Shopify stock planning starts at the Inventory process flow. During the inventory process flow, there are multiple steps, including Purchase, Store, Use, Track, Reorder, and Forecast. However, the flow can differ depending on whether you’re a product/manufacturing organization or a retailer. Regardless, inventory management is crucial to almost every organization.
With Shopify stock planning, businesses can learn two things: how often to reorder and how much amount of stock to reorder.
But how do you approach it? The answer is inventory categorization. It is also known as inventory classification. Here, you categorize products based on their demand, the revenue they generate, and their associated costs.