- Cin7: Best overall
- Ordoro: Best for free option
- Katana: Best for growing businesses
- Inflow: Best for fast inventory
- Zoho Inventory: Best for integration
Updated: Aug 24, 2024, 5:44pm
If your business maintains inventory, you need retail inventory management software to help manage the stock. Retail inventory management software helps you know when products are moving quickly or sitting on the shelves and need a special to entice sales. By tracking inventory, you are able to more efficiently place reorders to replenish stock as needed. This way, you won’t be left without much-needed stock as items fly off the shelves. Conversely, you won’t have excessive stock sitting on the shelves waiting to be sold.
We’ve evaluated retail inventory management software solutions to arrive at the top five tools on the market and to help you make an informed decision about which one best suits your business needs.
The Best Retail Inventory Management Software of 2024
Forbes Advisor Ratings
Company | Forbes Advisor Rating | Automated purchase orders | Fulfillment services | Shipping | View More | ||||
---|---|---|---|---|---|---|---|---|---|
Cin7 | 5.0 | Yes | Add-on | Add-on | View More | ||||
Ordoro | 4.9 | Yes | Yes | Yes | View More | ||||
Katana | 4.8 | Yes | No | Add-on | Learn More | On Katana's Website | |||
Inflow | 4.8 | Yes | No | Yes | View More | ||||
Zoho Inventory | 4.7 | Yes | No | Add-on | View More |
How To Choose the Best Retail Inventory Management Software
When shopping for a retail inventory management software platform, there are some key considerations. The key considerations for you to consider are:
- Inventory tracking: Find a solution that easily tracks inventory and gives you real-time updates so you can manage stock more effectively.
- Barcoding: Get a system that does the barcoding for you so you aren’t left to key stock keeping units (SKUs) manually.
- Label printing: Find a solution that has compatible label printers so you don’t need to rely on a different solution to properly tag items.
- Analytics: Look for a solution that offers analytics reporting so you can find the sales trends occurring in your business.
- Integrations: Get a solution that integrates with other business platforms that you use, which might include bookkeeping and e-commerce platforms.
- API: Seek out a platform that has API access where the platform is able to communicate with other applications and systems.
- Ease of use: Inventory management should be easy to use for all employees, from the top management to the warehouse clerks.
- Support: Work with a provider that offers robust support options,including 24/7 availability, live chat options and phone support.
Methodology
Forbes Advisor uses a 5-star rating system that independently reviews key features and factors to determine the best platforms out there objectively. Here is how we broke down the rating system.
General Features (30%)
General features account for 30 percent of the weighted score for retail inventory management software. We examine whether the software has a mobile app, has inventory optimization and does forecasting. Additionally, we reviewed whether the platform offers product identification, multichannel management and warehouse management.
Additional Features (20%)
Additional features account for 20 percent of the score. This category considers whether the platform offers automated purchase orders, supply chain management and order management. We wanted companies that have dependable reports. Companies that offer dropshipping components fared better than those that didn’t offer them.
Reviews and Ratings (10%)
Reviews and ratings account for 10 percent of the score. In this category, we scoured trusted review sites, such as Trustpilot, G2 and Capterra. Companies with positive review scores fared better than those with negative reviews.
Expert Score (30%)
Our expert score accounts for 30 percent of the overall score. Experts look for standout features of the product, determine whether the platform is a good value for the money and evaluate its overall popularity. Experts also gave added credence to platforms that were easier to use than others.
Frequently Asked Questions (FAQs)
What is the best inventory management software?
Cin7, Katana, Ordoro, inFlow and Zoho Inventory are some of the best inventory management software picks for growing businesses. However, the best one for your business depends on your needs, budget and industry.
What are the four types of inventory management systems?
The four types of inventory management are:
- Just-in-time management (JIT)
- Materials requirement planning (MRP)
- Economic order quantity (EOQ)
- Days sales of inventory (DSI)
Can I use QuickBooks for inventory management?
QuickBooks offers an integrated solution for inventory management with inventory management add-ons.
What is the most commonly used inventory system?
There are three popular inventory models: EOQ, inventory production quantity and ABC analysis.