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SKU Numbers : Learn Everything you Ever Wanted to Know About Stock Keeping Unit

SKU numbers are a common yet important part of every retail business that help to keep track of the store’s inventory. To get a better understanding of how SKU works, let’s first understand what exactly SKU is and what it is used for. For more info visit@ https://posplaza.com.au/

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SKU Numbers : Learn Everything you Ever Wanted to Know About Stock Keeping Unit

  1. 1. SKU NUMBERS: LEARN EVERYTHING YOU EVER WANTED TO KNOW ABOUT STOCK KEEPING UNIT
  2. 2. DEALING WITH A MASSIVE INVENTORY OF MULTIPLE PRODUCTS? Whether you deal with a massive inventory of multiple products regularly in your brick and mortar store or sell a specialised product online, chances are that you already have an SKU system in place. SKU numbers are a common yet important part of every retail business that help to keep track of the store’s inventory. To get a better understanding of how SKU works, let’s first understand what exactly SKU is and what it is used for.
  3. 3. WHAT IS SKU? Pronounced as skew, SKU stands for Stock Keeping Unit and is an alphanumeric code, usually 6-8 characters long that helps to track a store’s inventory by providing information on key characteristics of a product such as colour, style, size, type, brand etc. SKU numbers can be created manually, or in your inventory management or POS software. SKUs aren’t common like UPCs. They are meant to be unique to your business and can be customised as per your requirements.
  4. 4. SKU NUMBERS V/S UPC NUMBERS V/S SERIAL NUMBERS There are different types of numbers printed on products and associated with inventory keeping. It can be difficult to tell what makes a number different from others as for a layman, everything is barcode. Apart from SKUs, numbers that are important in inventory keeping are UPCs and serial numbers.
  5. 5. UPC stands for Universal Product Code. It is a twelve-digit number that runs at the bottom of the barcode and is universal. UPC is not unique to a store, which means if two companies are selling the same product, they will have the same UPC, but different SKUs. Serial numbers are unique to specific products and are generally used in electronic products. Warranty information and ownership information of an item can be tracked through serial numbers.
  6. 6. HOW TO USE SKUS TO BOOST YOUR BUSINESS Track Inventory: To ensure your inventory is accurately tracked overall, SKUs, which track product traits, are used. The availability of products can easily be figured out in a store that has stock keeping units. Easy stocktakes: To make sure stock levels of the inventory management system matches the stock levels of the store’s warehouse, stocktakes should be done at regular intervals. Every item you’re selling has its own unique code. Organising and identifying products using SKUs make for very straightforward fixing of the stock levels.
  7. 7. Replenish inventory: Managing large quantities of inventory manually seems like a difficult task for business owners. However, including an SKU for every product variation helps to know the quantity of products in hand. Handling inventory with SKUs implies that the level of inventory will never get out of stock and you will always know when to restock. Now that you are well-aware of how SKUs can be used to boost business productivity, let’s take a look at why SKUs are important for store owners.
  8. 8.  With the help of SKU numbers, store owners can plan and organise their products in a way that helps staff and shoppers to find the product in need easily. Without SKU numbers, you can lose your product track and find it confusing to search the product at the correct time. Also, if you fail to provide your shopper with the product they are looking for, the probability is you will lose your sale as well. LET’S TAKE A LOOK AT WHY SKUS ARE IMPORTANT FOR STORE OWNERS
  9. 9.  Tracking products using SKU numbers in a Point-of-Sale system allows for a quick and effective checkout process. The reason being, it makes the checkout and customer service task quick and error- free.
  10. 10.  Non-availability of SKUs increases the chances of human errors and situations related to shop- lifting and employee theft. Adding stock keeping unit numbers to all items eliminates such occurrences and prevents retailer from lost profit situations. Using SKU numbers along with a compatible POS system minimises the chances of errors. POS Bundle
  11. 11. SKUs help you track, map and organise an inventory which in turn improves the efficiency of your brick and mortar store. With SKUs, you can also eliminate the amount of time your staff takes in searching the inventory. To ensure a smooth and quick checkout process, it is essential to have a portable barcode scanner. Online POS hardware retailers in Australia offer a wide range of barcode scanners from reputed brands such as Zebra Is2208. These scanners are lightweight in form and provide fast and reliable scanning option to iPhone/ iPad compatible scanning devices. THE BOTTOM LINE
  12. 12. REACH US POS Plaza PO Box 7921 Baulkham Hills BC NSW 2153 sales@posplaza.com.au 1300 11 58 08 https://www.posplaza.com.au/

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