commerce ERPs. Follow this guide for an understanding of what metrics are important to focus on, what best practices to implement, and what the Veeqo system can offer you.
Businesses of every size must report on financials, output, and sales, along with other data associated with inventory. And, to grow an e-commerce business, it is vital to be able to make data-driven decisions based on accurate data. This is where an inventory reporting system comes in!
The value of inventory reporting is mainly the insight it gives retailers into their business and provides an understanding of their overall product flow. Having a good inventory reporting system is essential for e-commerce businesses as it provides them with greater control and visibility over their inventory. Allowing them to make better decisions and ultimately save time and money.
Generating and analysing reports at the end of each week, month, quarter, half, and year can be key to success moving forward. Reports should also be run after significant events like Black Friday/ Cyber Monday and the holiday season. Your sales trends are important but so is the period over period growth. Imagine holiday 2019 – holiday 2021 (as 2020 was an anomaly being within the period of covid and increase of online shoppers).
You can learn how you can use inventory reports to make better forecasting decisions from our CEO in the video below. This was taken from our ‘Are You Battle Ready For Black Friday 2021?’ page here.
Data-driven forecasting will provide you with having just the amount of stock you need at any given time. This prevents you from having an excess of stock sitting there and costing you money. Money, which instead could be used for marketing or product development to grow the business faster.
Ensure you know the lifecycle of every single product, where it’s been, and the actions team members have performed. The benefits of better accuracy are:
Stock-outs or out-of-stock is a problem that causes inventory to be exhausted. This can be one of the most frustrating experiences for online shoppers. Stockouts don’t just create disappointment, it may also cause that customer to move to a competitor. You could potentially lose future sales due to having caused a bad reputation.
Inventory forecasting uses data to reduce stock-out situations. The report shows you what is in stock and items that are going to run low meaning you can plan in advance. This means that you can deliver a consistent experience to your customers by fulfilling orders when they are placed.
Saving your supplier details and associating them with the relevant products can create faster re-ordering. That way, when a product runs low you know when to connect to suppliers and how much it will cost. Purchases are automatically sent by email to suppliers – saving you time. Another benefit of purchasing through a system is that it’s recorded for everyone in your team to see what has been ordered and when it’s coming, through staying hidden in the sent folder of someone’s email inbox.
All of these benefits allow you to spend more time growing your business. Faster and more accurate inventory forecasting allows you to no longer have to submerge yourself into spreadsheets to get substandard forecasts. Veeqo provides accurate forecasts in seconds – giving you greater accuracy over your recording and saving you time.
Have you started noticing some discrepancies in your current inventory reports? Are any of the questions below being asked repeatedly? If so, then it’s time to invest in a better inventory reporting system.
Do not fear, these are manageable with the right tools. A good inventory forecasting system prevents customers from seeing ‘out-of-stock’ on items they want to buy which is something that can stop them from returning. Let’s put a stop to that and ensure your business runs smoothly with a reporting system. Follow on for the different types of systems you can put in place.
Here are the different types of possible reporting systems for businesses like yours. Outweigh the pros and cons of each to ensure you choose the right system for you.
There are many pros to using a system rather than having to complete reports manually. Live stock figures across all sales channels and rolling stock takes are just a few benefits of using Veeqo’s inventory reporting system – those picked up by a Veeqo customer as being some of the major changes she noticed since starting with Veeqo. Read Indigo Herbs’ customer story here.
As a business, you must know what financial reporting you need to complete to ensure smooth sailing in your company and to keep up to date. Here is our at-a-glance guide to the 3 main metrics used for inventory reporting.
Purchasing reports are used to determine what transactions occurred within the selected date range. This report lists all the items that were purchased during any promotions held along with any non-sale purchases to show the differences in sales periods. This provides insight into whether a promotion on certain products helps your sales, giving you the knowledge for future reference.
Sales orders are a list of all open sales showing quantity ordered, quantity shipped, and quantity remaining to be shipped. This is an overview of all sales at that current point in time.
Veeqo provides you with options to manipulate dates to show all products and their sales revenue at any given time. With the ability to add in different tabs on the form like profit, total, and many more it gives an extensive look at the turnover. Being able to click on specific products or have the total purchases in one platform really can help businesses with large amounts of products/promotions.
Production data contains detailed information about a company’s production and data surrounding previous productivity. This informs what’s been produced or what has not been produced including the reasons why providing the option to compare.
This is a summary of a retailer’s existing stock. This includes details like how much stock you have, which products are your big sellers, performance per category and overall inventory execution.
All of the above aids the analysis of inventory reports, meaning you can understand what has happened during a certain sales period. The general objective is to improve overall inventory efficiency.
Make more informed decisions with Veeqo using our inventory performance, historical stock, and financial information. These reports can be filtered, grouped and categorised with ease meaning the hard work is done for you! Want to find out what Veeqo has to offer? Read below for more details.
The Veeqo system is a simple yet effective way to complete all the inventory tasks most businesses have to stop operations for. You can continue making sales whilst the system automatically provides you with all the information you need at the tip of your fingers. Take a look at a preview of the system below:
Are you interested in having your inventory reporting handled for you? Book a demo with Veeqo to experience the ease of an inventory reporting system & reap the benefits!
Full realtime visibility across all sales channels.Learn more about Inventory
Real-time picking updates and dashboards.Learn more about Picking
Quickly bulk ship orders, automated repetitive tasks.Learn more about Shipping
Report, forecast, purchase and replenish stock.Learn more about Reports & Forecast
Try Veeqo for free, and explore all the tools and services you need to manage inventory and ship to customers.