What is SKU and Why is it Important for Small Businesses?
Key Points:
- The term SKU stands for stock keeping unit, and it is an alphanumeric code used to collect data and track inventory in small businesses.
- SKUs help businesses in various ways, such as improving inventory management, facilitating accurate stock counts, and enhancing order fulfillment processes.
- Implementing SKUs allows small businesses to streamline their operations, reduce errors, and make better data-driven decisions.
- Using consistent and unique SKUs can also prevent confusion among employees and customers when it comes to identifying and locating specific products.
- While the format of SKUs may vary across businesses, they generally include information like product type, brand, color, size, and any other relevant characteristics.
SKUs are like secret agents for small businesses, helping them keep track of their inventory while streamlining operations and making data-driven decisions. These alphanumeric codes are the superheroes of the retail world, ensuring that products are accounted for, orders are fulfilled accurately, and employees and customers aren’t left scratching their heads. So, next time you see a SKU, remember that it’s not just another jumble of letters and numbers—it’s a small business’s sidekick in inventory management!
Original article:https://smallbiztrends.com/2024/01/sku.html