Lots are a batch of products identified with a unique barcode or a serial number. All items of a lot are the same product. (E.g. a set of 24 bottles). Lots corresponding to a certain number of products you receive and store altogether in a single pack. It is better to manage such bulky products as a whole and Serial numbers are basically given to those items that could require after-sales services, such as smartphones, laptops, fridges, and any electronic devices.
Lots are basically given to those products we receive in great quantity and by this, we can use it for reporting, quality controls, or any other info. Lots will help identify a number of pieces having, for instance, a production fault. It can be useful for batch production of clothes or food. and we can set or assign the expiration date, best before, etc.
we can use this in our point of sale module by enabling the traceability in the products inventory tab and you can specify that it is lots or serial number or no tracking then while using the product in session you can see the popup for entering the lots or serial number.
Notice that:
Storing consumable products such as kitchen roll, toilet paper, pens and paper blocks in lots would make no sense at all, as there are very few chances that you can return them for production fault.
On the other hand, giving a serial number to every product is a time-consuming task that will have a purpose only in the case of items that have a warranty and/or after-sales services. Putting a serial number on bread, for instance, makes no sense at all