Knowing what is in stock, and managing your stock is the first step toward building a strong and successful business. Over 60% of new businesses lose customers because of overselling or just being out of stock. Inventory management software helps in preventing this grave mistake. The industry best inventory management system syncs in real-time and ensures seamless transactions for your customers, be they online or offline.
However, there’s no one-size-fits-all when it comes to choosing the best stock management software. The needs of a small manufacturing plan differ greatly from a retail shop, so you must choose the right kind of software. During our research, we went through almost 45 of the best inventory tracking system to create a guide. To find out which of these tools is the best inventory management software for you, keep reading ahead.
5 Best Inventory Management Software for 2023
1. Orderhive – Best Overall
Orderhive has several plants based on the needs of a business. Small firms, to large-scale enterprises, of them can use Orderhive. The tool has made a name for itself by offering unlimited stock-keeping units (SKUs) and hundreds of seamless integrations. This is what makes the tool the best overall stock management software.
It’s a web-based software, and it works fluently with all major browsers. The company however suggests you use either Chrome or Firefox. It relies on the first-in, first-out (FIFO) method for reordering and restocking.
Orderhive can easily be integrated with some of the top platforms such as Amazon, QuickBooks, WooCommerce, FedEx, and more.
Here are some of the top features offered by them:
- Kitting, bundling, and composite support
- Automated purchase order creation
- Link and unlink products with different names
- Transfers stock between warehouses smoothly
- Barcode scanning
- Add, edit, or delete products in bulk
- Manages serial, batch, lot numbers, and expiry dates
- Zero and partial inventory dropshipping
- E-commerce automation tools
2. inFlow – Best for B2B Businesses
inFlow is an easy-to-use stock management system for B2B showrooms. You get simple yet robust software for your business, B2B wholesalers, online resellers, and retailers. The reporting capabilities and shoppable B2B showrooms make it one of the top choices for B2B businesses.
You can choose between two versions, a web-based tool (inFlow Cloud) or a computer-based (inFlow Premise). You also get an intuitive app for both Android and iOS devices. It can support both FIFO and LIFO (last in, first out) methods of moving stock.
Businesses can connect the tool with other software such as Shopify, QuickBooks, Amazon, WooCommerce, and Squarespace.
Here are some of the best features of inFlow:
- 14 sales, 7 purchasing, and 14 inventory reports
- Vendor payments, order history, and purchase orders
- Backorder capabilities
- Scan and generate barcodes
- B2B showroom and portal creation
- Email invoices and receipts
- Contact information management
3. Lightspeed Retail – Store Management System for Retail Stores
Lightspeed retail offers the best combination of Point of Sale (POS) inventory management systems for small retail stores. It offers a powerful stock tracking tool, several integrations, and e-commerce functionalities.
It’s a web-based inventory tracking system that’s designed for small retail store owners. Its industry-focused options and in-store sales features make it one of the best tools.
The Lightspeed Retail program is cloud-based and it comes equipped with an iPad Version to make the checkout process easy and simple. It also supports average cost and FIFO methods. Do keep in mind that Lightspeed Retail is primarily a Point of Sale tool, but it still offers an excellent retail inventory tool.
- Tracks inventory levels and SKUs across locations
- Syncs eCommerce and in-store inventory
- Calculates COGS
- Set up customer reorder guidelines
- Change prices and automate discounts in bulk
- Supports bundled products
- Creates and sends Purchase orders
- Imports catalog files from vendors
4. Upserve – Best for Restaurants
Upserve is a great restaurant management software and it also offers a strong POS system and inventory management features. If you want the best inventory management software for restaurants, then look no further than Upserve.
You can use a cloud-based and app-based tool, and a mobile app that works seamlessly on Android and iOS devices. This means you can easily run your restaurant from anywhere. The best part is that you get an offline mode that allows you to choose from a range of hardware.
Not just menu optimization and employee management tools, you get powerful features in inventory management as well. Upserve can be integrated with more than 40 tools, including bar monitoring, reservations, and other solutions.
- Syncs your receipts to the POS system
- Offers single-click purchasing for inventory
- Manages vendors and supplies
- Automatically updates quantities after you get new stock
- Compares actual and expected stock reports
- Tracks real-time ingredient inventory
- Alerts for low-stock
5. Zoho Inventory – Best Free Option
Zoho Inventory is a free stock management software that offers automation, seamless integrations and so much more. It is a robust tool with a free version and affordable plans. If you’re a small business with limited capital, then Zoho inventory can act as a great tool. It allows you to add items, fulfill orders, and check current inventory from any device.
The cloud-based tool works on desktops, tablets, and smartphones. The best part is that it supports the FIFO method. You can integrate Zoho Inventory with Etsy, Amazon, eBay, WooCommerce, and Shopify. Or, you can choose from a dozen shipping options, and payment gateways.
- Orders of stock items automatically
- Sends a real-time notification to buyers
- Handles dropshipping and composite items
- Can accept backorders on out-of-stock items
- Barcode scanner
- Thorough reports about inventory, customers, and sales
- Real-time inventory updates on any device
- Comes equipped with a customer relationship manager tool