Of all the solutions available in the market, there is but one that could dramatically improve your eCommerce business: knowing how to manage your inventory. The use of inventory management software for SMBs is the guaranteed way to grow and expand your businesses.
Let us explain. But first,
What is Inventory Management Software for SMBs?
Managing inventory or as it is called ‘inventory management, is a process where you keep track of your stock and systematically store, order, and control it.
This will prevent you from running out of stock or having dead stock. ( products that don’t leave shelves for extended periods of time), and thereby maintain a healthy profit margin. Definitely not easy, but extremely important.
That’s where inventory management software for SMBs comes into play.
By automating some parts in the warehouse and inventory management, the software makes tasks easier to streamline, which helps to properly maintain inventory, reorder stock, and keep account data updated. It will boost the efficiency and performance of your business’s daily operations.
Now, how can it enable you to grow your business? Let’s take a brief look at the benefits of using inventory management software for SMBs.
Key Benefits of Inventory Management Software for SMBs
- Reduce the possibility of human error. The software allows you to automate those daily routine tasks that are prone to errors, such as address labeling or account upkeep.
- More productivity. Because you’ll be managing your inventory in a systematic manner, you’ll save time and resources while getting more done. As a result of the management tools, the period it takes to process, audit, and track your goods will be greatly reduced.
- Integrate your accounting software. Yes, some inventory management software for SMBs can easily be integrated with your accounting software. Alternatively, they may already include accounting features. This will help you in avoiding any accounting mishaps.
- Guide to success. The best part? It will help you in maximizing your profit. You can identify which products are currently in high demand and which ones should be dropped using the software’s tracking tools. This will ensure that you make better decisions and are at the top of your game.
- Cost Reduction. There is a flawless process and orders are processed fast because there is no time lost. Result? more sales. Your resources are not being wasted. You’ll know exactly how many units of each product you require, as well as which stocks are frozen.
5 Inventory Management Software for SMBs You Must Consider
Fishbowl Inventory Software
Say no to long excel sheets. Fishbowl makes keeping and managing your accounts simple and convenient. With its many advanced tools and features, this inventory management software for SMBs will make both inventory and warehousing management easier. Automate all of your asset management processes: quote, order, and purchase with simplicity.
Use it to:
- To avoid stockouts, use reorder points
- Automate order creation using their CRM, EDI, and eCommerce integration, among other features
- For bills of materials, advanced work orders, and barcode scanning
- Easily track parts using different factors ( for example serial numbers, expiration dates, etc)
This is a must-include software in any list. It is one of the biggest inventory management software for SMBs available in the market.
Use this to streamline and keep track of your inventory. This is a one-stop solution for all the inventory operations: manage orders, oversee warehouses, handle GST billing, and much more.
- Ease of use and intuitive navigation
- Allows you to keep track of products, set up reorder points, and mark favored vendors
- Inventory control across several sales channels
- Multiple shipping integrations
- Advanced bundling and kitting features
Ordoro is another excellent option for inventory management software for SMBs as it is comparatively less expensive and packs more features. It’s perfect for drop shippers as well as volume sellers.
Besides the slew of features, it is the most user-friendly. There is no need to download the software because it is accessed via cloud services.
- Get alerts when stocks are low, and place purchase orders with listed vendors
- Receive orders for several products with different SKU
- User-friendly interface and excellent online help in the form of guides and videos
- Multiple warehouses are supported
Another cloud-based inventory management tool with a host of amazing features to take your business to bigger heights.
If your business has a multichannel distribution approach, Cin7 should be your go-to solution.
- All-in-one platform for containing cost
- Extensive real-time data and reports on sales, costs, and stock levels with configurable KPIs
- Get rid of manual entry thanks to automated reports
- Compatibility with all the hardware devices you might need such as receipt printers, and barcode scanners
- Connect your point-of-sale (POS) software to your inventory management system so that your salespeople can make sales straight from your warehouse or from products in transit
This low-cost inventory management solution is designed particularly for eCommerce businesses.
The most helpful and important feature for your eCommerce is that the software integrates with many third-party services and has excellent returns management.
- Accounting integration and barcode scanning
- Let’s you track cost
- Automated billing and invoicing
- Inventory tracking and auditing
- Point of Sale(POS), kitting, real-time data
- Third-party integrations
Some Common Features to Look for
Every business is different. The best inventory management software for SMBs from the list for you will be the one that meets your unique needs. All of them have many different features.
But whichever software you choose, there are certain features it must have. Such as,
- Inventory catalog
- Automated reordering
- POS integration
- E-commerce integration
- Detailed reports
Inventory management software will undoubtedly make a huge impact on how you manage your business and will greatly aid you in expanding it. All you have to do now is select the right one.
Therefore, take your time and carefully weigh all of your options before making a decision.
Similarly, shipping is also a big part of any business and with it comes many challenges. To tackle those, read our blog Shipping Challenges and their best Solutions for Ecommerce in India