There is no denying that effective inventory management is the key to ecommerce success. One crucial aspect of this management is serial number tracking, a practice that has gained prominence in recent years. But what exactly is serial number tracking, and why is it becoming increasingly essential for businesses of all sizes?
In this blog, we'll delve into the intricacies of serial number tracking, exploring its purpose and benefits.
Serial number tracking is an inventory tracking system that lets you keep tabs on each unit of an item, all the way from when it's made to when it's sold. Each unit gets a unique identification number that allows you to track exactly which unit was sold to which customer.
Without a serial tracking system, keeping track of your inventory can be difficult and may result in lost revenue, regulatory challenges, and maintenance issues. So, let's dive into how this serial number tracking thing works!
A serial number is something that the manufacturer creates for a product. The idea behind it is to have a way of tracking the history of each item as it moves through the supply chain and reaches the end users.
As the product travels from the manufacturer to the store and then to the customer's hands, you need to scan or type in serial numbers at different points. This helps to know exactly where the product is at any given time.
The serial number, being unique to each item, also helps with warranties and customer service. If the product has a problem, you can quickly find all the details about it using the serial number.
So, serial number tracking is like giving each product its unique identification that holds all its important information. This makes sure everything runs smoothly and helps you track your products easily.
Certain industries have a legal obligation to use serial numbers, like vehicle component manufacturers and medical device manufacturers. But even if you're not legally bound, it's worth considering the advantages of adopting similar practices.
Not only does using a serial code system bring benefits, but it also makes things easier for you and your employees. By minimising errors, your workers can confidently handle orders and get things done faster.
Here are some of the key benefits of serial number tracking:
By using serial number tracking, it becomes easier to achieve these groupings and reap the benefits. The more you know about your inventory, the better you can plan and make adjustments to get the most out of it.
For instance, all the smartphones of the same model can be quickly identified and grouped together, making it a breeze for people working at the warehouse.
Serial numbers make it super convenient to access the entire history of each part or product. And that's a game-changer for businesses using historical data for forecasting or needing to do product recalls. The best part is that with the help of a streamlined inventory management system, the entire process can be made unbelievably easy and user-friendly.
Serial number tracking is a great way to minimise human errors. By assigning a unique number to each item, you can easily and accurately monitor transfers, sales, and orders. It's especially beneficial for those with a diverse inventory.
A lot of things happen inside those warehouses, even in smaller businesses. They constantly seek new systems to boost the efficiency and effectiveness of operations. One solution to reduce errors and increase productivity is serial number tracking.
For instance, serial number tracking is extremely important for stock control. They give companies the ability to maintain quality control by helping address warranty claims or if needed, manage a product recall.
Many products, like cell phones, laptops, PCs, and medical devices come with warranties. So if anything goes wrong, the company will fix it or provide customers with a new one. Once a serial number is assigned to each product, you can easily access all its information.
The serial number is really important because it tells you when the product was sold. For example, this comes in handy when you're dealing with any issues and want to check if it's still under warranty. It makes maintaining your devices a breeze because you can always check the product's history before getting it repaired.
Serial numbers are pretty handy when it comes to establishing ownership of things, particularly if they get lost or snatched. They provide an added layer of security for brands that use them. For example, if a laptop gets swiped, stores can track it down using the serial number. The serial number holds intel on its origin, which helps get the stolen items back to its rightful owner or company.
Serial numbers enhance tracking flexibility by recording when the product is received and shipped. By integrating serial number tracking, you can improve stock control accuracy by eliminating the need for multiple databases. This reduces confusion and minimises errors.
For example, serial numbers help you manage stock by keeping track of expiration and best-by dates. This way, you can ship older stock first, reducing waste due to perishability or obsolescence.
Every sale and shipment keeps you informed about your business, top customers, and remaining stock. And with a well-organised system, you can easily access these statistics whenever you need them.
Your company can easily handle and investigate warranty claims. Whether it's a trade, return, refund, or full recall due to manufacturing or production faults, you've got it covered. Plus, you can provide customers with all the specific details about their model based on the serial code.
Preventing fraud is also quite simple. Just check that the serial number matches the product being returned, and you can ensure everything is in order.
At Eshopbox, we've got you covered with serial number scanning at the unit level. Whether you're packing an order or processing a return, this feature makes it super convenient for tasks like product activation, recalls, warranty claims, repairs, and much more!
With Eshopbox, you can easily scan serial numbers for products in bulk using our import feature in the workspace (all-in-one dashboard). Once the serial number scan is enabled for the products, you simply scan the associated serial number when packing the order.
This stores all the information related to the items in our system and allows further tracking.
Based on the serial number of a product, Eshopbox enables you to manage the product returns at your location. You can do that by scanning the serial number of the product at the time of receiving the return.
If you're using an Eshopbox fulfilment location, Eshopbox will label the return as quarantined or restocked, depending on the serial number.
We provide support for serial number scanning in the following scenarios: order processing, shipping, and receiving returns from customers.
Serial number tracking is a secret weapon for businesses wanting to streamline their inventory management. It's a game-changer, offering benefits like improved visibility, fewer mistakes, better customer service, and sales analysis. It is a valuable asset for all sorts of industries. Whether you're legally required to use serial numbers or just want to level up your operations, the advantages are crystal clear.
Eshopbox can help you implement efficient serial number tracking and take your inventory management to the next level. Talk to our sales team today to learn more about our services!