{"id":139,"date":"2024-10-26T06:38:00","date_gmt":"2024-10-26T09:38:00","guid":{"rendered":"https:\/\/neoloshop.com\/tutorials\/?p=139"},"modified":"2024-10-22T18:45:47","modified_gmt":"2024-10-22T21:45:47","slug":"inventory-how-to-create-it-for-your-online-store","status":"publish","type":"post","link":"https:\/\/neoloshop.com\/tutorials\/inventory-how-to-create-it-for-your-online-store\/","title":{"rendered":"Inventory: how to create it for your online store"},"content":{"rendered":"\n<p>Did you know that <strong>creating an inventory is key<\/strong>, even if you sell online?<\/p>\n\n\n\n<p>Yes, in the world of business and business management, inventory plays a crucial role.<\/p>\n\n\n\n<p>To the point that it is important even if you have a small startup. Join me for a detailed look at the <strong>definition of inventory, the characteristics and how to create an easy one today with examples.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What is an inventory<\/h2>\n\n\n\n<p>An inventory is simply a<strong> systematic record of all the products that a company or business owns at any given time.<\/strong><\/p>\n\n\n\n<p>A well-managed inventory allows you to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Meet customer demand efficiently.<\/li>\n\n\n\n<li>Optimize the supply chain and reduce costs.<\/li>\n\n\n\n<li>Prevent product shortages and lost sales.<\/li>\n\n\n\n<li>Evaluate the profitability of individual products.<\/li>\n<\/ul>\n\n\n\n<p>That&#8217;s why it&#8217;s necessary, even if your business is not large, as we&#8217;ll see below.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Why have an inventory if you sell online<\/h2>\n\n\n\n<p>Having an inventory is important even if you sell online, because <strong>your customers will expect the products they see in your online store to be available for purchase.<\/strong><\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>You may be interested in: <u><a href=\"https:\/\/neoloshop.com\/tutorials\/how-to-upload-products-to-neolo-shop\/\" data-type=\"post\" data-id=\"96\" target=\"_blank\" rel=\"noreferrer noopener\">How to upload your products to Neolo Shop<\/a><\/u><\/p>\n<\/blockquote>\n\n\n\n<p>That&#8217;s where inventory comes in, as well implemented, it <strong>ensures that you can fulfill their orders and deliver products in a timely manner.<\/strong><\/p>\n\n\n\n<p>Lack of inventory can lead to customer dissatisfaction and loss of confidence in your business.<\/p>\n\n\n\n<p>Hand in hand with this, with an inventory you will also be able to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Have greater control of your inventory,<\/li>\n\n\n\n<li>Avoid out-of-stocks of popular products<\/li>\n\n\n\n<li>Reduce the accumulation of unsold products.<\/li>\n\n\n\n<li>Plan your orders to suppliers.<\/li>\n<\/ul>\n\n\n\n<p><strong>Still not selling online?<\/strong><\/p>\n\n\n\n<p><strong>Try Neolo Shop free for one month and sell your products online without paying commission per sale.<\/strong><\/p>\n\n\n\n<div class=\"wp-block-buttons is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-a89b3969 wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link has-base-color has-vivid-green-cyan-background-color has-text-color has-background has-link-color has-text-align-center wp-element-button\" href=\"https:\/\/neoloshop.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em>SEE NEOLO SHOP<\/em><\/strong><\/a><\/div>\n<\/div>\n\n\n\n<h3 class=\"wp-block-heading\">Inventory features<\/h3>\n\n\n\n<p>What you need to know about inventories is that:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>They all <strong>have an associated economic value<\/strong>, which represents the acquisition or production cost of the stored products.<\/li>\n\n\n\n<li>The products in inventory <strong>physically exist in the warehouse or in a designated location within the company.<\/strong><\/li>\n\n\n\n<li>In addition, they <strong>are recorded and controlled through specific systems and processes.<\/strong> This involves keeping track of incoming (purchases) and outgoing (sales) products, as well as stock levels on hand at any given time.<\/li>\n\n\n\n<li><strong>They are in constant motion due to business transactions, such as purchases, sales and returns.<\/strong> This requires active management to maintain adequate stock levels.<\/li>\n\n\n\n<li>Each item in inventory <strong>is stored in a specific location<\/strong>, making it easy to track and retrieve when needed.