“You cannot run a successful retail business from memory.”–Josh Hartford. Reread these lines every time you try to overlook the importance of managing your retail store inventory. Gone are those days when the word ‘inventory’ was synonymous with manually counting the physical stock in the warehouse or retail store. The rapid technological changes have brought a paradigm shift in the way you do business. As a result, inventory is now a placeholder for money.
Holding inventory for your retail store ties up a lot of your cash, making effective inventory management a must for growing a retail store.
Retail inventory management is the process that ensures you hold merchandise that your shoppers want to purchase without holding too little or too much inventory in hand. Effective inventory management is when you meet the customer’s demand without carrying excessive supply or running out-of-stock.
But should you manage your inventory manually? No! This is why you should invest in inventory management software. In this article, we will explore the top 7 SaaS software that helps in inventory management.
Looking for Inventory Management Software? Check out SoftwareSuggest’s list of the best inventory management software solutions.
Top 7 SaaS Software to Help You Manage your Retail Store Inventory
One of inventory management goals is to help retailers like you understand the right time to replenish the products. Here are seven SaaS software that will manage your inventory like a pro.
1. Lightspeed POS
Lightspeed is a cloud POS (point of sales solutions) that offers access from anywhere. It’s a one-of-a-kind cloud-based system offering powerful inventory management, ordering, quoting, reporting, and even analytics. This retail POS is the best inventory management system because it ensures smooth running of your business while managing sales and optimizing stock.
Key features
- Creates special orders for meeting customer’s requirement
- Tracks inventory levels
- Directly upload products from preloaded catalogs
- Sets custom reorder points
- Automates your discounts
- Bundles individual products to sell them as a package
- Excellent at reporting and analytics
- iOS compatible
Best for
Apparel, home décor, jewelry, footwear, bike, sporting goods, and pet
Why is it unique?
Powerful and user-friendly interface using which you can control processes of different stores.
Pricing
Offers 14-day free trial, and the retail POS plan starts at $69 per month when billed annually
2. inFlow inventory
Managing inventory is not a simple task, but with inFlow inventory management, you can seamlessly manage orders, track merchandise, curate reports, generate invoices. The inventory feature of the SaaS software helps you transfer, receive and fulfill merchandise in real-time. From organizing products to stock tracking and reordering, the tool is a one-stop solution for retailers looking to grow their business in the coming years.
Key features
- Generates record of all inventories
- Keeps track of inventory across one or more store locations
- Allows you to set different reorder methods and points for each retail store
- Helps in restocking product before they run out of stock
- Give details of your current stock, reserve stock and stock for which ordered is placed
- Android and iOS compatible
Best for
Small, medium, and large retail stores
Why is it unique?
The mobile app facilitates barcode scanning and keeps inventory managers and sales agents on the same page in terms of inventory.
Pricing
Offers a 14-day free trial, and the Light plan starts at $79 per month
3. Zoho inventory
For retail stores looking for an AI-powered inventory management system, look no further than Zoho inventory. Unlike others on the list, Zoho inventory offers multi-channel selling. It provides exceptional control over the inventory that allows small retail stores to manage their inventory and orders with greater proficiency and accuracy.
Integrating this software helps you manage sales through e-commerce sites like Amazon, Etsy, and eBay. Interestingly, it empowers your sales team to efficiently manage offline and online orders because Zoho offers an integrated order management system.
Key features
- Offers centralized record-keeping
- Allows you to create excellent product bundles
- Manages and tracks inventory across different warehouses and locations
- Offers purchase and sales order functionality
- Android and iOS compatible
- Transfer inventory from one warehouse to another based on demand
- Consolidates the inventory
- Tracks movement and expiration date of the inventory
- Create insightful reports for analysis
Best for
Small and medium-sized retail stores
Why is it unique?
The warehouse management feature helps you effectively manage your supply chain logistics.
Pricing
Offers 14-days free trial and standard plan starts at $59 per month when billed annually
4. Retail Pro
Retail Pro is a retail management SaaS software offering robust inventory, customer management, reporting capabilities, powerful POS and back-office management for your retail store. It also helps in retail billing and retail automation. Retail Pro offers robust tools that help retailers efficiently grow their business. If you’re looking to streamline your retail store processes without spending too much on costly software, Retail Pro is your best bet.
