Inventory is the term used for goods that are available for sale. It also includes raw materials that are used to produce the final/finished goods.
In other words, inventories are also known as an array of final goods that are produced by a particular company. It can be classified as a current asset of the company’s balance sheet.
Every eCommerce store contains lots of inventories that are used for the production of final goods or intermediate goods. Managing these inventions is a difficult task for any eCommerce store owner.
There are lots of software that is available from many sources to manage such inventions. WooCommerce is one of the best sources that provide many WooCommerce inventory management plugins and tools used to check the stock available in the eCommerce store.
Functionality of WooCommerce Inventory Management Plugins
1. Install WooCommerce
First of all, you need to install WooCommerce in your system. Take a look into the steps involved in the activation of WooCommerce :
a. Visit the WordPress dashboard and search for WooCommerce.
b. Select WooCommerce and click the button to install it.
c. Activate it
2. Select your Product & Set Prices
After installing WooCommerce in your system,
a. Find the option called Products. Select Add new product from it.
b. From the drop-down list select the product that you need to create.
c. Enter the prices and time period of the selected product.
3. Examine your Stock
After entering the product details, check the relevant details of your selected products like stock-keeping unit (SKU), the quantity of stock, stock status. It helps to check whether a product is out of stock or in-stock.
If any eCommerce store owner gets the notification out of stock of a particular product then he can manage it from the above dashboard.
4. Add-up Taxes & Shipping Charges
If you have physical products to sell, you can add shipping rates and taxes. Similarly, you can set various other parameters for a single product. Finally, you have now created your product.
Advantages of WooCommerce Inventory Management
1. Affordable Cost
WooCommerce is cost-effective in nature as it has a free business model. It means that the core software of WooCommerce is free but an entrepreneur has to pay some amount for additional features. In other words, WooCommerce provides a trial package of multiple inventory management plugins in order to examine the structure of the plugin.
For those who are planning to start an eCommerce store business, the WooCommerce inventory management plugin is one of the best that helps to manage the available stocks.
The owner of any e-commerce store can add multiple products belonging to different categories. For example – Suppose any owner needs to add the different companies of a SOAP, it can be possible by using one of the plugins of WooCommerce.
There are lots of themes available on the WooCommerce store for the eCommerce store owners so that they can personalize or customize their website to generate a CRM system according to their requirements.
3. Professional Look
WooCommerce is a highly organized platform that helps the entrepreneur to track all the orders of sale and purchase. Inventory management plugins provide many software with multiple functionalities.
These functionalities include – Tracking of orders, To analyze the stock availability, Updating product features and so on.
The plugins provided by WooCommerce are safe and robust in nature. This means that they have worked for multiple categories of a single product. The inventory management plugin can easily handle bugs during product updates. Therefore, there is no need to worry about product safety.
This security helps at the time of purchase of the products. Sometimes customers can face the issue like – payment unsuccessful (in case of a particular product), Out of stock (but the product is available).
Disadvantages of WooCommerce Inventory Management
Besides having some advantages, WooCommerce has some demerits as well. First of all, users need to know that these are only plugins that are useful for a particular part not to manage whole inventories of the store.
Yes, as mentioned above the installation of WooCommerce inventory management is easy but entrepreneurs have to pay more money in order to get additional facilities of the plugin. Inventory Management Plugin of WooCommerce offers a wide range of paid themes. These themes are costly and it takes a huge amount of funds to invest in order to get a better facility.
Look into some cons of Inventory management plugins :
1. Number of product updates on a weekly basis.
2. Multi-currency is very hard to implement in the WooCommerce platform.
3. The function wishlist is a tougher task in the WooCommerce inventory management system.
In the end, the advantages and disadvantages of WooCommerce plugins totally depend upon the requirements of the business. It is really beneficial for small businesses and start-ups. It is really hard to implement on a large scale of business.