Planning to expand your business? Are you interested in expanding your small-scale business and taking it to the next level? However, frequently, challenges such as stock shortages, inadequate supply management, and delayed vendor payments hinder your growth. If so, then fret not! Just read this post.
We have got you covered here. We have curated a selection of top-notch inventory management software options that can truly revolutionize the way you handle and optimize your business inventory. This article discusses the 10 best inventory management software for retail stores, including their how-to-use features, pros and cons, reviews, and prices. Read on!!
Before we move to the list of the best inventory management software, let’s first understand what exactly it is and how does it help businesses achieve success. Here we go…
Table of Content
What Is Inventory Management Software?
Inventory management software, also known as Inventory software or inventory management system, is a system that allows businesses to track, organize, and oversee all of their inventory and their inventory-related processes all at the same time. These systems enhance the opportunities of retail store business. It helps businesses streamline their inventory processes, function efficiently, and increase year-on-year revenue growth.
No matter whether your retail store is small-scale or large-scale, inventory management software is compatible with all sizes of retail stores. It improves customer satisfaction, boosts productivity, and increases overall profitability. All in all, inventory management software is essential for businesses to efficiently manage their inventory and related operations.
If you want to effectively manage your inventory, streamline your operations, reduce costs, and efficiently handle your stock, then an inventory management system is a crucial tool for your business. Let’s now see how these systems work.
How Does Inventory Management Software Help in Retail Business?
The introduction of inventory management software in retail business helps in many ways. It has provided businesses with advanced solutions to organize stocks in inventory in a more efficient manner. Furthermore, it helps retail store owners to automate orders and send them to vendors in a timely fashion.
Aside from that, low stock alerts, barcode scanning, and more are some of its key features. You can avail of these advanced features and grow your small-scale business into a large-scale enterprise. At first glance, it may seem a bit expensive, but its value far exceeds its price tag. In general, this presents a profitable opportunity for small retail businesses.
Features to Look for in an Inventory Management System
Here are some of the essential features that an inventory management software must have if you want the best results. Take a look…
Inventory Control: Inventory control or stock management is one of the most important functions of an inventory software. It helps you keep track of the whereabouts and quantity of your items. This feature makes managing inventory a breeze. Your stock levels are automatically updated whenever new inventory arrives or is shipped out of your warehouse. Additionally, this feature provides you with real-time information on the stock levels in your warehouse and its current location.
Procurement Management: This is yet another very important feature that your inventory software should include. This feature enables users to easily set a reorder point for each item and generate purchase orders when supplies are running low. It allows you to determine the ideal stock level for a specific product in your warehouse before initiating a refill order. It helps you prevent having a stock-out situation in your warehouse as it allows you to send out orders whenever your product inventory runs low.
Supplier Management: Of course, having proper supplier management process in place is crucial for running a successful retail store. Supplier management feature allows you to have and manage your suppliers’ information efficiently. Having supplier information handy helps you select the best suppliers who offer most favorable deals for the product you wish to order.
Shipment Tracking System: This is yet another important feature that an inventory management software must have. It allows you to easily keep tabs on the whereabouts of your sent shipments, ensuring a smooth customer experience. If you own an ecommerce business, then shipment tracking system is a MUST-HAVE feature. This allows you to track the location of every package that you send. In addition, it minimizes instances of lost or misplaced orders.
Inventory Reports: Getting comprehensive reports on your inventory details, sales, purchase trends, and operations, becomes a breeze with this feature. In addition, having comprehensive report helps you make informed business decisions.
Barcode Scanning: Most retail stores use barcodes to easily identify each item they store. In such a situation, an inventory management system with barcode scanning can come in handy. It allows business owners to label and track inventory effortlessly.
Top 10 Inventory Management Software for Retail Store
Here is our list of some of the most stunning inventory management systems available out there. Take a look and choose the one that fits your requirements the best.
1. SafetyCulture
SafetyCulture is a robust inventory software for retail shop that efficiently operates supply chain management. You can leverage real-time insights into your supply chain operations to make more informed decisions. This helps you optimize inventory management and swiftly respond to needs in the supply chain.
Moreover, with its proactive approach, you can analyze unexpected disruptions beforehand. This motivates you to build effective strategies to overcome vulnerabilities in the system. As a result, this prevents any kind of disruption to the continuity of the system.
