When an online business relies on an inventory model, store owners need to manage WooCommerce stock quantity and status for each product.
There may be unwanted cases occurring due to lack of proper inventory monitoring, such as;
Receiving an order with zero items in stock Having item stock more than the need
Stock management in WooCommerce is quantities per product.
To track stock quantities store manager must enable product level stock management.
When stock management is enabled, WooCommerce deducts stock quantity when an item is sold.
When new inventory items are purchased, store managers can also set a higher quantity.
WooCoommerce sets stock status as “In Stock” when stock quantity is positive.
While given functionality may be sufficient for starter businesses, as the business grows it would lack the following information;
Unit Costs Total Value of Stock Estimated Run Out Dates
In this case, the need for inventory software for the business is apparent. Store managers can satisfy this requirement by using
inventory software with WooCommerce integration inventory plugin for WooCommerce
For the next part, we will review how Finpose provides stock management for WooCommerce.
Finpose extends inventory management capabilities of WooCommerce. Using the inventory module, store managers can
Set stock levels Add Unit costs Edit each inventory item
When stock levels are updated using Finpose, WooCommerce stock quantity and status are also updated. So they remain synced. WooCommerce Stock Quantities with Finpose Inventory
WooCommerce Stock Quantity and Status with Finpose Inventory
To calculate profitability for each item, it’s essential to know unit costs. Finpose inventory module makes it possible to add unit costs for each inventory item.
Finpose allows store managers to track their inventory on item level. When new items are added to inventory, they are assigned with a unique inventory item ID. Later they can be modified, removed, or mark as sold.
Inventory items are automatically marked as sold by FIFO (First in First Out) model. When the order status is set to complete, the stock level for the product is lowered.
When there is a mismatch between WooCommerce stock quantity and Finpose stock quantity, missing items can be imported on a button click. After the import operation, both figures are synced.