Inventory Alerts offer a platform for users to check the inventory list and receive inventory forecast alerts of which products need to restock or inventory clearance in Tool4seller’s Notification Center.
1. How to turn on the inventory forecast alerts page? #
Switch to the “Inventory List” page when you open the “Inventory Alerts”. You can manage all the inventory here. Recommend turning on the notifications button so that the system will begin to track the inventory status of your products.
Drag the roller bar to view more metrics of inventory, such as excess inventory quantities in different periods (7/ 30 / 90-180/ 181-270…), the SKUs status (in-transit/ receiving/ est.days of supply), and so on.
Once there are products are in restock or excess status, you can check them on the “Restock” and “Excess” pages. You will also receive the notifications by email, notification center, or tool4seller app message reminders.
2. How to set up my SKUs for accurate inventory forecast alerts? #
Select the “Settings” page, and enter the days and SKUs quantity for inventory forecast calculation. Then you will receive the inventory restock or excess recommendations.
3. What if I want to add the cost to the product on inventory alerts? #
Click the “Fill in the product cost” to add the cost in bulk. Or you can select “Edit” under the in-stock cost tab to add the product cost one by one.
The default cost is the primary value for the entire product’s lifetime.
If you want to add a floating cost, especially for a period, you can add it on the “Cost History” page. For example, I added a cost for temporary time (Oct.01-Oct.12,2022) because the purchasing and shipping cost suddenly went up. The cost history will replace the default cost for this period.
4. What is the inventory turnover rate? #
The inventory turnover rate can help you quickly understand whether your inventory is overstocked or not which may lead to extra storage fees. The inventory turnover rate = sales cost/ avg. inventory value (purchasing cost) in the selected period.
The higher the inventory turnover rate is, the quicker capital turnover is which means there is no inventory backlog and no cash appropriation.
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