Inventory tracking software (also known as inventory management or warehouse management software) helps to automate inventory processes and keep stock levels in check.
An inventory management system improves order accuracy, avoids stockouts and overselling, and increases customer satisfaction.
In this article, we’ll explore why inventory tracking software is so important for eCommerce businesses and highlight the top software available in 2023.
We’ll also discuss key features and integrations to look out for, and how to choose the right software for your specific needs.
Let’s get started!
What is inventory tracking software?
Companies can keep track of their inventory and ensure they have the right amount of stock available at the right time, thus preventing issues like overstocking or stockouts.
Inventory tracking software also integrates with supply chain management systems – enabling real-time visibility into your entire supply chain, from procurement to warehousing and distribution.
In other words, most inventory systems offer end-to-end asset tracking, so businesses can have a comprehensive view of all their on-hand inventory.
This helps businesses make better decisions regarding product replenishment, pricing strategies, and sales forecasting.
With a clear understanding of the stock on hand, businesses can make data-driven decisions that ultimately save time, reduce costs, and improve customer satisfaction.
Why is inventory management software important for eCommerce businesses?
Inventory tracking is vital for eCommerce businesses, and using inventory management software brings numerous benefits.
Optimal inventory levels
First, inventory tracking software helps prevent stockouts and overselling, which can result in disappointed customers and negative reviews.
With the right platform, businesses can maintain optimal stock levels, ensuring that they always have enough products to meet customer demand across multiple locations.
Another significant advantage of inventory tracking software is its asset management capabilities.
Ecommerce businesses often deal with a wide variety of products, and managing the assets associated with these items can be challenging.
Inventory management software enables businesses to track and monitor the condition, location, and value of their assets, leading to better control and reduced risk of loss or theft.
Supplier management is another essential aspect of inventory management software.
By integrating supplier information and purchase orders within the system, businesses can maintain better relationships with their suppliers, negotiate better terms, and streamline the procurement process.
This can lead to cost savings and improved efficiency throughout the supply chain.
Comprehensive inventory control
Inventory control is a discipline that involves many responsibilities, including quality control, picking and packing, and maintaining accurate stock levels.
As a critical aspect of supply chain management, inventory control is essential for the smooth operation and success of any business.
With accurate inventory data, businesses can ensure that they ship the correct items to their customers, reducing the likelihood of errors and returns.
This increased accuracy can lead to a better overall shopping experience.
What to look for in an inventory tracking software
Key features of effective inventory software
When selecting an inventory tracking software, it’s important to consider the essential features that will help you manage your stock levels and streamline your inventory processes.
Some key inventory features to look for include:
- Real-time inventory updates: This feature ensures that your inventory data is always up-to-date, allowing you to make informed decisions about stock replenishment and sales strategies.
- Barcode scanning and labeling: A good inventory tracking software should support barcode scanning and labeling, making it easier to quickly and accurately update stock levels and track products throughout your warehouse.
- Reporting and analytics: Comprehensive reporting and analytics tools provide insights into your inventory performance, identify trends, and support data-driven decisions.
- Inventory forecasting: The ability to accurately predict future stock requirements based on historical sales data and current trends is critical to effective inventory management. Top-notch inventory tracking software should include inventory forecasting capabilities, so you can anticipate demand, plan your purchasing, and avoid both overstocking and stockouts.
Essential capabilities for eCommerce businesses
In addition to the key features mentioned above, there are several capabilities that are particularly important for eCommerce businesses:
- Integration with sales channels and marketplaces: Your inventory tracking software should seamlessly integrate with your eCommerce platform and other sales channels, such as Amazon, eBay, and Shopify, to ensure accurate stock levels across all your selling platforms.
- Support for multiple warehouses: If your business operates from multiple warehouses, your inventory tracking software should be able to manage inventory across all locations, providing a centralized view of your stock levels.
- Scalability: As your eCommerce business grows, so will your inventory management needs. Choose a software solution that can scale with your business, allowing you to add new products, sales channels, and warehouses without any hassle.
- Support for POS systems: In today’s retail landscape, many eCommerce businesses also operate brick-and-mortar stores or participate in pop-up events, making it essential to have inventory tracking software that seamlessly integrates with Point of Sale (POS) systems. This integration ensures that your inventory data is always up-to-date, regardless of whether sales are made online or in person.
