As an online business owner, it’s important to keep track of your inventory levels to ensure that you’re not running out of stock or overstocking items. The “Days of inventory remaining” report is a powerful tool that can help you stay on top of your inventory and make informed decisions about restocking and purchasing new products.
The “Days of inventory remaining” report is a calculation of how many days a product is expected to last based on the current inventory levels and the average daily sales of that product. The report shows the number of days of inventory remaining for each product variant, as well as the total days of inventory remaining for all products.
By using this report, you can quickly identify which products are running low on stock and need to be reordered, and which products are overstocked and may need to be marked down or sold off. This can help you avoid stockouts and overstocking, which can lead to lost sales and wasted resources.
To use the “Days of inventory remaining” report effectively, you should check the report regularly and compare the days of inventory remaining for each product to your desired reorder points. This will help you identify which products need to be reordered and in what quantities, so that you can keep your inventory levels at optimal levels.
Additionally, you can use the report to identify trends in sales and inventory. For example, if you notice that a product’s days of inventory remaining are decreasing rapidly, it may indicate that the product is becoming more popular and you may want to consider reordering more of it.
In conclusion, the “Days of inventory remaining” report is an essential tool for managing your online business’s inventory. By using it regularly, you can stay on top of your inventory levels and make informed decisions about restocking and purchasing new products, helping you to increase sales and reduce waste.