Inventory management refers to the systematic process of managing, controlling, and optimizing a company’s inventory of goods and products. It involves managing the inflow, outflow, and storage of inventory to ensure that adequate stocks are available, minimize carrying costs, and meet customer demand efficiently.
Now to manage all these things, various Inventory management software are available, in this article we will be helping you to choose the best inventory management software for you by analyzing each type.Â
Inventory Management Software- Key Takeaways
- Understanding what inventory management software is and why it is necessary.
- Learning how to choose the best software for your organization.
- Comparison of Different software on the basis of Pricing, Free trial, and convenience.
What is Inventory Management Software?
Inventory management software is like having a smart assistant that helps you keep track of all your products and supplies. It automatically records when new items come in and when they go out, so you always know how much you have in stock. This software also works with other systems like your cash register and accounting software to make everything run smoothly. By using the best inventory management software, you can avoid running out of items or having too much of something, which helps you meet customer orders efficiently.
Benefits Of Using Inventory Management Software
Inventory management software is like a secret weapon for businesses that handle a lot of products or equipment. It’s especially useful for shops, online sellers, factories, and service providers who need to keep track of what they have.
When businesses use inventory management software, they often see benefits like making more money, running things smoothly, and keeping customers happy. But to get these benefits, they need to pay attention to the small details of managing their inventory. That’s where the Inventory management software comes in.
Imagine you run a small online store selling handmade crafts. You make beautiful pottery, jewelry, and home decor items that customers love. As your business grows, you start to struggle with keeping track of your inventory. Sometimes you run out of popular items and disappoint customers, while other times you end up with too much of something that doesn’t sell well.
This is where inventory management software comes to the rescue. It helps you keep a digital record of all your products, so you always know how many items you have in stock. When a customer places an order, the software automatically deducts the sold items from your inventory, preventing overselling. Plus, it gives you insights into which products are selling best and which ones are sitting on the shelves, allowing you to make informed decisions about restocking and promotions.
With inventory management software, you can streamline your operations, reduce errors, and provide a better shopping experience for your customers. This, in turn, leads to happier customers, more sales, and ultimately, a more successful online store.
How To Choose The Right Inventory Management Software
There are various Inventory management software available in the market, offering various new and unique features in order to overpower each other.Â
Choosing the right inventory management software is essential for your business as it will play a crucial role in growing your business, below are some key points that you should keep in mind while choosing the Inventory management software.
- Digital labeling and barcode scanning: This feature lets you create and print barcodes for your products, which can be scanned to track inventory levels accurately. It streamlines the process of identifying and managing items in your inventory.
- Consolidated inventory management: If your business operates from multiple locations or warehouses, having software that centralizes inventory management is crucial. It allows you to see the stock levels across all locations in one place, making it easier to make decisions about restocking and distribution.
- Real-time inventory tracking: This feature ensures that you have up-to-date information about the availability of products and materials in your inventory. It helps prevent stockouts and delays in fulfilling customer orders by providing visibility into stock levels at all times.
- Low-stock alerts: Automated alerts notify you when inventory levels are below a predefined level. This approach helps you avoid running out of critical items and ensures that you can reorder in time to meet demand.
- Automated reordering: The software can be set up to automatically generate purchase orders based on preset criteria. This automation saves time and reduces the risk of human error in the reordering process.
- Reporting: These reporting features provide insights into sales trends, customer behavior, purchase patterns, and overall business performance. These reports help you make data-driven decisions, identify opportunities for improvement, and track the success of your inventory management strategies.
Best Inventory Management Software
Choosing the best inventory management software depends primarily on the demands and requirements of the individual. Below, we will discuss some of the most popular software options available in the market, along with their pros and cons. This information will help you choose the best fit for your needs.
| Inventory Management Software | Â Â Â Â Â Â Best Fit For |
| Cin7 | Overall best |
| Ordoro | Best for Multichannel Sellers |
| inFlow | Best for wholesale business and B2B sales. |
| Katana | Best for Manufacturers |
| Zoho Inventory | Best Value |
| ShipBob Merchant Plus | Best for Hybrid fulfillment |
| FishBowl | Quick Book users |
| Extensiv | Best for Dropshippers fulfillment. |
| Sortly | Best for small retailers and asset tracking. |
| monday.com | Best in the category of free inventory management software. |
1. Cin7-Â
Cin7 is a comprehensive inventory management software that offers a lot of features and integrations. It helps you track your stock, automate purchasing, and manage your warehouse efficiently while being affordable for most businesses. You can connect it to your online stores and marketplaces, as well as choose your preferred shipping software.
With Cin7, you can easily manage multiple warehouses, track parts for bundled products, and automatically create purchase orders based on your sales trends. It also allows you to forward orders to warehouses and dropship suppliers for fulfillment. Plus, it has a built-in point-of-sale (POS) feature, so you can track both online and in-store sales seamlessly.
What’s great is that Cin7 offers 24/7 support for all plans, along with online tutorials and resources to help you get started and make the most of the software. It’s a user-friendly option that covers all your inventory and order management needs.
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2. Ordoro
Ordoro is an Inventory management software that helps manage everything involved in selling products across different channels. It keeps track of your inventory, handles orders, and manages shipping. One of Ordoro’s key features is its ability to automatically create purchase orders based on your sales and inventory levels. It can also send orders to different warehouses and suppliers for shipping.
