Stock Keeping Unit (SKU)
Definition of 'Stock Keeping Unit (SKU)'
There are a few different types of SKUs. A basic SKU simply identifies the product or service. A descriptive SKU includes additional information about the product, such as its size, color, or flavor. A composite SKU combines multiple SKUs into one, which can be useful for tracking products that have multiple components.
SKUs are important for a number of reasons. They help businesses to track inventory, manage orders, and price products. They can also be used to track customer preferences and improve marketing campaigns.
Here are some of the benefits of using SKUs:
* Improved inventory management: SKUs make it easy to track inventory levels and identify products that are out of stock. This can help businesses to avoid stockouts and improve customer service.
* Simplified order management: SKUs make it easy to process orders and track shipments. This can help businesses to improve efficiency and reduce costs.
* Accurate pricing: SKUs can help businesses to ensure that they are pricing products correctly. This can help to improve profitability and customer satisfaction.
* Enhanced marketing: SKUs can be used to track customer preferences and improve marketing campaigns. This can help businesses to reach their target audience and increase sales.
If you are a business owner, SKUs are an essential tool for managing your inventory, orders, and pricing. They can help you to improve efficiency, reduce costs, and increase profitability.
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