If you run a retail business, one of your top concerns is likely inventory management. You’ve constantly got to be able to forecast demand, ensure no stock sits on the shelves too long, and deal with shrinkage. While handling these issues can be helped with a smart inventory management strategy, having the right inventory management software in place will also make your job a lot easier.
Here are some of the best inventory management systems for small businesses to consider.
If you’re looking to pack a punch with your inventory management software, TradeGecko helps you do it all: manage sales and stock, automate shipping, and get insightful intelligence reports. One of the perks to TradeGecko is that it integrates with a ton of ecommerce platforms, including Shopify, WooCommerce, Magento, and Amazon. It also plays nicely with other software like Xero Accounting, Quickbooks, Shipstation, StarshipIT, Lokad, Google Drive, and Salesforce.
Other features of TradeGecko include:
- Manage customer data from a single system
- Control stock across SKUs, warehouses, currencies, taxes, and price lists
- Batch track to improve your business workflow
- Get a clear picture of your data and predict trends
What does it cost? Plans start at $79 a month, and you can get a 14-day free trial to test it out first.
Here’s something novel: inventory management software that is actually free! Every cent you can keep for your business is one you can invest elsewhere, so free is good.
If you have multiple locations for your retail business, Stockpile allows you to manage them all easily through one interface. You also can collect insights on inventory turnover through the reporting module. And you get unlimited users, items, and locations, and never pay for the privilege.
What does it cost? Did I mention it’s free? The company is constantly adding new features, and plans to include customer management modules and barcode scanning in the future. These features will be available as add-ons to Stockpile for a fee.
If you’re looking for more places to sell your products online beyond your own website, Cin7 is a great inventory management platform to come along for the ride. Recently, the brand announced a new integration with the Walmart Marketplace. Similar to Amazon, the Walmart Marketplace allows sellers to have products appear on Walmart.com, helping you reach a larger audience.
Cin7’s strong suit is its integrations: there are 120 currently on the Cin7 Supply Chain App Store, where you can “click-and-connect” to online marketplaces, shipping services, sales and marketing platforms, and payments solutions.
Additionally, Cin7 offers:
- The ability to create promotions and gift cards
- Fully integrated point-of-sale and inventory management
- Real-time tracking of sales and inventory
What does it cost? Cin7 is a bit pricier than other systems, starting at $249 a month, but with the robust features it offers, you might be able to avoid paying for other platforms that offer some of the services that Cin7 covers. Also, a free trial is available.
If fulfilling orders and shipping them out is time-consuming for your ecommerce business, OrderBot can help automate much of the process. From creating customizable packing slips to using barcodes to easily scan and process products, this inventory management platform takes the headache out of order fulfillment.
Your order fulfillment staff will be pleased with the ease that smart pack slips for optimal picking and packing provide, as well as having the ability to assemble work orders. You or your administrator can manage inventory at multiple warehouses, so as you grow, the software grows with you.
What does it cost? Because this software is so customizable, you have to request a demo to get a quote for your needs.
Wasp Inventory Management Software
When you don’t have your inventory management smoothed out, you can often have inventory write-offs if you buy too much inventory or don’t properly manage your stock. Wasp Inventory Management Software helps eliminate such write-offs by helping you get a handle on your inventory.
You’ll get alerts when inventory is low, expiring, or past-due, which helps you ensure you always have what you need in stock and that you move what needs to be sold asap.
And with more than 60 pre-built reports available in the system, you can get the insights you need to manage both inventory and suppliers. You can even streamline your relationships with vendors by inputting detailed supplier information and establishing a supplier code for each.
What does it cost? Rather than paying a monthly subscription fee, with Wasp you pay a one-time purchase price, starting at $1,495, which includes the software, inventory scanning device, and printer.
Whichever of these inventory management systems you choose, take advantage of the free trails to test them out. You want to be sure that it meets your specific needs to help you streamline and automate your cash flow and inventory management. If it does its job, you shouldn’t have wasted inventory and lost revenue.