What is Inventory Transfer?
Inventory transfer refers to the movement of goods or products from one location to another within a company's supply chain or inventory system. This can involve the physical transfer of items from one warehouse to another, from a retail store to a distribution center, or between different business units or departments within an organization. Inventory transfers are typically tracked and recorded in a company's inventory management system to ensure accurate accounting and inventory control.
Why do we need Inventory Transfer?
Businesses need inventory transfers for several important reasons:
Demand Variability: Customer demand for products can vary significantly across different locations and regions. Inventory transfers allow businesses to redistribute stock to meet this variable demand more effectively. For example, during a seasonal sales spike, a retailer might transfer more inventory to a store in a high-traffic area.
Store Replenishment: Retail businesses regularly transfer inventory from distribution centers to individual stores to replenish stock as it's sold. This ensures that products remain available to customers and avoids stockouts.
Optimizing Capital: Holding excess inventory ties up capital that could be used for other investments. By transferring inventory to locations where it is more likely to be sold quickly, a business can optimize its capital allocation.
Customer Service: Ensuring that products are available when and where customers expect them is crucial for providing good customer service. Inventory transfers can help meet customer demand promptly.
In essence, inventory transfers are a vital part of inventory management and supply chain optimization, helping businesses respond to changing market conditions, reduce costs, improve customer service, and make efficient use of their resources.
How should we do it with Magestore Retail Management Software?
1. Outgoing Requests
1.1. How to manage the Outgoing Request?
There will be a list of when you access the Inventory Transfer sub-menu. In this list, you can see all the outgoing requests belonging to the current source with some important information such as the status of the request (show the progress of that request), the person who created the request, the source that the current warehouse will transfer the products to,…
In addition, to see the details of the request or take actions related to that request, you can click the View button to redirect to the Outgoing Request details.
1.2. How to create a new Ougoing Request?
To create a new request, you can click on the New Inventory Transfer button. After that, you will be redirected to the Outgoing Request details, and it will be empty like this.
1.2.1. Outgoing request details.
1.3. How to add the product to the request details?
To add products that you want to transfer, there are 3 ways:
Click on the Add Product button
Scan the product barcode
Use the Import function
1.3.1. Add products by using the Add Product manually function
In the Request details, you can click on the Add Product button to redirect the Add Product to the Inventory Transfer page
On this page, you can base on some important information such as In-stock qty (qty in current source), Qty in Receiving Source,… to select to add the product that you want to transfer more carefully. After selecting products, you can click on Add Selected Product to add the selected products to the details page.
1.3.2. Add products by scanning product barcode
In the Request details, you can scan the product barcode to add products if you already have products on hand.
After scanning successfully, the product will be added to the details and look like this.
1.3.3. Add products by importing products by CSV file
Finally, if you already have a plan including products and qty that you want to transfer, you can use the Import function. After clicking on the Import button, the import CSV popup will show like the below picture.
The uploaded file must be CSV, and the format must be follow like the below picture in order to import successfully.
1.4. How to fill in the qty that you want to transfer for each product in the Request details?
There are 2 ways:
Fill in the Sending Qty field
Scan the product barcode
1.4.1. Increase the qty that you want to transfer by filling in the sending qty field.
In the Requests details, you fill in the Sending Qty field with the qty that you want to transfer for the product.