Factors to consider when selecting inventory tracking software
When evaluating different inventory tracking software options, keep these factors in mind to help you make the best choice for your eCommerce business:
- Ease of use: The software should be user-friendly, with an intuitive interface that makes it easy for you and your team to manage your inventory.
- Customizability: Look for a solution that can be tailored to your specific business needs, with customizable features and settings.
- Price and value for money: Consider the cost of the software and whether it offers a good return on investment. This might include factors such as the features offered, the level of support provided, and the potential for increased efficiency and cost savings.
- Robust customer support: When selecting inventory management software, it’s essential to consider the quality and accessibility of customer support provided by the vendor. Additionally, consider the availability of support resources such as documentation, tutorials, and community forums.
With these considerations in mind, you’ll be better equipped to find the perfect inventory tracking software for your eCommerce business.
In the next sections, we’ll dive deeper into the top options available in 2023, comparing their features, pricing, and more to help you make an informed decision.
Top inventory management software options for eCommerce
QuickBooks Commerce is a popular inventory tracking software that offers a range of features to help eCommerce businesses manage their stock levels and streamline their inventory processes.
Key features include real-time inventory updates, barcode scanning, and comprehensive reporting and analytics tools.
QuickBooks Commerce also offers seamless integrations with popular eCommerce platforms and marketplaces, making it a great choice for businesses selling across multiple channels.
Zoho Inventory is a cloud-based inventory management solution designed for small and medium-sized businesses.
It offers a user-friendly interface and a wide range of features, including real-time inventory tracking, barcode scanning, and advanced reporting tools.
Zoho Inventory also supports integrations with popular eCommerce platforms, marketplaces, and third-party tools, making it easy to manage your inventory across all your sales channels.
With its advanced capabilities like case packs, warehouse automation, and Fulfillment by Amazon (FBA) support – SkuVault helps streamline your operations and improve your seller performance ratings.
SkuVault also offers real-time inventory updates, barcode scanning, and comprehensive reporting tools to help you make smarter purchasing decisions. Our award-winning customer support team also ensures you have the help you need every step of the way.
And if you need a more comprehensive platform that includes listings, order, and shipping management, check out Linnworks, SkuVault’s parent company.
Cin7 is a comprehensive inventory tracking software that offers a variety of features to help eCommerce businesses manage their stock levels and automate their inventory processes.
With support for multiple warehouses, barcode scanning, and real-time inventory updates, Cin7 provides a robust solution for businesses with complex inventory management needs.
Cin7 also offers seamless integrations with popular eCommerce platforms and marketplaces, as well as advanced reporting and analytics tools.
Fishbowl Inventory is an inventory tracking software designed for small and medium-sized businesses.
It offers a variety of features to help you manage your stock levels and streamline your inventory processes, including real-time inventory updates, barcode scanning, and support for multiple warehouses.
Fishbowl Inventory also integrates with popular eCommerce platforms and marketplaces, allowing you to manage your inventory across all your sales channels.
In the next section, we’ll compare these top inventory tracking software options, examining their key features, pricing, customer support, and more to help you choose the best solution for your eCommerce business.
Comparison of the best inventory management software options
Key features and capabilities of each system
When comparing the top inventory tracking software options, it’s important to consider the key features and capabilities that each system offers:
- QuickBooks Commerce (formerly TradeGecko): Real-time inventory updates, barcode scanning, comprehensive reporting and analytics, and seamless integrations with popular eCommerce platforms and marketplaces.
- Zoho Inventory: Cloud-based solution, user-friendly interface, real-time inventory tracking, barcode scanning, advanced reporting, and support for integrations with popular eCommerce platforms, marketplaces, and third-party tools.
- SkuVault: Advanced capabilities like case packs, warehouse automation, and FBA support, real-time inventory updates, barcode scanning, comprehensive reporting tools, and award-winning customer support.
- Cin7: Support for multiple warehouses, barcode scanning, real-time inventory updates, seamless integrations with popular eCommerce platforms and marketplaces, and advanced reporting and analytics tools.
