7 Best Inventory Management Software of 2023 (Small & Large Retailers)

Managing your inventory is key to the success of your business.

However, the biggest problems in this area are data accuracy, timeliness, and analysis. Doing it on a spreadsheet is out of the question. Spreadsheets are ancient, and you are creating more problems than solving the current ones.

Today, I will share the seven best inventory management software for 2023. I looked at more than a dozen of these inventory management tools, and I used them too.

I checked these inventory management software program on everything: from inventory levels, inventory management systems, asset tracking, and purchase orders. Then, I decided which software programs work best for a business.

In the end, this article should be able to help you decide which inventory management software to pick—and only the best ones at that!

What Are The Best Inventory Management Software?

1. Zoho Inventory Management Software

Best For: People who want a simple interface but powerful inventory management system.

Zoho Inventory is the best inventory management software I recommend to people who want to increase sales. It is also an ideal software program to reduce workload and keep track of your stocks.

What you will like about Zoho Inventory is its simplicity. The interface is modern, and you can use it to fulfil orders and control inventory.

Like inventory management systems, this one has an integration platform. You can use the software with your Amazon, eBay, Etsy, and Shopify stores.

Key Features

Inventory Control – strategize how you want to manage your inventory. For example, use the system for stock management or ordering supplies from your vendors.

Warehouse Management – use the software to consolidate data from multiple warehouses. The warehouse management platform allows you to transfer stocks among multiple locations.

Multi-Channel Selling – sell your products on different online platforms, including your website. Regardless of the sales source, you can fulfill the order from a single dashboard.

Order Management – manage orders by printing packing slips. There are 30 shipping carriers you can use.

Order Fulfillment – the system shows tracking inventory stats and the sale status of products. For example, you will see if it has already been invoiced, delivered, packed, or is still pending.

Insightful Analytics – there are over 15 reports here that you can view to track inventory. Some examples are sales order history, packing history, and invoice history.

Pros

• Multiple plans to choose from
• Has a free-for-life account
• Provides access to several users
• It has a batch asset tracking feature

Cons

• Zoho Inventory has so many limitations.
• You must upgrade to integrate the inventory management tools with an eCommerce platform.

Pricing

• Free Zoho Inventory – you have a limit of 50 orders per month.
• Standard – $59 per month; use the inventory software in multiple locations.
• Professional – $99 per month; get access to the automated workflow.
• Premium – $159 per month; includes eCommerce integrations.
• Elite – $239 per month; get all the features with no sales limits.

The free account of Zoho Inventory that you can get now is free for life. There is no need to upgrade unless you exceed the limits.

2. Orderhive Inventory Management Software

Best For: People who want a robust inventory management system for multiple sales channels

Orderhive is a multi-faceted tool that delivers a good inventory management system, including fulfilment services.

With this inventory software, you can do asset tracking, integration with your eCommerce platform, shipping, purchase management, etc.

What you will love about the Orderhive inventory management system is its capacity for use in online selling sites. In addition, there are a little over 300 software platforms that Orderhive is compatible with.

Key Features

• eCommerce Automation – this inventory system allows you to automate processes like sending a PDF or email based on triggers. You can also assign numbers, blacklist numbers, send shipping emails, etc.
• Order Management – you can bring all orders into a single dashboard and integrate them with your sales channels. It is here that you can implement a first-in-first-out stock management method.
• Multiple Sales Channels – track inventory and save up to 70% of your time in this inventory management software by not uploading the same products on different sites. Instead, upload the product once, and the system will release it simultaneously on several eCommerce sites.
• Business Inventory Management System – get the best inventory optimization practices. Use the tool to manage sales, stock visibility, re-order inventory, etc. It is a closed-loop inventory tracking system from start to finish.
• Retail Operations – you can use the software with your point-of-sale system. Once you make a sale, the software recognizes it and updates the stock count.
• Warehouse Management – if you have multiple warehouses, the inventory control software tells you the stock status. You can view a dashboard that shows how many are outgoing, in-stock per warehouse, and incoming.

Pros

• Lots of cool features for an inventory management software
• Live updates on changes in inventory
• Pleasant customer support
• Easy to use
• The integrations are simple
• It has auto-invoicing that makes the billing process easier.

