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.
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 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.
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.
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.
Founded in 2009, Mostbet has established itself as a formidable contender in the online betting…
In the fast-paced world of virtual finance, the evolution of steady storage answers for cryptocurrencies…
It’s not easy owning a business in retail or hospitality. While there are great rewards…
Transcribing court documents is an indispensable task within legal circles where every word counts; legal…
Big Data Engineering, a field of immense significance in today's scenario, is all about harnessing…
Bambet Casino has quickly risen to prominence in Australia due to its unmatched gaming experience.…