➣ How to Use
- Create templates with its AI-powered technology
- Minimize paperwork and motivate your team to access this software to streamline retail business operations
- Avail the benefits of its barcode scanning, voice-to-text, and calculations feature
- Manage team scheduling, maintenance, and inspections from one integrated platform
- Purchase its premium subscription to unlock its customizable options
➣ Features
- Efficient team management
- Easy to create and edit templates
- Offers a comprehensive audit trail
- AI course creator automatically translates training courses into 100+ languages
| Pros | Cons |
|---|---|
| Accelerate Productivity | Vulnerable to bugs and glitches |
| Reduce incidents of disruptions | |
| Become paperless | |
| Easy installation |
➣ Reviews
Capterra has given SafetyCulture inventory management software an excellent star rating i.e. 4.6 as it efficiently automates and streamlines supply chain management.
➣ Prices
- $24/month (Premium)
2. Ordoro
Ordoro is another top-rated retail store management system that focuses on eliminating the complexities of inventory management to boost retail store’s growth. It efficiently tracks the real-time status of the warehouse and manages its stock levels to ensure continuity in operations.
Most importantly, it works through a variety of apps to be a one-stop solution to many problems. It supports e-commerce business growth by providing organizations with inventory management, shipping services, and dropshipping services. You can choose an inventory management tool and any other tool based on your needs.
➣ How to Use
- Enable automated low-stock alerts to keep yourself ahead of unexpected disruptions in supply chain management
- Turn on the auto-syncing feature to notify about real-time stock levels across multiple sales channels
- Leverage the benefit of real-time data analytics tools to make data-driven decisions for sales growth
- Use shipping and dropshipping apps as per your needs
➣ Features
- Multi-warehouse management
- Open API platform
- Barcode scanning
- Real-time sales and operation insights
| Pros | Cons |
|---|---|
| Open API platform | Vulnerable to glitches |
| Low stock alerts | |
| Reduces waste management | |
| Streamline and automate supply chain management |
➣ Reviews
Capterra has given Ordoro a very good rating i.e. 4.8 because the software has proved its efficiency in managing inventory in large-scale organizations at cost-effective prices.
➣ Prices
- $349/month (starting price)
- $499/month (advanced features)
3. inFlow Inventory
inFlow Inventory is a user-friendly inventory management software. It empowers organizations with on-time and accurate inventory management insights to fulfill orders without any delay. Furthermore, its reorder points help you to follow the proactive approach to fulfill the stock.
As a result, you can ensure restocking in inventory management before your stock runs out. Most importantly, this software is compatible with all kinds of devices including laptops, tablets, and computers. As a result, you and your team can avail the benefit of its several features from anywhere.
➣ How to Use
- Go to the inFlow inventory dashboard to analyze data insights
- Enable its stocking alert to track stock across several sales channels
- Use the app to store all inventory and order details in one place. This will not let you miss the potential sales
- Encourage your team to streamline business functioning through this software.
➣ Features
- Barcode scanning
- Organize products
- Real-time stock tracking
- One-click PO generation
| Pros | Cons |
|---|---|
| Prioritize orders | Could have been better |
| Track product availability in stock | |
| Generate email invoices and receipts | |
| Track shipment status in real-time |
➣ Reviews
As per users’ reviews, inFlow Inventory software is user-friendly for organizing products and tracking sales status. Therefore, the Capterra website has offered it an excellent star rating i.e. 4.6.
➣ Prices
- $89/month (Entrepreneur)
- Small business $219/month
- Mid-size $439/month
Also Read: Best Chatbot Platforms For your Business
4. PartKeeper
PartKeeper is an open-source inventory software that offers advanced features and tools for inventory tracking and stock reordering. With its Fast Part Search, you can search for inventory stock levels, order numbers, manufacturer lists, distributors, and more in no time.
It allows you to define several kinds of units such as Lux, Newton, Becquerel, or Ohms in data. Moreover, it offers many customizable options to customize the platform as per your business needs.