Cons

• No free account
• Expensive plans
• Interface is outdated, not sophisticated
• The automation feature may have conflicting results

Pricing

• Essentials – $95 monthly; unlimited integrations in two categories and 300 invoices per month.
• Standard – $195 monthly; use it in Amazon FBA and bill up to 1,000 invoices.
• Enhanced – 295 monthly; has a fulfillment services and developer API.
• Enterprise – $500 monthly; has a marketing and CRM inventory management tool.

Try Orderhive for free and enjoy its 15-day free trial. You can also book a demo to see the tool in action!

3. Expandly Inventory Management Software

Best For: Entrepreneurs focused on selling in different marketplaces who need consolidated inventory management software.

Expandly offers inventory management tools for those who have multiple listings. For example, let us say that you want to sell on Amazon, eBay, and Etsy at the same time, you must use Expandly as your inventory system to reduce work drastically.

With Expandly inventory management software, you can automate your listings, manage customer orders and shipping, and view orders from all channels in a single dashboard. It also has an accounting software program built into it.

Key Features

• Listings Management – create inventory management and product listings with ease. You can automatically import them to different sales channels or upload them in bulk with a CSV file.
• Integration With Sales Channels – you can integrate Expandly with eBay, sell on Etsy, Wish, Amazon, BigCommerce, Magento, Shopify, WooCommerce, etc. This integration means you upload only once, and then the inventory software will take care of the rest.
• Order Management – regardless of where the customer bought the product, you can manage and fulfil them from one dashboard. For example, if a customer bought your item on Amazon or eBay, you would complete that order from Expandly, not Amazon or eBay.
• Inventory Management – reduce the possibility of overselling with appropriate and on-time inventory management. Expandly can do the stock management for you automatically.
• Shipping – you can integrate the Expandly inventory software with your carrier. You can manage the printing of shipping labels and get your products moving.
• Reports and Accounting – this inventory control software gives you reports that make sense. It includes business intelligence and accounting reports.
• Template Designer – you can create customized rules for orders. For example, if an order exceeds $100, you can program the inventory tracking software to send the order to your Amazon FBA.

Pros

• Easy to use
• It offers a lot of integrations
• There is a direct-to-consumer platform
• The inventory gets updated live
• Expandly can get data from different sales channels and update a single dashboard.
• Integration with third-party logistics companies is possible
• You can use the system for invoicing
• High order limits before you need to upgrade

Cons

• Too expensive for small businesses

Pricing

• Standard – $175 monthly; get access to five inventory management sales channels and 7,500 orders in a month.
• Premium – $360 monthly; integrate with ten sales channels and import listings automatically.
• Enterprise – unknown price; get all the features plus API and bespoke integrations.

Get Expandly for free now and try the inventory software for seven days. After that, decide if it fits your business needs. Then, you can proceed to pick a plan.

4. inFlow Inventory Management Software

Best For: People who need inventory management for running both eCommerce and physical stores.

inFlow is the best inventory management software for small business owners who need a POS. The company operates an online system and provides hardware support.

With inFlow inventory management, you can do purchase orders, asset management activities, inventory optimization, barcoding, and invoicing. The software itself is an all-in-one suite of inventory management tools. If you buy the hardware, you get a complete setup for online and physical retail.

Key Features

• Inventory Control – control and see all your inventory data points in one location. You can view meaningful insights about your SKU and how many products are coming in and coming out from the inventory management system.
• Purchasing and Receiving – the inventory management system allows you to place purchase orders with your vendors. You can also automate the process to prevent double entry.
• Barcoding – one of inFlow’s best inventory management features is the built-in barcoding system. It assigns unique barcodes to your products and prints professional labels.
• Hardware and Accessories – the company sells a POS system; it is a computer that you can buy that includes a scanner and a receipt printer.
• Reporting – it has a solid inventory management system where you can download 38 types of reports. You can do asset tracking, customer management, sales by product, etc.
• Sales and Invoicing – the entire workflow on a sale is part of the system. From product orders to sales and issuing receipts, it has a 360-degree system to get the job done.

Pros

• You have the option to get the hardware for inventory management
• They also sell printers and accessories
• The inventory management suite is packed with features to help with warehouse management

Cons

• There is no shipping integration
• Starting price is high

Pricing

• Entrepreneur – $99 monthly; have two team members and a limit of 100 orders per month.
• Small Business – $279 monthly; use the inventory tracking software in unlimited multiple locations.
• Mid-Size – $549 monthly; get a maximum of 10 members plus a limit of 10,000 orders per month.

inFlow offers a free trial that you can try now. The trial period lasts for 14 days, and you do not need a credit card to get started.

