“How do I setup/use backordered shipping dates for my products?”

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Short Answer:

In  the inventory settings.  Backorder dates  will automatically show up whenever your product  inventory is 0 for a product, or its  Attributes.  This does not work very well  if you are tracking inventory for an item with thousands of product attribute  combinations.

Detailed Explanation:

Go  to SETTINGS > Inventory  Settings. 
For the setting “Show Estimated  Shipping Date On:” it is generally best to set it to "BOTH".  Whenever a product/Attribute has a backorder  date entered for it, it will automatically display this date to the shopper  when the inventory is depleted for it.

If  the setting “Once Inventory is Depleted for an  Item, Change Item's Status to:” is set to “Backorder” this would let you have a  backorder date assigned to your product/Attribute, if you happen to manually  changed an Item’s status to “Out of Stock” then it would not show this date to  the customer, and they would see the “Out of stock” button appear instead of  “Add to cart.”  This same applies, but in  reverse, to when this setting is set to “Out of Stock”.

 
• The ability to allow/prevent people from ordering If your Item is set to the status “Backorder,” and if there is no date set, then it will automatically be labeled as “Out of Stock.”