Table of Contents
Table of Contents
The right inventory management system (IMS) for your retail business can be a game changer. From better operational control to reduced theft and wastage, knowing what is—and isn’t—in your store can boost revenue while cutting costs. Here are some of the best inventory management software systems for retail businesses available today.
See how Solink can help you obtain operational control over your business.
What is inventory management software?
Inventory management software (IMS) is a digital tool designed to oversee and organize stock levels, sales, and orders within a business. The primary goal is to maintain an optimal inventory level, ensuring that products are in the right place, at the right time, and in the correct quantity.
This kind of software streamlines various tasks like tracking goods as they move in and out of a facility, updating stock counts, and even predicting when to reorder products.
Sophisticated systems go beyond basic stock-keeping. They offer features like real-time analytics, integration with other operational tools, and automation of complex processes.
What are the different types of inventory management systems?
Retail inventory management software (IMS) can be on-prem or cloud-based, part of your POS or standalone. These platforms can be grouped into several key types based on their primary functions.
Depending on your specific needs, one or a combination of the following types of retail inventory management software may be the best fit for your retail operation.
Barcode scanning systems
This type helps retailers quickly scan products for easy tracking. This is especially useful for stores with high volume or rapid turnover.
Warehouse management systems (WMS)
Aimed at larger operations, these manage stock within a warehouse setting. They include features for shelf space allocation, picking, and receiving.
Order management systems
Focused on the sales aspect, these platforms integrate inventory levels with sales orders, often linking to e-commerce platforms or marketplaces.
Multichannel systems
These are designed for businesses operating in multiple sales channels. They centralize inventory data from online stores, physical retail, and even third-party platforms like Amazon.
RFID systems
These use radio-frequency identification for tracking items. They’re generally faster and can collect more data than traditional barcode systems but are more expensive.
What are the benefits of using retail inventory management software?
Retail inventory management software (IMS) brings many advantages to streamline operations, save money, and improve customer satisfaction.
Here are 10 benefits to consider:
- Real-time tracking: Get instant updates on stock levels, which is crucial for timely decision-making. Add remote video monitoring to have eyes on every inventory event from receiving to POS transactions.
- Streamlined operations: Automation of manual tasks reduces human error and speeds up processes.
- Less wastage: Automated systems can predict when products will go out of date, allowing you to take preventive actions.
- Improved cash flow: Knowing exactly what’s in stock helps with better purchasing decisions, positively impacting your cash flow.
- Control operational shrink: Gain better insights into lost inventory due to issues like damage or miscounting.
- Data-driven decisions: Advanced analytics features enable more accurate forecasts and trend analysis.
- Reduce external theft: Real-time tracking can alert you to discrepancies that could indicate theft.
- Uncover internal theft: With employee activity tracking, you can identify suspicious behavior that may indicate internal theft.
- Enhanced customer experience: Accurate stock levels mean fewer out-of-stock instances, leading to happier customers.
- Scalability: As your business grows, a good system can adapt and expand its capabilities accordingly.
These benefits can be augmented further when coupled with other operational tools. For instance, Solink’s cloud video security not only enhances security but also provides actionable insights that mesh well with inventory management software (IMS) for a comprehensive operational strategy.
26 best inventory management software systems
Navigating the myriad inventory management software systems available today can be overwhelming. Whether you’re looking for real-time tracking, multi-channel support, or advanced analytics features, the right inventory management software can revolutionize the way you do business.
Here’s our compiled list of the 26 best systems available in 2024, designed to suit a variety of needs and budgets:
- Blueyonder
- Brightpearl
- ChannelAdvisor
- Cin7
- Finale Inventory
- Fishbowl Inventory
- inFlow Inventory
- Katana
- Linnworks
- Megaventory
- NetSuite
- Odoo
- Orderhive
- Ordoro
- QuickBooks Commerce
- SalesWarp
- SAP Integrated Business Planning
- ShipBob Merchant Plus
- ShipHero
- Shopify
- Sortly
- Square for Retail
- Unleashed
- Veeqo
- Wasp Barcode
- Zoho Inventory
Blueyonder is an enterprise-level inventory management system suitable for large retailers and businesses with intricate supply chains. It offers both on-premises and cloud-based solutions, allowing for increased operational flexibility. Standout features include real-time analytics, machine learning-driven forecasting, and seamless integration with various operational tools.