5. Ordoro Inventory Management Software

Best For: Entrepreneurs looking for inventory management systems that do not have severe limitations.

Ordoro is a complete inventory software. Moreover, it is one of the few that even allows you to manage returns. It is also worth mentioning that you can do dropshipping with this tool.

As one of the best inventory management software programs out there, I can say that the company went beyond expectations because it included a kitting feature. In it, your customers can pick and combine products as a kit, and then you charge them a bundled price.

Another thing worth mentioning about this inventory management software is that you get shipping insurance. It takes less than ten minutes to file a claim, and Ordoro will reimburse your shipping losses.

• Shipping – configure your shipping presets, inventory management standards, and then automate the printing process. You can autofill the shipping parameter, so you will not waste time.
• Best Inventory Management – manage your inventory levels by automatically updating the records, even from different supply sides and sales channels. In addition, the inventory tracking system allows you to have a unified dashboard for all your products.
• Kitting – you can kit by a single level, various components, or different quantities. You can create bundle-based deals, manage bulk sales, and the software will update your inventory data once people buy the bundles.
• Dropshipping – the company automated the process of inventory management from set-up to fulfillment. It has a vendor portal where you can give your suppliers and account.
• Barcode Scanning – the inventory software program reduces error through a master list of barcodes. You can use a scanner to ensure that the order matches what is on the system.

Pros

• The inventory management program has a free onboarding process for those who need help
• It works with a dropshipping business model
• You can customize the reports
• It supports multi-carrier shipping
• You get many features in the free account

Cons

• The cost of the inventory management software will change if you add several sales channels
• You can only integrate it with third-party software if you are a paying user

Pricing

• Free – the free inventory management program includes one sales channel and a limit of 1,000 orders per month
• Express – $59 monthly; get access to unlimited users, barcode scanning, and automation rules.
• Pro – $499 monthly; it includes free onboarding, kitting, purchase orders and returns management.
• Enterprise – $999 monthly; get all features plus custom workflows and integrations.

Get the free account now and see the inventory software in action. Upgrade anytime you want!

6. Unicommerce Inventory Management Software

Best For: Huge businesses that sell globally.

Unicommerce is an inventory software for big businesses. The way it works is not the same as many programs that we have reviewed earlier.

Unlike other inventory management software companies, this company has a heavy involvement with its users. You may view this as a problem, but big businesses see this as a solution. The companies that should consider this software program are those in the manufacturing industry or companies as big as Amazon.

Key Features

• Warehouse Management System – the warehouse management system allows you to achieve 99.99% fulfillment of orders without delay. The company has 6,000 plus warehouses where they can assist you in centralizing your stocks.
• Inventory Management System – the inventory management processes of the software will help you prevent overstocking. It can also track the movement of your products from various marketplaces.
• Multi-Vendor – if you have many suppliers, you can integrate them into the inventory management program. For example, you can enable them to ship goods to you or your consumers directly.
• Dashboards and Reports – the reporting panel is intuitive, and you can immediately have a bird’s eye view of how your business is doing. You can see product alerts, channel alerts, also interpret data from the KPI dashboard.
• Returns Management – a system that allows you to track the status of returns. From here, you can avoid double refunds.
• Mobile App – there is an inventory management app you can use to do your business without sitting behind a computer. The app allows you to close outstanding payments, manage returns, and view reports from the dashboard.

Pros

• The inventory management program has a warehouse management system
• Offers omnichannel inventory optimization
• Useful for multiple locations (global operations)

Cons

• The Standard plan of this inventory management software has severe limitations
• There is no automatic integration with other eCommerce platforms.

Pricing

Unicommerce has no price indicated on its site. The price depends on how big your business is. You need to ask them for a quote to get a price list per plan.

7. Sortly Inventory Management Software

Best For: Small business owners who want a simple but effective platform.

Sortly is a straightforward tracking software program for items. You can use it for eCommerce, physical businesses, and even personal reasons.

The thing is that it is a manual inventory system. For example, let us say that you sell Ryobi power drills in a physical store. In Sortly, you have to subtract one unit from your Ryobi power drill inventory once you sell a piece.

