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Virtual Inventory Definition

Understanding the Term

The virtual inventory includes all of the products that a company has on hand, whether on a retail floor, in a back room or at a warehouse. Incomplete or finished products that are located at the factory owned by the company or by one of its suppliers are not part of the virtual inventory.

Application

This terms is often used in the context of retail stores to calculate the daily inventory on hand.

Visibility over the virtual inventory is an important part of retail planning.

Illustration