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Having the right goods in the right place at the right time and in the right condition is a crucial requirement for a successful business.
But how is it supposed to happen when you sell an item that is out of stock?
Or is the item being sold misplaced?
Because of this, you need to know where your inventory is, how much you have, and how to get to where it is needed. Even better if all of this is possible without any additional effort on your part.
With the best inventory management software for your business, it all becomes a reality.
And if this is not enough, you can also use the software tool to reduce operating costs, increase sales and, above all, ensure higher customer satisfaction.
But how do you know which platform to choose?
This is where we come in.
Our team at has compiled a list of the best inventory management solutions for different types of businesses below. Read on to find the best match for your business.
The top five options for the best inventory management software:
- Cin7 – Best for corporate resource planning
- QuickBooks Commerce – Best for Wholesale
- Upserve – Best for restaurants
- Zoho Inventory – Best for Multi-Channel Retailers
- Ordoro – Best for ecommerce websites
How to choose the best inventory management software for you
Inventory management software is more than a solution – it is a savior for your business.
You can systematically acquire, store, and sell inventory for both raw materials and finished products. It also covers the entire supply chain, from production to retail and storage to shipping and all warehouse movements in between.
The good news is that the software is a one-time investment, but you must make the right decision. To ensure this, you should consider the following factors before making your final decision.
Business type and requirements
While inventory management software is versatile, few are geared towards specific niche industry initiatives and business models.
Think about it: a wholesaler's inventory requirements are very different from those of a physical retailer.
In addition, every company has its own needs and your company is no different. You need to be aware of the features that you need in the software for the smooth functioning of your inventory process.
Do you sell your offers in person or online? Is it through a website or online marketplaces – or a combination of both?
A potential software package may offer several innovative functions and support different sales channels. However, if it doesn't have the features you need or doesn't support the sales channel you are currently using, then the purchase will be useless.
Many inventory management software tools can be integrated with other platforms, saving you time and ensuring smoother inventory management operations.
Before choosing a tool, determine if the potential software pays and pays for it with the other solutions you are already using.
Imagine you are selling products on Amazon. Understandably, you want to track your listed stocks in real time. Make sure to check that the solution you are trying to purchase integrates with Amazon. If that doesn't work, go ahead and look for other options.
The rule here is simple: choose software that has as many relevant automated features as possible. After all, getting inventory management software is about making our lives easier.
Think through each step of your inventory management process to determine what can be automated and what can be done manually.
For example, if you automatically reorder more units when your inventory is low. Or update your inventory according to orders and fulfillment. Of course, this is done based on the settings you adjust in the software you have chosen.
There is no guarantee that there will be no learning curve with the inventory management software you choose. Therefore, you can benefit from expert advice from your software provider at the beginning, after an upgrade or if you run into a breakdown. Look for online resources, live chat, and other customer support tools they offer.
Choose a company that has a reputation for providing exemplary customer service. Don't forget to read customer reviews and feedback before making a purchase.
The different types of inventory management software
In addition to the above factors, you also need to understand the different types of inventory management in order to make the right choice.
From free and simple tool suites to those that are more expensive and have high-precision programs, inventory management software varies considerably. You can also categorize them based on their functions, as some tools only list orders while others allow sales departments to track and categorize orders, provide dynamic product information, and do personalized branding.
However, since this is software we're discussing, we've listed the different types of inventory management software based on how the vendor provides it.
There are three types of inventory management software based on deployment.
On-site inventory management systems
These systems contain software covered by a single license and hosted on the client's local server. This is the most expensive category as it requires complex setups and even hardware installations in some cases.
Software-as-a-Service inventory management systems (SaaS)
These solutions have a monthly subscription and are hosted on the provider's server. The user is not responsible for installation, updates or maintenance.
Cloud hosted inventory management systems
Cloud-based solutions are becoming increasingly popular because of their high affordability and universal access. For these reasons, too, this system category offers free basic plans. In addition, the user does not need to update the software or perform maintenance.
You can also find software solutions with a hybrid deployment. In this case, you have the option of choosing between an on-premise client or a cloud-based interface.
# 1 Cin7 – Best for corporate resource planning
Cin7 does more than just inventory management – it's comprehensive cloud-based software that can be integrated with other modules, including point-of-sale software, an e-commerce platform, and a warehouse management tool.
We believe this solution is best for Enterprise Resource Planning (ERP) platforms as it has built-in modules for every aspect of your business that are part of the subscription plans. It has a fully integrated point-of-sale (POS) system as well as numerous B2B e-commerce functions, manufacturing functions and a payment portal.
You also get inventory tracking, barcode scanning, and order fulfillment benefits that are standard with most inventory solutions.
Cin7 integrates with 100+ third party applications so you can run your business from a single platform, which is impressive. With advanced demand forecasting and cross-channel synchronization support, you can manage inventory across multiple markets and efficiently sell and distribute your products with minimal effort while your system stays up to date.
- Inventory management
- POS software support
- Order management
- Manufacturing and storage tools
- Branch transfers
Cin7 offers three pricing tiers based on your company size:
Prices start at $ 295 per month. However, you need to contact the company for a more accurate quote for your business.