The inventory management software will update the current inventory count for that specific product. You can also add more units if you receive delivery for stock replenishment.

Key Features

• Folders – you can neatly categorize your product items in folders per type or group.
• Search –type a keyword for a product you are looking for, and Sortly will show that inventory.
• Reports – you can view the status of your products, which one has low sticks, and what changes happened in the quantity of these items.

Pros

• Has a QR code tracking system on top of barcodes
• Sends out automatic alerts
• Works on mobile (Android and iOS)

Cons

• This inventory management software has no shipping carrier integration
• It cannot be used in sales

Pricing

• Free – up to 100 entries in the inventory, plus one user license.
• Advanced – $49 monthly; the limit is 1,000 entries and 10 user licenses.
• Ultra – $119 monthly; you get customer API for integration and no limit on inventory entries.

Try the limited version of this inventory management software for free and see how the tool can help your business.

What is Inventory Management Software?

An inventory management software is a computer program where you:

• List your existing inventory
• Add new inventory
• See statistics and reports
• Determine inventory levels per location

Ideally, the best inventory management software must have an accounting software program. The tool should automatically deduct items from the inventory list and update you on how many products are in a specific location.

The best inventory management tools include warehouse management, stock replenishing alerts, Amazon inventory software compatibility, and accessibility for multiple users.

Overall, the inventory management system is a repository of information about your business products, their status, numbers, and reports that you can derive from product movement.

What Should You Look for in an Inventory System?

While no shoe fits everybody, there are some basic expectations that an inventory software must fulfill. Different sellers have different issues. For example, you may want an inventory control software that involves the best dropshipping suppliers, while other sellers do not want it.

This section will reveal what features the best inventory management software program should have. Of course, I am not saying that you should get one that has everything, but I suggest that you look for an inventory software program with several of these features.

1. Integration With Other Programs

Let us say that you are choosing between Amazon and Shopify and decide on Shopify. Can you integrate the inventory tracking program of your choice with it?

If not, you will have many problems updating each item you sold on a spreadsheet. Worse, you can download the sales report from your online store and then type the data manually in your asset tracking software.

Look for an inventory system that you can integrate with the website of your choice. If you do this, all the sales activities for your online store will reflect in your inventory control software.

2. SKU Status And Journey

The best inventory management software programs have a robust SKU process. First, choose a program that allows you to have one SKU database. From here, you should be able to upload and update product costing and its characteristics.

In addition to this, the SKU system must be advanced enough to give you a forecast. For example, an advanced inventory management tool can tell you the SKU status in multiple locations, whether it is time to order from your supplier, and when you can expect the stocks to arrive.

With this feature, you will never run out of products, and you will also never go overstocked. Why? Because the system knows the inventory levels from multiple warehouses and will tell you when to order and where to stock it.

3. Reporting and Analytics

The best inventory management tool has inventory optimization, and you can only do this if you have reporting and analytics. For example, the tool must tell you that out of multiple locations, a product is moving at a faster rate in location A than in the other two.

This report will now allow you to decide to move some of the stocks from locations B and C to location A. An effective inventory tracking program must also tell you the inventory levels for every product. If you know these numbers, you can identify which products are moving and which ones are not.

4. Shipping Integration

There are inventory management systems that allow you to upload shipment status. Once the item gets packed, you can tell the customer its whereabouts. If the software program cannot integrate with a shipping company, you at least know if the product is in transit.

5. Barcode and Scanning

Lastly, choose the best inventory software program that automatically detects sales from the barcode scanner from the counter. A process like this will update your inventory management software levels in real-time.

The personnel must initially input how many products came in for a specific barcode or product. Now, these products move to the shelves. Once a cashier swipes that barcode when a customer pays, the inventory management system must recognize the swipe and update the inventory status for that product.

Summary

The best inventory management software I can recommend is Zoho inventory management software. It is easy to use and has all the features you can ask for.

Zoho makes inventory management easy, even if you have multiple locations. It even allows you to create bundles and increase your sales.

The second best inventory management software that I recommend is Expandly. You can integrate with so many eCommerce apps so you can track inventory seamlessly.

Before you pick from my list of the best inventory software program, consider the current status of your business. Identify which inventory management features you want and will want in the future.

From here, you can counter-check if the features you want are available in your preferred inventory management software.