It targets a wide array of industries such as retail, manufacturing, and logistics. Given its complexity and associated costs, Blueyonder is generally not suited for small- to mid-sized businesses. However, for larger operations requiring a comprehensive solution, it is a top-tier option.
Brightpearl is a cloud-based retail operating system designed to integrate inventory management, accounting, and other core retail processes into a single platform. It’s particularly strong in managing multi-channel sales, making it ideal for retailers who operate both online and in physical locations.
The system is designed mainly for small- to medium-sized businesses and aims to simplify operations by automating workflows. Its integrated approach means it acts as both a standalone inventory system and part of an overarching POS system. The platform is targeted at various retail sectors, including fashion, beauty, and home & garden.
ChannelAdvisor is a cloud-based solution geared toward e-commerce retailers who sell on multiple platforms. It excels in centralized inventory management and analytics tools designed to optimize online presence. The platform is known for its robust multi-channel support, including marketplaces like Amazon and eBay.
ChannelAdvisor is a fit for medium- to large-sized businesses looking to manage complex online sales strategies across various platforms. It is not typically used as part of a POS system but serves as a strong standalone inventory management system for those focused on e-commerce.
Cin7 is a cloud-based inventory management software solution that also includes a built-in POS system. It offers features like real-time stock tracking, automated reordering, and integration with e-commerce platforms. It’s designed to be an all-in-one solution for inventory, sales, and supply chain management.
Cin7 is targeted at small- to mid-sized businesses in a range of industries including fashion, food and beverage, and electronics. Its flexibility makes it a strong choice for retailers who want a comprehensive, integrated system that can grow along with their business.
Finale Inventory is a cloud-based inventory management system known for its adaptability and ease of use. It supports a broad array of business models, including e-commerce, wholesale, and manufacturing. Features like batch tracking, multi-location support, and high-level customization options set it apart.
The software is aimed at small- to mid-sized enterprises, serving as a standalone inventory management system. Finale Inventory is versatile and user-friendly, making it a strong choice for businesses that are looking for a system that is easy to implement and can adapt to changing needs.
Fishbowl Inventory is a popular standalone inventory management solution with both on-premises and cloud-based options. It specializes in warehouse management and manufacturing inventory, providing features like barcode scanning, asset tracking, and work order management.
Primarily aimed at small- to medium-sized businesses, Fishbowl Inventory is popular in industries like manufacturing, wholesale, and retail. It has broad compatibility with other software and can integrate seamlessly with QuickBooks, making it a good fit for businesses already using this accounting software.
inFlow Inventory is a cloud-based inventory management system known for its user-friendly interface and robust feature set. It offers real-time stock tracking, barcode scanning, and comprehensive reporting tools, making it an all-encompassing solution for inventory needs.
This software is designed mainly for small- and mid-sized businesses in retail, wholesale, and manufacturing. Whether you’re a single-person operation or a growing team, inFlow’s scalable solution offers options that can evolve with your business.
Katana is a modern, cloud-based inventory and production management software specially designed for scaling manufacturers and online sellers. The platform’s auto-booking system prioritizes orders for you, meaning you don’t have to manually assign production tasks to your workshop.
Targeting small- to medium-sized manufacturing companies, Katana aims to make the production process more transparent and efficient. It is highly customizable and can easily be integrated with e-commerce platforms like Shopify and WooCommerce, making it a comprehensive choice for those operating online.
Linnworks is a cloud-based, multi-channel inventory management system. It shines in its ability to integrate multiple sales channels and centrally manage operations. Notable features include bulk listing, order management, and real-time stock synchronization.
The platform is designed for medium to large enterprises and is popular in sectors like fashion, electronics, and automotive. Its focus on multi-channel selling makes it an optimal choice for businesses with diversified sales platforms, including both e-commerce and brick-and-mortar retail.