➣ How to Use
- Use its Quick Part Search functionality to search for numerous fields, including stock levels and more
- Enter all your part data including data related to many manufacturers, distributors, attachments, and more
- Easily track the record of your stock through the removal of the parts and added
- Can scan and filter inventory stocks virtually
➣ Features
- Retrieve data with barcode scanning
- CSV and Excel support as well as CSV import
- Easily accessible global track history to review previous activities in the inventory
| Pros | Cons |
|---|---|
| Customization | Nothing is here |
| Real-time stock tracking | |
| Great usability | |
| Maintain a huge database on its platform |
➣ Reviews
Business.org has given PartKeeper an ideal rating of 4.1 because of its free and open-source inventory management system.
➣ Prices
- $0 (Starting Price)
- Contact the developer to learn more about the pricing
5. Shopify
Shopify is another inventory management software that offers an intuitive interface with its advanced inventory tracking features and tools. It has collaborated with many organizations to generate fast reports on stock levels so that businesses will never run out of stock. If you want to receive low stock alerts by installing an app.
All in all, it aims to improve customer satisfaction by optimizing inventory stocks in real time.
➣ How to Use
- Download the Shopify app to track products in inventory before some of them run out
- Manage orders in its digital landscape rather than managing them with multiple apps and spreadsheets
- Minimize the possible delivery time to customers
- Utilize its data analytics to know your sales volume and plan the next sales-boosting opportunities based on it.
➣ Features
- Auto-syncing inventory data management across various warehouses
- Auto-alert system for low stocks
- Historical data to forecast sales volume growth
- User-friendly interface and easy installation
| Pros | Cons |
|---|---|
| No employee training is required for its usage | Costly plans |
| Forecasts sales volume | Limited free themes |
| Advanced data analytics tools help in making data-driven decisions | High transaction fees in case you use the third-payment provider |
| Streamline complexities of multiple warehouses |
➣ Reviews
Forbes Advisor has given Shopify an excellent rating of 4.5 stars because of its unlimited features and tools to streamline e-commerce business.
➣ Prices
- $20 (first month)
- $17.94/month (Basic)
- $67.03/month (for small teams)
- $271.50/month (Advanced)
- $2094.33/month (Plus)
6. Sortly
Next on the list is Sortly inventory management software which is known to efficiently organize and automate inventory stocks in just a few steps. With its barcode and QR code scanner, it fasts up inventory stock counts.
Moreover, it will alert you before an unexpected disruption in the supply chain. You can upload high-resolution photos to track your products in the inventory in no time.
➣ How to Use
- Install the Sortly app to upload an inventory list of all products
- Organize products according to location, type, weight, and more
- Train employees on how to access Sortly inventory. Not so much training is required
- Customize features based on your business objectives and needs
➣ Features
- Track products by uploading photos
- Easy-to-understand inventory lists
- Customizable options to add tags and other details
- Barcode and QR code scanning
| Pros | Cons |
|---|---|
| Generate QR labels | The interface could have been better |
| Generate barcode labels | |
| Tailor your experience | |
| Easily accessible inventory list |
➣ Reviews
Capterra has given an excellent star rating of 4.6 to Sortly because of its efficient inventory management and customizable options.
➣ Prices
- $29/month (Advanced)
- $59/month (Ultra)
7. Revel
Another inventory management software that has garnered immense traction in the recent years is Revel. Many organizations have gotten the most out of their system by introducing Revel inventory management services.
It streamlines the entire supply chain management flow and automatically sends stock alerts to prevent the risk of unexpected disruption. As a result, it improves customer satisfaction and helps retail stores in achieving growth in their year-on-year revenue.
➣ How to Use
- Leverage your advanced inventory management with low stock alerts
- Automate generate purchase orders and then, send them to vendors without any delay
- Use a barcode scanner and QR code scanner to keep accurate inventory records
- Download the app and train users on how to use it
➣ Features
- POS system inventory management
- Automate functioning in numerous fields
- Easy to find organized products
- Display products by size and items
| Pros | Cons |
|---|---|
| Streamline supply chain management | No free trial |
| Automate generate orders and product supply requests to vendors | Difficult to understand the POS inventory management |
| Hassle-free procedure | A little bit expensive |
| Accurate inventory records |
➣ Reviews
Forbes Advisor has given Revel POS an ideal star rating of 4.0 because of its constant efforts to improve the cloud-based POS inventory platform.
➣ Prices
- $99/month (Starting Price) + purchase of two terminals
8. Zoho Inventory
The second last one, the best inventory management for retail stores is Zoho inventory. Various tasks such as managing orders, overseeing warehouses, and handling invoices become easy with its unified system.
