Inventory management is at the foundation of all retail businesses. And making sure every item is properly inventoried, categorized and tracked can be a hassle.
Luckly, Kyte offers powerful and flexible tools that makes managing all that a breeze.
We'll cover a few basics about inventory in this article, including what you need to know before you start adding products to stock.
Things to consider
How you add and manage your products affects the way you can use Kyte. With the right information, you can track quantities sold, inventory costs, get a profit forecast and more. Take a moment to think about the type of reports and data that would help you make smarter business decisions.
- Do you need to track quantities you have on hand?
- Are there items that you have to have in stock at all times?
- Do you work with barcodes?
- Are you looking to sell online?
- Do you want to know how much money you have invested in your inventory?
- Do you want to view your daily, monthly or annual profits?
Types of product information
Adding a product to Kyte can be as simple as entering a name and a price. However, that'd mean missing out on inventory analytics such as quantities on hand, profits and total costs. If you wish to make more informed business decisions, consider entering as much information as possible about a product.
Here are the different product information available on Kyte and what they mean:
The product tab
These are thee crucial bits of product information that'll ensure you get the most out of Kyte's tools.
- Name: While this may seem like a no-brainer, some of our users use the name field to enter a code or some other type of internal communication. However, if you plan on selling online and printing out receipts to customers, consider entering a proper commercial name for your products.
- Price: Use this field to list the amount you are planning on selling the product for. This information will be shown on receipts and catalog. It'll also be used to calculate your profits and revenue.
- Label color: Label colors are a great way to quickly identify product types or categories at the blink of an eye. Kyte offers 9 different colors to choose from and they can be selected by tapping the little gray square right next to the product tag.
- Picture: As the old saying goes "A picture is worth a thousand words". That still holds true when it comes to retail. If you're looking to sell online, product pics work as the window into your Product Catalog and they help you convey the quality of your product, as well as transparency and trust. With Kyte you can select a picture from your gallery or use your camera to shoot one right on the spot.
- Category: Categories are used to, well, categorize your products. But much more than that, they are a neat way to organize your items not only so that they are more accessible to you and your staff but also to customers in case you plan on accepting orders placed through your Online Catalog.
- Description: A product description is much more than literal information about the item you're selling. It is the marketing copy used to deliver a value proposition to current and potential customers. Compelling descriptions provide customers with much needed details on features, the problems your product solves and other benefits related to it. When it comes to writing a product description, it is important to sit down and really take it serious.
- Code: One really cool feature of Kyte is the ability to use your phone camera as a barcode scanner. If you work with product tags, SKUs and such, all you have to do is tap the barcode icon and scan it. The information will be automatically filled out and can later be used to ring up your products as well as search for them. If you don't work with barcodes, you can still use the code field for internal communication purposes, such as location, reference code, etc.
- Cost: Product cost determines either the costs incurred in the creation of a product or how much you paid for it. This information alongside the price is used to calculate both your direct profits as well as revenue and profit forecast.
- Sell by: Sell by information refers to the unit of measurement by which your product is packaged when you sell it. This field is specially used when products are sold by weight or length so that you can better specify quantities in stock as well as the amount sold.
The stock tab
If you wish to track the inventory levels of one (or many) of your products, all you have to do is enable the "Manage stock for this product" option and fill out the following information:
- On hand: Here's where you will enter the number of items currently available to be sold. You can update this information at any time and to reduce chances of human error, all changes made are automatically updated across all devices linked to your Kyte account.
- Minimum: There's no worse feeling than having a customer place an order and when you go pick it up, you notice that it is out of stock. This field was created to help reducing the chances of that happening. Set a minimum quantity that you should always have on hand and Kyte will display alerts in the product screen every time an item is about to run out.
How to create your first product
Now that you know everything there's about product information, it is time to create your first product. Adding a product is much more than just "adding a product", it represents the key that unlocks some of Kyte's top features.
Here's a step-by-step on how to do it:
As mentioned before, in order to create a product in Kyte all you need is a name and a price. While there's additional information you can fill out, we'll start with the basics so that you can get a hang of how things work.
1. Tap the big green + button.
When you first open Kyte, you'll notice a big green button with a plus sign in the middle of it. This is the easiest way to access the "New Product" screen. Another way to do so is accessing "Products" through the main menu.
2. Enter the product name and price.
Time to type in the name of your product and how much you're looking to sell it for. Remember that these bits of info are super not only to you and to your staff, but also to customers browsing your products online if you decide to later set up your Product Catalog. They also play a major role in the analytics Kyte generates on your business.
3. Hit Create product.
And just like that you've added your first product to inventory. Celebrate. You deserve it. 🥳🥳
The details part
The details area are these extra bits of information that can be used to better organize your products in stock. If you wish to know more about what they mean and what purpose they serve, just scroll up a bit to "Types of information".
The inventory part
Kyte makes it super easy for you to add the number of items you have on hand, as well as keep tabs on Stock Movement and Stock Levels. Here's everything you need to know to handle your inventory.
4. Enable inventory management.
First things first, tap the "Manage stock for this product" to enable inventory management.
5. Enter the quantity on hand.
Press the On hand section to enter the number of items you have phisycally available at your business.
6. Minimum stock.
Setting a minimum stock level is going to help you and your staff know exactly when a product is running out or is already out of stock. Trust us, this option can save you from facing some really embarassing situations with customers.
7. Add to product.
Hit add to product and that's it. You can revisit this screen every time you want to update the quantities you have on hand or follow the stock movement of this product.