August 2, 2022

5 Amazing Benefits Of Magento 2 Inventory Report

A hallmark of ecommerce is its ability to adapt quickly. In order to track transformation advancement and respond to any potential negative patterns by adjusting marketing approaches, every merchant needs an analytical tool. 

Using the backend grid, the Magento 2 Inventory Report module makes it easy to track any changes made to products.

As well as a personalised dashboard tailored to your company’s needs, the system provides several dynamic reports based on item, order, and customer data.

Effective warehouse management

No matter if you are a new or experienced merchant, inventory management requires a high level of attention. With multiple parties involved in the supply chain, inventory management poses a particular challenge. 

The inventory report allows you to track item statuses more closely, such as when items are removed from the warehouse, when they are added, and when they are sold. With the report you can keep track of any changes made to item quantities.

Demand forecasting

When you receive the inventory report, it shows the quantity of the item you have in stock and how many are on Back Order. In the case of the latter, the report provides a forecast for the expected arrival date of the item. 

This kind of info can help you forecast expected demand and anticipated quantity needed to keep stock levels steady. 

Moreover, you can also check the average time between adding items to the warehouse and when they are sold. This information can help forecast expected demand, expected sales, and expected time to sell current inventory.

Maintain a record of any changes to product quantity

Besides keeping track of item statuses, the report enables you to see your company’s sales performance. With it, you can monitor any changes made to item quantities and take note of the percentage change. 

Keep track of and monitor changes to inventory quantities to maintain a record of any actions taken. The report allows you to add notes about each of these actions.

Transparent figures

The report allows you to track your company’s sales performance. This means you can see the number of orders you have placed, the amount of money earned, the quantity of items sold, and the average order value. 

From this information, it is easy to see how many items you have sold and their total value. With the report, you can track any changes made to orders, the average order value, and the quantity of items sold. 

You can also get a sense of your company’s performance based on the average order value, the number of orders placed, and the quantity of items sold.

Performance support

The inventory report helps you see the overall performance of your ecommerce business. From the report, you can see all your company’s sales information, such as the number of items sold, the average order value, and the amount of money earned. 

You can also track information such as the average time for items to sell and the average amount of time for items to be added to stock.

Conclusion

Keeping track of goods and boosting customer satisfaction requires regular inventory reports for businesses in all sectors. 

The inventory report is a core feature of Magento 2 that provides all the data and metrics you need to effectively manage your stock. The report allows you to track item statuses, forecast expected demand, and keep track of any changes made to the quantity of items.

An all-in-one Magento solution might include a decent Magento 2 Inventory Report with flexible choices and a good point-of-sale system. For more details, contact Zoondia.