Inventory Basics

a machine-readable series of parallel lines that combine to crate a unique item identifier

• barcode

• Radio Frequency Identification

• Price Look Up

• Inventory Replenishment

Tags containing electronically stored information that identifies objects using a radio-wave reader

• Barcode

• Radio Frequency Identification

• Price Look Up

• Inventory Replenshment

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

• barcode

• Radio Frequency Identification

• Price Look UP

• Inventory Replenishment

The process of automatic or manual ordering to meet product demands.

• Inventory Replenishment

• Stockroom

• Safety Stock

• Stocking

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

• stockroom

• safety stock

• Price Look UP

• Receiving

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

• Safety Stock

• Stocking

• Receiving

• Barcode

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

• Receiving

• Stocking

• Safety Stock

• Stockroom

the process of placing inventory on sales floor shelves, racks or other display to be sold

• Receiving

• Stocking

• Barcode

• Price Look Up

The term for when customers have purchased more products than the company estimated and inventory is sold out.

• Point of Sale System

• Inventory Shrinkage

• Out of Stock

• Excess Inventory

When there are fewer items in stock than in the total inventory record due to expired products, damage, theft and/or paperwork errors.

• Point of Sale System

• Out of Stock

• Excess Inventory

• Inventory Shrinkage