It works with many e-commerce platforms like Square and Shopify, making it easy to sync your inventory and sales data. Ordoro is great for businesses that sell custom items because it can track raw materials and parts used to make finished products.
They offer phone support during weekdays and you can also reach them through support tickets if you need help.
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3. inFlow
inFlow is an inventory management software that’s great for both retail and manufacturing businesses. It helps to track your stock, make purchases, and fulfill orders efficiently.
What sets inFlow apart is its focus on B2B (business-to-business) and wholesale features. For example, you can create virtual showrooms to showcase your products to different clients and customize what they see, like prices and shipping details. It also supports B2B quotes and invoices, helps with production workflows, and simplifies the pick-and-pack process. inFlow works with various e-commerce platforms, marketplaces, and shipping apps. for smoother operations.
One downside is that inFlow can be a bit complex for beginners, but they offer helpful support through phone, chat, and email during business hours. They also have video tutorials and resources online to assist you.
| Â Â Â Â Â Â Â Â Â Pros | Â Â Â Â Â Â Â Â Â Cons |
| Virtual Showroom feature is available to showcase products online. | Virtual showroom plans are available on higher tier plans, making it difficult for small businesses to buy. |
| Gives one-click quotes and autogenerated invoices, which is helpful for B2B sales. | |
| Flexible paying options as both monthly and annual billing features are available. |
4. Katana
Katana is an inventory management software that’s great for e-commerce, multichannel, and B2B businesses, but it shines the most in the manufacturing sector.
For manufacturers, Katana has everything you need like barcode tracking for parts, production planning, assembly tracking, and managing your suppliers efficiently.
It’s also affordable. The Starter plan costs $179 per month (paid annually) and includes essential inventory tools. If you need more features like multi-warehouse support and barcode scanning, you can go for the Standard plan at $359 per month (paid annually).
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5. Zoho Inventory
Zoho offers inventory management software that’s full of features at affordable prices, perfect for startups and growing businesses. It covers everything from order management to tracking inventory and shipping, supporting all kinds of businesses that rely on shipping. Even in the free version, Zoho includes functions like product bundling and kitting, which are important for businesses selling custom or subscription items.
One drawback is that Zoho doesn’t integrate with as many e-commerce platforms as other Management software. It mainly works with Shopify, Zoho Commerce, and marketplaces like Amazon, Etsy, and eBay.
However, Zoho has time-saving features like autofill for purchase orders and easy dropship and multi-warehouse management. Their higher-tier plans are great for larger businesses too.
Zoho offers 24/7 support through chat, email, and phone with quick response times, and they have a lot of helpful resources online.
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6. ShipBob
ShipBob is a top provider of third-party fulfillment and logistics services. They recently introduced Merchant Plus, a stand-alone version of their powerful inventory management software. This means that businesses can now use ShipBob’s advanced tools for managing inventory they store and ship from their own facilities.
Merchant Plus from ShipBob includes everything that e-commerce, B2B, and multichannel sellers need to survive. This includes features like automated purchase orders, tracking inventory across multiple warehouses, and efficient shipping processes. It also supports orders with kits and assemblies, detailed pick-and-pack operations, and connections with vendors through EDI, drop shippers and retail clients. Additionally, ShipBob seamlessly integrates with a wide range of e-commerce platforms and online marketplaces for managing orders and returns.
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Comparison of Top Inventory Management Software
Below is a simplified comparison of Top inventory management software for you, that will help you find the best one for your business by comparing the basic features of all the software.
| Company | Pricing | Free Trial | Mobile App |
| Cin7 | $349 per month | Demo Only | Android version |
| Ordoro | $59 – $149 per monthÂ
(free plan for shipping only) |
15 Days | No |
| inFlow | $89 – $439 per month
(Billed Annually) |
7 days | Android & iOS version |
| Katana | $179 – $1,799 per month (Billed Annually) | 14 Days | No |
| Zoho Inventory | $29 – $249 Per Month
( Billed Annually) |
14 Days | Android & iOS Version |
| ShipBob | Depends on Quote (Minimum 3500 orders per month) | No | iOS version only. |
| Fishbowl | Contact the company for Quote. | 14 Days | Android & iOS Version |
| Extensiv | Contact company for Quote. | No | Android & iOS Version |
| Sortly | $29 – $239 per month. | 14 Days | Android & iOS Version |
| Monday.com | Free, $8 – $16 per MonthÂ
(for advanced features) |
14 Days | Android & iOS Version |
Inventory Management Software FAQs
What is Inventory Management Software?
Inventory Management Software is a digital tool that helps businesses track and manage their inventory, including stock levels, orders, purchases, and shipments.
Why is Inventory Management Software important?
Inventory Management Software is important because it helps businesses avoid stockouts, reduce excess inventory, improve order accuracy, streamline operations, and ultimately save time and money.
What are the key features of Inventory Management Software?
Key features of Inventory Management Software include inventory tracking, order management, barcode scanning, reporting and analytics, automated purchasing, multi-warehouse support, and integration with other business systems.
How does Inventory Management Software benefit businesses?
Inventory Management Software benefits businesses by providing real-time visibility into inventory levels, reducing the risk of stockouts or overstocking, improving order fulfillment accuracy, optimizing supply chain operations, and enhancing decision-making with data-driven insights.
