In the world of retail and e-commerce, inventory management is crucial for success. SKU numbers, or stock keeping units, play a critical role in this process by providing a unique identifier for each product. In this article, we’ll discuss what SKU numbers are, how to find them, and how to use them effectively.
What is a SKU number?
A SKU, or a stock keeping unit number is a unique identifier assigned to each product. It typically consists of a combination of letters and numbers and serves as a reference code for inventory purposes. The purpose of SKU numbers is to make it easier to track sales, inventory levels, and restocking.
Learn how to Creat a SKU number yourself.
Where to find SKU numbers?
There are several places where you can typically find SKU numbers, depending on the product and where it’s sold.
Retail store and e-commerce websites. If you are purchasing a product from a retail store or an e-commerce website, the SKU number is often displayed alongside the product description. Look for a number that is unique to that specific product.
Product packaging and labels. Most products have a barcode or printed number on the packaging or label that serves as the SKU number. Look for a series of numbers or a combination of letters and numbers that are unique to that specific product.
Invoices and receipts. If you’ve previously purchased a product, the SKU number can often be found on the invoice or receipt. Look for a line item that includes the product name and a unique identifier, such as a SKU number.
Accounting software. This method of finding SKU numbers will best work for business owners. In order to do that, you need to navigate to the inventory management module of the accounting software being used, which may be labeled as “Inventory,” “Products,” or “Items”, then find the specific product by searching for the product name or browsing through the product list and check the SKU field labeled as “SKU” ,”Stock Keeping Unit” or “Product ID.”
Your sales platform account. It’s another way to look for information about SKU numbers for e-commerce businesses. To find a SKU number in your account on the sales platform you use for selling your goods, you’ll have to take the steps similar to finding it in the accounting software.
But why do it manually if you can quickly and conveniently automate the process? Synder Sync will take care of all your inventory information including finding SKU numbers. All you need to do is connect your sales platform(s), payment gateways and books to Synder, and the software starts working for you! It takes a SKU number from your sales platform, looks for it in your accounting software, or if no SKU is found in here, it creates a new product with the corresponding SKU. And vua-la – you get all the necessary product data like how many items were sold, when and on which platform (if you’re using several sales channels), when they were shipped and if any of them were returned. Besides, Synder double checks all these operations on all the platforms you connected to it, which eliminates duplicate entries, discrepancies and manual data entry errors. This way, in a matter of minutes Synder automates your inventory tracking and streamlines your business performance.
Check out our article to find out more information about inventory management software.
Why is it important to track SKU numbers?
It’s important to track SKU numbers because they’re an important component of effective inventory management for the reasons mentioned below.
Without accurate SKU numbers, it can be difficult to determine which products are selling well and which ones aren’t. This can lead to overstocking of certain products, which ties up capital and takes up valuable space in the warehouse. It can also lead to stockouts, which can result in lost sales and dissatisfied customers.
In addition, accurate SKU numbers are important for streamlining the order fulfillment process. With the right SKU numbers, businesses can quickly locate products in the warehouse and fulfill orders in a timely and efficient manner.
Finally, SKU numbers are vital for accurate record-keeping and financial reporting. They provide a way to track the movement of products through the supply chain, making it easier to generate inventory reports, sales reports, and profitability reports.
Check out our article about how to optimize your inventory turnover rate.
In conclusion, SKU numbers are an essential tool for proper inventory management. By following the tips outlined in this article, businesses can better track their inventory and improve their overall operations. It’s recommended for businesses to introduce using SKU numbers in their inventory management systems to increase accuracy and efficiency.