- Fishbowl Inventory: Real-time inventory updates, barcode scanning, support for multiple warehouses, and integration with popular eCommerce platforms and marketplaces.
Pros and cons of each system
Each inventory tracking software option has its own set of advantages and disadvantages:
- QuickBooks Commerce (formerly TradeGecko): Pros include a wide range of features, seamless integrations, and strong reporting tools. Cons may include higher pricing for smaller businesses.
- Zoho Inventory: Pros include a user-friendly interface, cloud-based solution, and support for numerous integrations. Cons may include limitations in advanced features for larger businesses.
- SkuVault: Pros include advanced capabilities tailored for eCommerce sellers, comprehensive reporting tools, and award-winning customer support. Cons may include a slightly higher price tag than other “budget-friendly” options out there. But as the adage says, you get what you pay for!
- Cin7: Pros include support for multiple warehouses, robust feature set, and advanced reporting tools. Cons may include a steeper learning curve and potentially higher pricing.
- Fishbowl Inventory: Pros include a strong set of features and support for multiple warehouses. Cons may include limitations in integration options and a less user-friendly interface compared to other options.
Pricing plans and costs for each system
When evaluating inventory tracking software options, it’s important to consider the pricing plans and costs associated with each system:
- QuickBooks Commerce (formerly TradeGecko): Offers a range of pricing plans to suit different business sizes and needs, but the plans that support inventory management start at $42.50 per month.
- Zoho Inventory: Provides a free plan with limited features, and paid plans starting from $59 per month. Plans can reach $329 per month (billed annually) and each tier offers an increase in monthly orders and printed shipping labels.
- SkuVault: Provides a range of pricing options depending on the size of your business and the features you need. Our Growth plan starts at $329 for 2 users and up to 2,000 monthly orders.
- Cin7: Cin7 offers their Standard pricing tier for $325 per month. Pricing tiers go up to $999 per month for their Enterprise-level tier.
- Fishbowl Inventory: Requires prospects to call to obtain a quote for pricing.
Customer support and user experience
The quality of customer support and user experience offered by each inventory tracking software option should also be considered:
- QuickBooks Commerce (formerly TradeGecko): Offers email and chat support, as well as a comprehensive knowledge base.
- Zoho Inventory: Provides email, phone, and chat support, along with an extensive help center and community forum.
- SkuVault: Features an award-winning customer support team available by phone, email, or ticket, along with a range of training packages to ensure success with the software.
- Cin7: Offers email and phone support, as well as a dedicated help center and training resources.
- Fishbowl Inventory: Provides email and phone support, along with a comprehensive knowledge base and training resources.
In the next section, we’ll discuss how to choose the right inventory tracking software for your business, taking into account factors like your specific needs, budget, and the features and capabilities of each system.
How to choose the right inventory tracking software for your business
To choose the best inventory tracking software for your eCommerce business, follow these steps:
- Assess your eCommerce business needs: Identify the specific inventory management challenges you face, the size of your business, and the sales channels you use.
- Determine your budget: Establish a budget for your inventory tracking software, considering factors like the size of your business, the number of users, and the features you require.
- Evaluate the features and capabilities of each system: Compare the key features and capabilities of the top inventory tracking software options, focusing on the aspects that are most relevant to your business needs.
- Consider the user experience and customer support: Evaluate the user interface, ease of use, and the quality of customer support offered by each software option.
- Take advantage of free trials and demos: Sign up for free trials or product demos to test out the software and determine which option is the best fit for your business.
- Get recommendations from other business owners: Ask for recommendations from fellow eCommerce business owners who have experience using inventory tracking software, and consider their feedback when making your decision.
By following these steps, you’ll be well-equipped to choose the right inventory tracking software for your eCommerce business, helping you streamline your operations, improve customer satisfaction, and boost your overall success.
Inventory tracking software is an essential tool for eCommerce businesses looking to effectively manage their stock levels and improve their overall operations.
By comparing the top options available in 2023 and considering factors like features, pricing, customer support, and integration capabilities, you can choose the best solution for your business and set yourself up for success.
Now that you have a better understanding of the importance of inventory tracking software and what to look for when selecting a solution, feel free to check out our features page.
Or book a demo to see firsthand how we can help you optimize your inventory management and boost profitability.