Inventory Terms

The system used when a customer purchases an item, typically a checkout lane

• Point of Sale

• Point of Service

• Inventory Tracking System

• Inventory replenishment

When there are fewer items in stock than in the total inventory record indicates there are. This typically results from expired products, damage, theft, or paperwork errors.

• Shrink

• Inventory Loss

• Excess Inventory

• Out of Stock

A system of numbers that uniquely identifies bulk produce items or other items on which it may be difficult to apply a barcode

• PLU

• Barcode

• RFID

• Receiving

The process of matching the invoiced quantity to the actual products delivered.

• Safety Stock

• Stocking

• Receiving

• Signing

The situation that occurs when customers have purchased more of a product the the company estimated and an item is sold out

• Excess inventory

• Out of Stock

• Safety Stock

• Shrink

The behind-the-scenes area in a store where inventory is kept that does not fit on the sales floor or is awaiting a specific release date to be sold.

• Receiving

• Stockroom

• Barcode

• Shrink

Tags containing electronically stored information that identify objects; a retailer's system can use RFID to recognize either individual items or pallets of several products

• Radio-Frequency ID

• Barcode

• PLU

• SKU

The process of placing inventory on sales floor shelves, racks, or other displays to be sold.

• Stocking

• Receiving

• Delivering

• Retailing

The process of automatic or manual ordering to meet product demands

• Stocking

• Receiving

• Inventory Shrink

• Inventory Replenishment

Extra inventory kept on hand in case customers buy more than the estimated amount before the next shipment arrives.

• Excess Inventory

• Safety Stock

• Receiving

• Stocking