Megaventory is a cloud-based inventory management software with a focus on simplicity and user accessibility. Its key features include order fulfillment, manufacturing management, and detailed reporting analytics. The software is versatile and supports multiple languages and currencies.
It is geared toward small- and medium-sized businesses, with particular strength in the retail, wholesale, and manufacturing sectors. Its intuitive user interface and straightforward functionalities make it an excellent choice for businesses looking for a no-fuss, efficient inventory management solution.
NetSuite’s cloud-based inventory management software is part of its larger suite of enterprise resource planning (ERP) solutions. It offers extensive features like real-time inventory visibility, demand planning, and warehouse management.
Designed for medium to large enterprises, NetSuite is a fit for a variety of industries such as retail, wholesale, and manufacturing. Its scalability and depth of features make it suitable for complex, multi-location inventory systems.
Odoo is an open-source suite of business applications, including a comprehensive inventory management module. It’s cloud-based but also offers an on-premises version. Key features include real-time tracking, automated workflows, and advanced routing mechanisms like drop-shipping and cross-docking.
This software is ideal for small to large businesses and can fit various industries, including retail, manufacturing, and services. Its modular approach allows businesses to start with the inventory app and add more functionalities as they grow, making it highly scalable.
Orderhive is a cloud-based order management system that also offers robust inventory management features. Its capabilities include real-time tracking, multichannel selling, and automated order processing.
This software is geared towards small- to medium-sized businesses in the e-commerce and retail sectors. Orderhive aims to simplify complex processes, offering a central dashboard to manage orders, inventory, and shipping.
Ordoro is a cloud-based inventory and shipping management platform designed specifically for e-commerce retailers. It excels in centralizing orders from multiple sales channels and offers built-in shipping rate comparisons, batch processing, and analytics.
Aimed at small- to medium-sized e-commerce businesses, Ordoro integrates well with a variety of shopping carts and marketplaces. It serves as a standalone system, focusing on simplifying shipping and inventory management to help retailers save time and reduce errors.
QuickBooks Commerce, formerly known as TradeGecko, is a powerful cloud-based inventory and order management software. It offers seamless integration with other QuickBooks products, which is a boon for businesses already in the QuickBooks ecosystem. Key features include stock tracking, order management, and multi-currency support.
Designed for small- to medium-sized businesses, QuickBooks Commerce is commonly used in wholesale, manufacturing, and retail. Its ability to integrate with various e-commerce platforms and marketplaces makes it a versatile choice for businesses operating in multiple sales channels.
SalesWarp offers advanced inventory management features and is known for its order orchestration capabilities. It’s a cloud-based platform that provides real-time visibility into all stages of the supply chain.
Aimed at medium to large businesses, SalesWarp is most suitable for multi-channel retailers. Its strong point is centralized management, allowing you to sync and manage orders, products, and customer data across various systems.
SAP Integrated Business Planning (IBP) is a cloud-based solution designed for large enterprises with complex supply chains. It offers advanced inventory optimization and demand forecasting features, among others.
As part of the larger SAP ecosystem, IBP is targeted at large enterprises and is often used in industries such as manufacturing, retail, and distribution. Its strengths lie in its analytics capabilities and the ability to integrate with other SAP modules.
ShipBob Merchant Plus is a cloud-based inventory management software designed to meet the needs of e-commerce businesses. It focuses on streamlined fulfillment by integrating with popular online marketplaces and shopping carts. Key features include real-time inventory tracking, order syncing, and analytics for data-driven decisions.
Targeting e-commerce businesses of all sizes, ShipBob Merchant Plus offers a comprehensive solution for those wanting to optimize their fulfillment strategy. It’s particularly useful for businesses that need to manage inventory stored in multiple locations, including third-party logistics providers.
ShipHero is a cloud-based inventory and order management solution designed primarily for e-commerce businesses. It offers features like batch shipping, barcode scanning, and even outsourced fulfillment options.