Key features
- Keeps only minimal stock by unifying inventories
- Reduces data inventory time as it connects with in-store POS
- Allows integration with eBay, Amazon and other online marketplaces
- Offers real-time reporting
- Help in upselling as it provides customer’s purchase history
- iOS compatible
Best for
Speciality retailers like apparels, luggage, gift souvenirs, toys, electronic goods, sporting goods, footwear
Why is it unique?
Powerful retail management store with a user-friendly interface and allows inventory management across all your store.
Pricing
The pricing is quotation based
5. Square
Square understands that inventory is the heart of a retail store because your business depends upon it. Keeping this in mind, the team at Square created a revolutionary retail management software. It’s a cloud-based platform focussing on forward-thinking retail that helps retailers maximize their efficiency, reduce cost, and scale their omni-channel presence. When you start using their interface, you will realize that it’s worth every penny and can take your store to the next level. Also, Square recently acquired Stitch Labs, which offers a unique inventory management software.
Key features
- Regularly updates your inventory level over sales channel
- Centralizes your inventory in one place
- Uses techniques like bundling and pre-orders to sell products
- Manages inventory level across all your stores and warehouses
- Quickly transfer inventory from one location to another
- Provides smart forecast based upon how you’re selling a particular product
- iOS compatible
Best for
Small and medium retail stores
Why is it unique?
Keeps track of all your vendor contact information which allows you to reorder stocks before they go out-of-stock.
Pricing
Offers a free trial and the Plus plan that starts at $60 per month per location Video
6. Veeqo
Another SaaS software that effectively manages your inventory and grows your business is Veeqo. It’s a powerful software that unlocks critical capabilities and focuses on automation to manage your inventory supply chain effectively. It gives your complete control over your inventory, irrespective of how many warehouses or sales channels you use. If you’re looking to sync even your returned stock in your inventory management, look no further than Veeqo. It’s a unique, user-friendly software loaded with essential features.
Key features
- Synchronizes inventory across multiple channels
- Allows end-to-end purchasing from one place
- Allows synchronization of inventories across multiple sales channels like Amazon, eBay and WooCommerce
- Performs quick cycle stock checks
- Automates stock rules to control the inventory for each sales channel
- Accessible from anywhere as it’s a cloud-based system
- iOS and Android compatible
Best for
Retail stores that require an all-in-one inventory platform
Why is it unique?
Easy-to-use software that consolidates inventory from all your sales channel in one place
Pricing
Offers a 14-day free trial, and the Accelerator program starts at $120 per month
7. Orderhive
There is no better inventory management software for businesses looking to streamline and automate their inventory than Orderhive. It lets you manage your retail business across multi-channel and in real-time. From order management to analytics- it’s a complete retail management software.
Key features
- Tracks inventory in real-time
- Bundles different products for easier and faster selling
- Integrates with eBay, Amazon, FedEx, Shopify and other platforms
- Automates all order management functions using a single dashboard
- Synchronizes inventory across sales channels, warehouse and distribution centres
Best for
Small, medium, and large retail businesses
Why is it unique?
A single platform solution offers a myriad of features like inventory management, inventory control, shipping management, and order management.
Pricing
Offers a 14-day free trial with Lite plan starting at $44.99 per month
Which inventory management software should you invest in?
You are probably living in the dinosaur’s age if you’re still sticking to pen and paper or spreadsheets to keep track of your retail inventory. Retail stores that focus on inventory management are the ones that outgrow themselves and can expand their base in no time.
Lack of inventory management and control can cause irrevocable damage to your brand because most of the time, products in your store would be out-of-stock. From automatic replenishment of out-of-stock products to traceability, investing in this technology can help transform your retail operations forever.
Irrespective of whether you choose lightspeed POS or Zoho inventory, make your decision based on your business requirement, company size, cost, and features. Also, consider whether the system is mobile or tablet compatible as it helps you manage your store on the go.
Which inventory management software helped you manage your retail store? Did it help you increase your sales? Leave your thoughts in the comments section!
Parul Saxena is a writer and editor with experience in various genres of writing in various industries. A content creator who loves to write on the latest technologies and their impact on businesses and everyday life.
