When Using Genie, you need to understand all the statuses we have on Genie for the products so you can act accordingly.
Product Statuses Explained
No Sales
Meaning: The product has not been sold during the reporting period. This could indicate issues with demand, visibility, or marketing.
Action: Consider reviewing the product’s placement, promotional efforts, or whether the product aligns with current customer interests. Evaluate if any changes are needed to boost sales.
Running Low
Meaning: The product's inventory level is approaching a predefined low threshold. This suggests that stock will soon be insufficient to meet demand.
Action: Initiate a reorder to replenish stock before it runs out completely. Review daily sales data to adjust the reorder level if needed.
Stock Gap
Meaning: The product will be temporarily unavailable due to a gap in the expected stock depletion date and arrival date of the new inventory.
Action: If applicable, inform customers about the expected restock date. Evaluate the supply chain to understand and mitigate the cause of the gap so that the product stays in a healthy state.
Overstocked
Meaning: The product has more inventory on hand than needed, which could tie up capital and space or potentially lead to markdowns.
Action: Consider promotions, discounts, or bundling to move excess stock. Analyse daily sales to refine inventory forecasting and avoid future overstock situations.
New Product
Meaning: The product has been recently added to the shop and is only available so that you can track the production and inventory status in Genie without creating a product on Shopify.
Action: Review the inventory data and make sure to update it as needed, publish the product to Shopify once this product is ready to be launched.
Out of Stock
Meaning: The product is sold out, and no inventory is available.
Action: Communicate with suppliers to expedite restocking. Inform customers of the situation and possibly offer alternatives or backorder options.
Healthy
Meaning: The product’s inventory levels are well-balanced relative to current sales trends, indicating a stable and effective inventory situation.
Action: Continue monitoring to maintain the balance. Review sales data and inventory levels regularly to ensure the product remains in a healthy state.
Conclusion
Being aware of these statuses makes it easier to make informed decisions to satisfy client demands, optimise inventory levels, and increase sales. Routinely assessing and responding to these states ensures proactive inventory management.
While product statuses are very useful, based on the product type or other factors, they can be useless. For example, products like gift cards will always continue, so tracking them makes no sense. In such cases, you can exclude those products and ensure you only see relevant and valuable data. Please read our article here to see how you can do that.