Inventory management software are considered an essential tool to collect, maintain and manage a massive amount of data for businesses, especially in the retail industry. Whether a retail business is an e-commerce website, a brick-and-mortar store, or a supermarket, it requires a way to keep track of its inventory.
According to Yamuna Gibson, a Senior Manager of Wadav, “the inventory management software is the key solution to multiple problems we face in our retail business.”
Inventory management software’s permits you to gain insight into all aspects of your products. Plus, tracking inventory can also be beneficial for your customers because you will inform them where the package is right now.
Features, For Which Inventory Management Software’s Are Famous
Barcode Scanning
Inventory management software tracks and manages the products through the barcode scanners. For example, there is a product you forgot where you had placed it, whether in the inventory department or on the shelf to display. Through the inventory management software, you will hunt the product quickly by simply tracing the bar code.
Inventory optimization
Inventory management software ensures seller has the required amount of every item available for their customers. The software program learns about each product’s selling pattern through artificial intelligence that determines how much customers buy in a month. For example, in your store, milk is ending from the stock, the software will pop up a notification about it.
Over Or Under-stocking Alerts
The best part of the inventory management software is, it provides alerts that warn a seller when the stock of a specific item increased or decreased according to defined thresholds. It resembles the previous; there is just one difference: the seller defines thresholds according to his preferences.
Multi-location management
Another best part of Inventory Management Software is that it can simultaneously manage a series of warehouses and point-of-sale systems. For example, you are running multiple stores at different locations; you don’t need to install inventory management software for each separately. Only one software can handle the inventory of all the stores through a server connection, and for this, you need internet.
Predefined Sections
Inventory management software also handles inventory into predefined sections. Due to this, a seller can estimate what items are in demand.
Report Generation
Another most helpful feature is that inventory management software’s correctly record your sales, tracks your repeatedly sold items, and manages the products in your inventory that do not reach sales levels, which you expect.
Record of Purchase Orders
Last but not least, the inventory management software’s keep track of the products you are storing in the inventory and where you’re getting these from, like the data of distributors and vendors, etc.
Best Inventory Management Software’s
There are many inventory management software’s available in the market, which one is the best for you, that is all up to you. You need to figure out which inventory management software supports the structure of your business.
Based on overall performance, we came up with the three most popular software’s that many retailers prefer to control the inventory.
1. QuickBooks Commerce
Many people know QuickBooks Commerce by its old name, TradeGecko, and even though the name has changed, this inventory management program provides a lot of things you need for your retail business.
QuickBooks let you track items as you sell, manufacture efficiently, and replenish merchandise across all of your inventory locations and sales channels. In addition, this software can also be utilized for B2B e-commerce websites, and it permits all your customers to pay the agreed price.
The program can analyze and order your supply chain and order management in straightforward steps. QuickBooks software also automates various repetitive ordering processes. This includes creating custom workflows for all orders, sending activation emails, Slack notifications, and more.
2. inFlow Inventory
The inFlow is a software made for item-based businesses like retailers, distributors, or wholesalers to track merchandise, manage orders, generate invoices, organize reports. And manage other business and transactional procedures.
Businesses of every size, large, medium, and small, rely on Flow to paint the big picture of their work using record analytics to make informed decisions. Efficient and time-conscious, the software hosts product listings tracks stock transit status, and organizes inventory using barcodes generated by the DYMO printer. These barcodes additionally resource in product identity and order distribution.
Sales, purchases, and replenishment are managed through B2B portals. It offers material billing, invoices, and other receipts, and as well as secure online payment portals and on-time order entry, dispatch, and delivery. InFlow’s bendy compatibility with consumer systems consisting of Windows, iOS, and Android enables you to live on the pinnacle of your recreation by displaying the whole lot you want to recognize with simply one click.
3. Zoho Inventory Management
Zoho Inventory Management is one of the best-regarded tools at the market, designed to assist outlets boom income, develop commercial enterprise operations, and extra. Not simplest does Zoho Inventory assist you with such things as offline control and order, however, it could additionally combine with different tools into your income strategy.
Zoho can be easily connected to your Amazon, eBay, and Shopify accounts, create buy orders, control drop shipments, and extra, all from one app. There is monitoring for each item for your stock with serial numbers and batch monitoring functions.
You also can pick from numerous delivery integrations to make certain your matters get on your clients as speedy as possible. Zoho inventory management could be the case if you are hunting for complete software solutions for your retail business.
Conclusion
If you use software that doesn’t work, you don’t need to keep investing in it. Searching for a solution that works, lowering operating costs, increasing revenues, and most importantly, ensuring greater customer satisfaction, inventory management software will let a retailer track merchandise throughout the firm’s supply chain so that he can track everything from his sales orders to his unique business needs. Moreover, these tools include features such as connection to the offline barcode policy, bookkeeping system, and more.
Rhydian Choi 
Nicola Holder