SKU Full Form

If you work in a godown, handling the stock, you probably have heard this acronym – SKU. This is a distinct type of item which are used for sale, like the product or service, and all the attributes are associated with this item type that will distinguish this unit from the rest of the item types. SKU is referred to a unique identifier or a code that is sometimes represented by the barcode, which is used for scanning and tracking, this refers to the particular stock keeping unit. 

We will learn about SKU full form, SKU code full form, product SKU full form, and also SKU ID Full form in this section. Also, we will further discuss how businesses can use the SKU code, how will that enhance sales also we will know some fascinating facts on how to make the SKU code. 

SKU Full Form

The full form of SKU is Stock Keeping Unit. This works as an identifier that is not regulated or standardized. SKU Code full form is Stock Keeping Unit Code, this identifier is actually a code that distinguishes an item or a unit from the rest of the bundles. Product SKU full form is the product having Stock Keeping Unit code on its body. SKU ID full form is nothing but the identification number used to identify the distinguished product. 

Our discussion structured with the acronym ‘SKU’, now we will further know details on this code, SKU. 

Know About SKU

SKU’s long form is Stock Keeping Unit. This is a code that is used for product identification. This code uniquely identifies any product. The code helps in tracking a product for the purpose of the inventory. SKU Code is also known as product identifier or known as product number but normally, this is known as SKU number.

A stock-keeping unit (abbreviated as SKU) is a scannable bar code, which is more often seen printed on the labels of the product in a retail store. The label allows the vendors to automatically track down the movement of inventory. The SKU code is composed of an alphanumeric combination, it consists of eight-or-so characters. The characters are actually a code that is used to track the price, its product details, and even the manufacturer. SKUs can also work on intangible (it should be billable) products, like units of repair time in an auto body shop or the warranties.  

Composition of an SKU Code

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The SKU code may consist of (any of the following):

• Letters

• Numbers 

• Both the letters and numbers

Your trousers SKU code

For example, when you visit the clothes section, the SKU of trousers is 7250 -GN- 34. The first part of the code signifies the style of the pair of trousers and the second part signifies what colour is the trouser, the third part signifies the size of the trousers.

Note:

This is to be noted, that the SKU code is required to be kept unique not only for this product but also for every single variation of the product. 

What Will Be the SKUs of Similar Model Computers?

The model number of similar computers can be the same but their SKUs will differ, based on their colour, distribution channel and also by the production unit. So, the SKU code provides specific details about a product which will help us to differentiate it from any other similar variants. The retail stores in your locality are also dependent on these SKU codes to identify the products, price, and manufacturer of the merchandise that they are selling to you.

How SKUs Are Helpful?

The importance of SKUs are as follows:

• SKUs let us the shoppers, compare each of the characteristics of the similar items. For example, when we buy a specific DVD, the online retailers also might display similar movies that we have earlier purchased but we can differentiate using the SKU information.

• SKU method may also trigger additional purchases by the customer, this will increase the company’s revenue. 

• SKUs also allow the data to be collected on sales. For example, a store can see which items are selling well and which are not up to the mark based on these scanned SKUs and the POS data, they can change accordingly.

• SKUs make the shopping experience more efficient than ever before.

In the majority of the cases, the SKU code and the UPC code will seem similar in your eyes, but they both are drastically different. Let us find out how. 

Here is a different chart that will help you to remember:

Difference Between SKU and UPC Codes?

Use of SKUs

Retailers use the SKU codes to track the inventory and the sales of the products, this can provide the analytical data which are beneficial to have the order to develop relationships with their vendors and with the customers. But, also remember that each of the retailers will never track the same thing hence it is important that one must examine the need of one’s business before they create their SKU code.

How are SKUs Beneficial to Boost Your Business?

We will present some of the beneficiaries which we can get by SKU code, which will further boost our business. 

1. Track Inventory Accurately- As SKUs are used to track the product.

2. Forecast Sales – SKUs help in forecasting the sales by keeping an accurate number of the inventory.

3. Make the Most Out of Your Biggest Profit Generators - SKU code can help you to understand what the business’ most sought-after items are — and which are the least desired ones, too. When you know the most demanded items you can make out from these profit generators. 

4. Boost Customer Loyalty and Satisfaction – As the SKU codes can be used to anticipate the reorder points, you can help your own customer to always find the product which they sought out to purchase. 

5. Offer Customers New Suggestions – If suppose a specific customer is out of stock, then using the product’s SKU code you can direct your customer to a similar product which they can avail. 

How Do I Set My Own SKU Code?

First, you need to know what is important for you, or for your vendors, and then for your customers. Then you need to begin the process of creating an SKU architecture or SKU Code which will allow you to manage the business’ inventory effectively also while understanding how you can grow and adapt to these ever-evolving needs.

Did You Know?

How SKUs Actually Work?

SKUs are the alphanumeric number which provides information on the important and specific characteristic of the product like its price, colour, style, its brand, gender, type and also size. 

• SKUs are important as they allow you to track the whole stock seamlessly. 

• SKUs and Barcodes are similar but not the same. SKUs are unique to a business or the seller, while barcodes are assigned to all similar products regardless of where they are being sold. 

• If someone used the point-of-sale system then you can create an SKU code or architecture within it. If you have a smaller inventory, you can also create on your own, having the correct knowledge. 

• Two products can never have the same SKU code. However, two products can have the same barcode or UPC number.