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What is an Inventory Management System?
An inventory management system (or inventory system) is the process through which companies track all their goods throughout their entire supply chain, from purchasing to production to end sales. It governs how you approach inventory management for your business.
Why do I need an Inventory System?
Any business handling large amounts of stock will need an inventory management system. This allows you to accurately track your inventory. Without one, you’ll either always be understocked or overstocked, with delayed stock-ups.
There are numerous inventory management systems in the market that you can choose from. Some ideal features that you need to look into are listed below. Following from that, we’ll go over some of the best software in the market currently.
Top features of an Inventory Management System
- Improved inventory control and forecasting/projection
- Centralized inventory management
- Barcoding & Scanning
- Improved, actionable inventory analysis
- Reporting of the business activities
- Integration of inventory management software with other systems
Top 10 Inventory Management Software
Katana is an inventory system well suited for small and scaling businesses. It’s real time updates allow users to stay up to date with all their inventory planning. They can get an overview of their whole inventory from a central place.
Pricing: Starting from $99 per month for essential plan. $299 for PRO plan. No free version.
Trunk is a cloud-based inventory solution that allows small to large enterprises manage their inventory across multiple platforms. Users can link products with their SKUs to prevent duplicate entries in the system and optimize their workflows.
Pricing: Pricing starts from $35 per month. Users can take a free trial, but there is no free version for the software.
Stocky is a Shopify app that comes with the Shopify POS Pro. It allows users to create and manage purchase orders centrally, forecast inventory, and replenish stock timely to meet customer demand. It also provides analytics and insights into inventory reporting, SKU/variant reports, and more.
Pricing: The app comes installed with the Shopify POS Pro plan.
Orderhive is a multi-channel inventory management software that lets you track inventory levels across all channels. You can manage different storefronts on marketplaces like Amazon, eBay, and platforms like Shopify. You can also integrate it with other accounting software and shipping providers.
Pricing: Starting from $44.99 per month.
15-day completely free trial (no credit card required) Add-ons are available for more functionalities. Easy refund policy.
ShipBob offers a simple and easy to use interface. It integrates with leading ecommerce platforms, allowing users to fulfill inventory orders immediately. It also lets retailers split inventory across locations for faster delivery. This also helps them reduce shipping charges for customers.
Pricing: ShipBob doesn’t reveal their prices online. To get a quote, you must contact their team online.
Shiphero is a fulfillment & cloud software that offers helpful solutions like inventory management and order management. It provides clear pricing and does not charge to set up.
Pricing: Starting at $1850 per month for Brand WMS and $1995 per month for 3PL WMS. To get a quote for Enterprise WMS, you must contact their team online.
StockSync is an inventory management software that allows users to automate products and import inventory from Google Sheets or any other feed. It lets you add or remove products and automate scheduling. Moreover, it also supports all file formats and lets users set their own pricing.
Pricing: Starts at $0 per month for the free plan, $5 for the basic plan, $10 for the pro plan, and $49 for the business plan.
Skubana is an inventory and order management software for brands and sellers. It allows brands to unify and automate their business processes for a better and smoother experience.
Pricing: Starts at $1000, for up to 1000 orders per month.
Shopventory is a multi-location eCommerce inventory management solution that lets users identify and fix inventory issues using real-time reporting that highlights trouble spots. It allows users to know before they run low on inventory and has condition-based alerts.
Pricing: Starts at $79 per month for the Standard plan, $199 for the Professional plan, $399 for the Elite plan, and $799 for the Enterprise plan.
Tradegecko is a powerful automated inventory management software for wholesale and multichannel eCommerce with a B2B marketing platform. It allows users to sell, ship, grow and manage their multi-channel and wholesale business in one place.
Pricing: Starts at $39 per month for Founder plan, $79 for Lite plan, $199 for Small Business plan, and $599 for Business plan.
Your decision over which inventory management system to pick largely depends on your company size, operations, model, and product type.
We hope you found this guide useful. While you’re at it also look at how a PIM software can improve your sales process and improve time to market.
Checkout our PIM solution that lets you create awesome digital catalogs for all your sales channels in no time!