![]() With top-notch SKU management, your business will easily be able to differentiate products-even if you sell many similar items. And that’s where SKU management comes in. But as your company grows-and the stock on your shelves multiplies-you might find it harder and harder to manage all your inventory. If your business only stocks a few dozen items, SKU management might seem like a practice you can skip. SKU management is an essential part of a more extensive inventory management strategy. SKU management helps companies identify, track, and organize their retail inventory using customized, 8-digit alphanumeric codes. That way, you’ll have tons more information about the product-from value to a high-resolution picture to safety stock threshold-available to access whenever you need it. Once you’ve determined your SKU codes, you’ll want to insert them into an inventory management system. Here’s an example of how an IT department might create SKUs: Storage Section But since eight characters aren’t enough to describe these items with words, your business may create reference codes that are meaningful to your team. The same goes for other descriptors, like color, size, and so on. When writing SKUs, you’ll likely include references to these meaningful categories, both to better describe each item and to indicate where it might be located in your store. For example, if you run a gift shop, you might have different sections of your store: housewares, books, clothing, and greeting cards. Usually, SKUs feature set classifications and categories. These codes are descriptive, data-rich, and, most notably, designed to reflect what’s most important to the business that created them. ![]() Usually, the code is eight digits-all numbers and letters. We’ll also identify different ways to improve your inventory SKU management strategy.Ī SKU, or a stock-keeping unit, is a unique, alphanumeric code linked to an item in your business’s inventory. In this article, we’ll dive deep into SKU management, offering several SKU management best practices. That’s because SKUs, or stock-keeping units, create a more organized, information-rich, uniform way of managing inventory. ![]() Whether your business sells coffee mugs or catalytic converters, chances are that improved SKU management could help your company save time, money, and stress. ![]()
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