What is Stock Keeping Unit (SKU)?
SKU is the acronym of Stock maintenance unit. Each SKU (Barcode) represents a product that is for sale and is composed of a unique set of characters that relates exclusively to that particular item.
Each code has variations that refer to parts of your product, and unlike others for everyday use such as the barcode, the SKU can be read and understood by humans.
However, the most significant advantage of an SKU is that it allows retailers to make more accurate stock readings, giving them the possibility of saving time and money, and above all, providing extremely efficient compliance.
It is also important to detail how SKU codes are formulated for use within retail. It is made up of alphanumeric characters that are generally a combination of about eight figures, which describes the details of a product, such as its color, size, style, manufacturer, brand and even its price.
For example, the SKU for short sleeve shirts, blue and size XS, can be read under the code CAM-MC-AZU-XS.
Uses of SKU
In Stores
For the store supplier, each SKU (stock item) is an object of inventory management: stocks are analyzed, replenished, returned, sold, inventory turnover is analyzed for groups of goods and assortment, for each SKU item.
A well-built inventory planning and sales forecasting system can save a lot of money for the enterprise, and vice versa, mistakes or fuzzy balance management for each SKU can freeze a lot of money on warehouse balances.
In Retail
In retail there are tens of thousands of assortment positions (SKUs), supply management and maintaining inventory at the required level is a complex logistics task.
That is, all of these SKUs should be systematized, and balance should be monitored for each item. Along with the job of increasing profitability from each meter of retail space, from each shelf, the task of managing SKU is a fundamental task of each retailer.
In Merchandising
Assortment position (unit of one product group, brand, and grade in one type of packaging of one container). SKUs are classified. For this, an ABC analysis, as well as an XYZ analysis, are performed. Based on the results, all assortment positions (SKU) of each product group and brand can be divided into priority, main and additional.
Features Of Sku Grid
- Automated Price and Stock Monitoring: SKU Grid can screen your provider for changes up to consistently and consequently modify your things per your definite particulars! Savvy Lister and Sku Fetch are Included – List great things from various providers and track easily with Sku Grid.
- To Import Your Items: It’s anything but difficult to get your things into Sku Grid for following. You can import straightforwardly from the commercial center, include items separately, or introduce through CSV document.
- Split Range And Formulas Per Store: With SKU Grid, you can make split range recipes for your things. Presently you can have many edges for various value scopes of things.
- Regular Email Notifications: Get email notices anyplace from consistently to not in the slightest degree. It’s up to you. Email notices will incorporate your provider cost and stock changes, and considerably more.
- Get Credit For Shopify Store: Clients with more than 10,000 SKUs get $30 for running Shopify store. Broaden your selling stages, secure your income, and obtain more customers.
- Free WooCommerce Store: SKU Grid joined forces with WooHosted to furnish free Woo Commerce facilitating arrangement with WP-Lister (eBay synchronizing module) as of now preinstalled.
- Simple Searching, Filtering, and Reporting: SKU Grid enables you to find your things in the lattice a few unique ways, through pursuit or any number of channels and ranges.
Final Thoughts:
A stock maintenance unit, or SKU, is a product identification code used in retail stores, which is often shown as a machine-readable code that helps track the item for inventory.
Stores use SKU to determine which items are in stock and which items must be reordered, to increase profits.