Suited for small- to medium-sized e-commerce companies, ShipHero focuses on efficiency and accuracy in both inventory management and shipping processes. Its platform is designed to make online selling simpler, faster, and more cost-effective.
Shopify offers an inventory management system that’s integrated into its leading e-commerce platform. It’s cloud-based and allows for seamless tracking of products, orders, and customers.
Mainly targeted at small- to medium-sized businesses, Shopify is a great option for those who are either planning to set up an online store or already have one. Its user-friendly interface and extensive app marketplace allow for a highly customized and scalable solution.
Sortly is a visual inventory management software that distinguishes itself with a user-friendly, image-based system. It’s cloud-based and allows for easy categorization and tracking of items using pictures, barcodes, and QR codes.
Primarily designed for small businesses, Sortly is popular among industries that benefit from visual documentation like healthcare, education, and retail. It’s a standalone system ideal for companies that prefer a more intuitive, less text-heavy approach to inventory management.
Square for Retail is part of the broader Square ecosystem, functioning both as a POS system and an inventory management solution. It’s cloud-based, focusing on real-time inventory tracking, employee management, and customer engagement.
Aimed at small- to medium-sized retail businesses, Square for Retail is particularly effective for brick-and-mortar stores looking to integrate point-of-sale and inventory systems. Its simplicity and ease of use make it accessible, even for those without much technical expertise.
Unleashed Software is a cloud-based inventory management platform that offers a wide range of features including real-time inventory control, reporting, and multi-currency support. It specializes in servicing businesses that manufacture, wholesale, or retail goods.
Targeting small- to medium-sized businesses, Unleashed is versatile enough to serve various industries. The platform is known for its ease of use, powerful APIs, and seamless integrations with various third-party applications like accounting software and e-commerce platforms.
Veeqo is a cloud-based platform that caters to omnichannel retailers, offering inventory and shipping management. Features include real-time inventory synchronization, order management, and a variety of shipping options, including bulk shipping.
This software is aimed at medium to large retailers, and it supports integration with popular e-commerce platforms and marketplaces. With its robust set of features, Veeqo aims to be a one-stop-shop for online retailers who require advanced inventory and order management capabilities.
Wasp Inventory Control is an on-premises inventory management software that specializes in barcode technology. It offers key features like real-time tracking, audit trails, and low-stock alerts.
This software is suitable for small- to medium-sized businesses and is especially popular among industries requiring high levels of accuracy in their inventory tracking, such as healthcare and manufacturing.
Zoho Inventory is part of the larger Zoho suite of business productivity tools. This cloud-based inventory management software offers features like multichannel selling, shipping integrations, and inventory control. It aims to be an easy-to-use, scalable solution for businesses of all sizes.
Designed for small- to medium-sized businesses, Zoho Inventory is a good fit for a range of industries including retail, e-commerce, and wholesale. Its strengths lie in its integrative capabilities, as it works seamlessly with other Zoho products and various third-party applications.
Solink can improve your inventory management
Inventory management software provides essential tools for tracking stock, monitoring sales, and streamlining operations. Solink brings a new layer of oversight to your inventory management. With cloud video security, you can not only identify discrepancies in your inventory but also discover the reasons behind them.
Imagine you’ve noted a variance in your stock levels. Traditional methods might tell you what’s missing, but they won’t tell you why. Solink pairs video footage with transaction data to show you the context. Did an employee make a mistake? Was an item misplaced or stolen? With Solink, you not only spot the issue but also understand its origin.
Understanding why discrepancies occur empowers you to make informed decisions to prevent them in the future. Whether it’s retraining staff, adjusting protocols, or enhancing store layout, the insights garnered from Solink’s cloud video security become actionable strategies for reducing loss and improving sales.
To see how Solink can improve your inventory management, sign up for a demo today.
Timothy Ware | 
Solink stands at the forefront of security solutions, excelling in loss prevention and asset protection for businesses. Our content is rich in industry expertise and crafted to provide actionable insights and innovative strategies. We empower businesses to enhance their security systems, optimize operations, and protect their assets more effectively. Discover how our advanced cloud video management system can transform your security approach.