This has collaborated with many emerging small-scale retail stores and has benefited them with its advanced digital inventory management solutions. Moreover, it is compatible with various kinds of barcode scanners to set up barcode systems and generate serial numbers as well as batch numbers.
➣ How to Use
- Manage your stock in different warehouses with its user-friendly app
- Track transit status to ensure on-time deliveries to customers
- Cann integrate it with Zoho CRM and Zoho Books to extend its opportunities
- Generate, download, and share vendor invoices, sales details, and more
➣ Features
- Supportive to retail stores of every size
- Track inventory in real-time
- Intuitive interface to oversee stocks in different warehouses
- Easily process invoices, bills, purchases, and sales orders
| Pros | Cons |
|---|---|
| Generate e-invoices | The interface could have been better |
| Track shipment in real time | No auto-suggestions |
| Improve customer satisfaction | |
| Can be integrated with other software |
➣ Reviews
Due to its growing market size and market share in new markets, Capterra has given Zoho an ideal star rating of 4.5.
➣ Prices
- $155.57 (Standard)
- $323.11 (Professional)
- $550.50 (Premium)
- $1077.07 (Enterprise)
9. LightSpeed
Do you want to manage all your stock from a single point-of-sale (POS) inventory management software? If yes, you should rely on the efficiency of LightSpeed for managing all stocks from a single inventory POS system.
Here, you will get the advantage of browsing built-in supplier vendors. You can buy products from the enlisted vendors and save time plus effort. Moreover, you can track multiple warehouse insights from one central dashboard.
➣ How to Use
- Track inventory management across various sales channels
- Set reorder points to enable low stock alerts for a smooth supply chain management
- Easily update prices with just a click here
- Use ShopKeep’s B2B catalog to learn more about vendors and their products. This will enable you to purchase goods at cost-effective prices.
➣ Features
- Automate supplier information with a built-in supplier catalog
- Easy-to-use inventory management tools
- Order new inventory within seconds
- Secure cloud-based encrypted data and backup
| Pros | Cons |
|---|---|
| Offers 24/7 support | Expensive |
| Can be used at multiple warehouses | Lengthy contracts |
| Easily integrated with various software | |
| Simplify the inventory management system’s difficulties |
➣ Reviews
Forbes Advisor has given LightSpeed a 3-star rating because of its lengthy contracts and limited features in comparison to other inventory management software.
➣ Prices
- $89/month +$59 additional registration charges per month
10. NetSuite
Lastly, we’ll recommend the NetSuite inventory management tool that provides real-time insight into inventory across various sales channels. It optimizes inventory stock levels and ensures product availability 24/7 across all sales channels.
Now, e-commerce businesses don’t need to depend on manual inventory management. NetSuite has provided them with advanced cloud-based solutions that minimize waste in inventory management. Moreover, it reduces costs and improves the level of customer expectations.
➣ How to Use
- Trace every activity in your warehouses with its digital software
- Analyze inventory management history to make more informed decisions
- Update item quantities in the transaction menu; update changes to the inventory in the item master
- Eliminate unnecessary inventory activities that increase the cost of goods sold (COGS)
➣ Features
- Real-time stock tracking
- Optimization of multiple warehouses with 360 dashboard
- No issue of excess inventory, stockouts, write-offs, and more
- Automate the generation of tasks and alerts for the purchasing manager
| Pros | Cons |
|---|---|
| Boost revenue | No free trial |
| Optimize inventory stock levels | Can be overwhelming due to the various features and steps to follow |
| Reduce the cost of goods sold | |
| Helps in making data-driven decisions |
➣ Reviews
Because of NetSuite’s intuitive interface and rising popularity among retail stores, Forbes Advisor has given it a star rating of 4.2.
➣ Prices
- Contact NetSuite for pricing
The Bottom Line
So, there you have it: the top 10 inventory management software for retail stores. Hopefully, this article has been informative for you and helped you choose the best software. Overall, inventory management software is crucial for businesses to effectively handle their inventory and business operations.
A carefully chosen system can help you manage your inventory, streamline your operations, reduce costs, and efficiently handle your stock. All in all, inventory software goes beyond just managing stock levels and tracking multiple warehouses. It significantly impacts the growth and profitability of the entire business and allows businesses to provide their customers with the best experience!
Choose wisely…🗹
Thanks for reading!💖