<\/li>\n\n\n\n<li>Inventory management involves <strong>planning and forecasting to determine how much inventory to keep in stock<\/strong> based on expected demand and sales projections.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\">Types of Inventory<\/h2>\n\n\n\n<p>There are several<strong> types of inventories <\/strong>based on their status and location in the production process:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Raw Materials Inventory:<\/strong> It is composed of the materials necessary for the manufacture or production of products.<\/li>\n\n\n\n<li><strong>In-process inventory:<\/strong> Includes products that are in the middle of the manufacturing process.<\/li>\n\n\n\n<li><strong>Finished Goods Inventory:<\/strong> Contains products that are ready to be sold or distributed.<\/li>\n<\/ul>\n\n\n\n<p>These types of inventories are managed differently depending on the needs of each business.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How to create an inventory in Excel<\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Open Excel or another platform and create a new spreadsheet.<\/li>\n\n\n\n<li>Define your columns. In the first row (row 1), type the column headings that will represent the attributes of your inventory. Some common columns include:\n<ul class=\"wp-block-list\">\n<li><strong>Product:<\/strong> The name of the product.<\/li>\n\n\n\n<li><strong>SKU Code:<\/strong> A unique code for each product.<\/li>\n\n\n\n<li><strong>Quantity in Stock:<\/strong> The quantity of products on hand.<\/li>\n\n\n\n<li><strong>Cost Price:<\/strong> The unit cost of acquisition or production.<\/li>\n\n\n\n<li><strong>Selling Price:<\/strong> The price at which the product is sold.<\/li>\n\n\n\n<li><strong>Supplier:<\/strong> The name or code of the supplier of the product.<\/li>\n\n\n\n<li><strong>Location:<\/strong> The physical location of the product in the warehouse, if applicable.<\/li>\n\n\n\n<li><strong>Notes:<\/strong> Any additional information you wish to record.<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li>Then, starting with the second row (row 2), begin entering your inventory data in the appropriate columns. Each row will represent a different product.<\/li>\n\n\n\n<li>You can then apply <strong>specific formats to the cells according to your needs.<\/strong> For example, you can use the currency format for prices or apply a number format for the quantity in stock.<\/li>\n\n\n\n<li>As an optional step, if you want to perform automatic calculations, you can use <strong>Excel formulas.<\/strong> For example, you can add a column to calculate the total inventory value by multiplying the quantity in stock by the cost price.<\/li>\n\n\n\n<li>Finally, be sure to <strong>save your Excel spreadsheet regularly<\/strong> and make regular backups to prevent data loss.<\/li>\n<\/ol>\n\n\n\n<p>Once you have created your inventory in Excel, you can easily update it as the stock of your products changes.<\/p>\n\n\n\n<p>Use inventory management software to automate the process.<\/p>\n\n\n\n<p>In addition, you can use Excel functions and filters to perform analysis and obtain valuable information about your inventory, such as total value, stock quantity tracking and supplier management.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Conclusion<\/h2>\n\n\n\n<p>Only with a well-managed inventory can companies optimize their operations and meet customer demands effectively.<\/p>\n\n\n\n<p>Inventory management is<strong> essential to ensure continuity of business operations.<\/strong><\/p>\n\n\n\n<p>The good news is that you can do it even from a simple spreadsheet, as we show you in this article.<\/p>\n\n\n\n<p><strong>Still haven&#8217;t tried the <a href=\"https:\/\/neoloshop.com\/\">Neolo Shop<\/a> platform?<\/strong><\/p>\n\n\n\n<p><strong>Try it free for one month and keep track of the stock of each of your products.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Join me for a detailed look at the definition of inventory, the characteristics and how to create an easy one today with examples.<\/p>\n","protected":false},"author":1,"featured_media":140,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-139","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-products"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.2 - 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