# 2 QuickBooks Commerce – Best for Wholesale
The name of this product doesn't ring? We don't blame you.
You may know QuickBooks Commerce by its former name TradeGecko. Even if the name has changed, the software still offers everything you need for your wholesale business.
You can easily monitor products as you sell, manufacture, and replenish goods in all of your warehouses, distribution channels, and locations. You can also set up a B2B ecommerce website where all of your customers can pay the agreed price.
There is also a built-in payment processor that allows you to add a Pay Now button to your invoices so that your customers can more easily make a payment once they receive an invoice.
QuickBooks Commerce can simplify your supply chain and order management. Not only does it have a mobile app that lets you sell on the go, but the barcode scanning feature makes it easy to update items or change customer orders.
The software also automates several repetitive ordering processes. This includes creating a custom workflow for all types of orders, sending trigger emails, Slack notifications, etc.
- Inventory optimization
- Multi-channel management
- Reorder management
- Warehouse management
- Reporting / analysis
- Product identification
- Mobile access
QuickBook Commerce has three monthly paid plans:
- Basics: $ 40
- plus: $ 21
- Advanced: $ 45
Disclaimer: The above screenshot was taken when the website was offering a 70% discount for the first three months of purchase. It may no longer be applicable at a later point in time.
# 3 Upserve – Best for restaurants
Restaurants have unique inventory requirements, which is why they need more than a simple order management system – a challenge that Upserve takes on.
Upserve is a dynamic inventory management solution that allows users to track expiration dates and focus on the needs of the particular supply chain. It is specially designed to meet the needs of a restaurant.
For example, you can create recipes for the dishes in your menu and customize each recipe with an accurate indication of the ingredients (and amounts) used in the software. As soon as a customer places an order for this dish, Upserve automatically deducts these quantities from the inventory for the ingredients used.
This feature also helps you set the right prices for your menu items and identify where there may be excessive food waste.
Upserve has a built-in POS system, but you can only do it with its unique proprietary POS hardware. However, this isn't a deal breaker when you factor in the characteristics of inventory management, especially for restaurants.
- Real-time inventory tracking
- Recipe calculation
- Multi-site support
- Supplier management
- Order by mouse click
- In-app barcode scanner
Upserve offers its users three subscriptions:
- Vein: $ 59
- professional: $ 199
- Pro plus: $ 395
You also have the option to request a demo of the software.
# 4 Zoho Inventory – Best for Multi-Channel Retailers
When you need advanced inventory management software to grow your business across multiple channels, Zoho Inventory is one of the best you can get.
It can streamline business operations and allow users to effectively manage inventory, orders, sales orders, and shipments. It's a GST-enabled tool that saves your company's GSTIN and automatically populates when there is a purchase, sale, invoice, or invoice.
The platform also offers integration with digital marketing websites like eBay, Amazon, Shopify, and Etsy. This allows your sales team to manage online and offline orders quickly and seamlessly.
In addition, the tool comes with an end-to-end tracking system that allows you to track the movement of each item from your warehouse to the point of sale. Another benefit is getting real-time shipping costs and details in transit.
You can think of Zoho Inventory as an AI-based system with several powerful features that can be customized to suit your business needs.
- Inventory optimization
- Multi-channel management
- Reorder management
- Product identification
- Reporting / Analytics
- Mobile access
- Retail inventory management
Zoho Inventory has different plans to meet the needs of different multi-channel companies. Currently you can choose from four options that are payable per organization per month:
- Free plan: $ 0
- basic: $ 39
- default: $ 79
- Professional: $ 199
The above are annual rates. If you pay monthly, the prices go up slightly.
# 5 Ordoro – Best for ecommerce websites
Ordoro is a complete inventory management and shipping solution for your e-commerce business.
You can integrate all of your online sales channels, assign barcodes to SKUs, manage orders and automatically update quantities through the software when order is filled. It is designed to perform inventory updates for Returned Merchandise Authorization (RMAs) as well.
Its dropshipping capabilities make it an excellent choice for websites that require supplier management capabilities.
Ordoro allows you to manually and automatically manage all dropship requests to suppliers without your involvement. It has a supplier portal that suppliers can use to place orders directly within the platform.
This software can also be used to implement a non-traditional inventory management strategy. There is an option to strategically over-sell your goods or to limit the amount of inventory visible to your customers to create an illusion of scarcity and encourage customers to place their orders earlier.
- Barcode scanning function
- Integrated advanced analysis
- Automatic inventory synchronization
- Multi-channel support
- Inventory alerts / notifications
Ordoro has three feature-rich plants including:
- express: From $ 59 per month
- professional: From $ 499 per month
- Companies: Ask for a quote
You also have the option to schedule a free demo of the company.
Choosing the best inventory management solution for your business shouldn't be taken lightly. In addition to pricing, feature availability, and benefits, you also need to consider the people who will be using the software and their requirements.
Fortunately, inventory management software comes in all different forms and offers different features to make it suitable for different businesses and industry niches. Don't forget to use our guide and recommendations to find inventory management software that is best for your business.