If you run an ecommerce or retail business, one of your top concern is likely keeping track of your inventory and managing your cash flow. Being able to forecast demand, ensure no product sits in your warehouse too long, and handle any shrinkage concerns. While handling these issues can be aided by leveraging software it all starts with a smart inventory management strategy. Here are the top 5 inventory management systems for you to consider for your small business.
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.
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.
In business, it’s always good to figure out how to work smarter and not harder in your business. Take advantage of the free trails to test out the inventory management software you choose, to consider. You want to be sure that it meets your specific needs so that you can streamline your cash flow and inventory. If you take the time to select the software and learn how to use it, you should be able to plan better for inventory and prevent lost revenue.
This article was originally published as The Top Inventory Management Systems for Small Business Owners on www.succeedasyourownboss.com