There are different methods of keeping and tracking Product Inventories. However, for small businesses, inventory tracking can be expensive.
Nevertheless, I’m going to discuss some traditional, modern, and smart stock control systems.
Inventory Control System
First-In, First-Out (FIFO)
FIFO is a method of inventory valuation and tracking where the oldest stock is sold or used first.
It assumes that the first items purchased are also the first ones to be sold or consumed.
This method is commonly used for perishable or time-sensitive products to prevent spoilage or obsolescence.
Last-In, First-Out (LIFO)
LIFO is an Product Inventories valuation method where the most recently acquired items are considered as sold or used first.
LIFO assumes that the last items purchased are the first ones to be sold.
This method can have tax advantages but may not reflect the physical flow of goods in some industries, according to Business ally.
Dropshipping is a business model where a retailer does not keep physical inventory on hand.
Instead, when a customer places an order, the retailer purchases the product from a supplier who directly ships it to the customer.
This eliminates the need for storing and managing Product Inventories, but the retailer relies heavily on the supplier’s fulfilment capabilities.
Consignment inventory is a setup where a supplier retains ownership of the Product Inventories until it is sold by the retailer.
The retailer only pays for the sold items, reducing the risk of overstocking.
This arrangement is commonly used in retail or wholesale relationships.
Vendor-Managed Inventory (VMI)
VMI is a collaborative approach where the supplier takes responsibility for managing the Product Inventories levels at the retailer’s location.
The supplier monitors stock levels, replenishes inventory as needed, and ensures product availability.
This method reduces the retailer’s Product Inventories management efforts and allows the supplier to have better control over the supply chain.
Cheaper method of Keeping Physical Inventories
Small scale businesses usually use Excel sheets for their stock management while large scale businesses use sophisticated software’s to manage their large Product Inventories.
However, barcode or QR code inventory management is a cost effective inventory control system for both small, medium, and large scale businesses.
QR code smart labels are a cheap alternative to inventory management software’s that come with huge subscription costs.
Smart Labels Color Coded Scannable Stickers
If you want to organise your Product Inventories easily, the Smart Labels QR code enabled stickers are just the perfect option.
You can purchase the Smart Labels Color coded scannable stickers from Amazon or other online stores.
There are 3 different label packs you can purchase. Each sticker label pack contains 48 labels of 4 different colours.
These sticker labels are made with permanent adhesive and matte materials.
Since it’s colour coded, you can use the colour to catalogue your items. For example, you can group your stocks into 4 classes, and assign colour to each class.
Open the sticker labels and label the item storage boxes or containers.
Download the Smart Labels app on your android phone or iOS device from their respective stores. Don’t download from other app directories.
Sign up an account on the app, it takes just 5 seconds, and start scanning the QR code on your labels.
Once the QR code is scanned, you can start cataloguing the item boxes on the app. You’d have the columns to fill in the title, description, and location of the container. Also, you can upload pictures to identify your stock from the app easily.
Whether it’s warehouse inventory, stocks management in your shop or home storage, Smart Labels sticker labels can enhance Product Inventories optimization.
You don’t have to worry about the location of your stocks when you’re moving your goods or your containers are not in order.
Just tap your phone, open the app, find your items on your phone with the QR and the app will tell you the location of the item.