actual article; the item itself
Refers to the physical item being discussed, as opposed to a sample, catalog photo, or description. Common in commercial and auction contexts.
I decided to buy after seeing the actual item, not the catalog.
goods in stock; stock on hand
Used in inventory, retail, and warehouse contexts to refer to items physically present and available.
I'm sorry, but that item was the last one in stock and has sold out.
Compound of 現 (gen, 'present, actual') and 品 (hin, 'goods, article'). A straightforward Sino-Japanese word.