Investing in inventory tracking software is a wise business decision that will not only help you manage your inventory better but it will also save you time. After all, by using the right tools in your brick-and-mortar store, you can run your business more efficiently.
When you consider the fact that as a store owner you have to worry about marketing your store as well as managing all the daily tasks associated with running it, it’s easy to see how the right inventory tracking software can make your life easier and help you boost your profits.
In this post, we’ll talk about things you need to look for when choosing the right inventory tracking software and feature three of the most popular tools for that purpose, along with their pros and cons.
Related: 5 tips for adding an eCommerce shop to your brick-and-mortar business
6 things to look for when choosing inventory tracking software
Inventory tracking software comes in many shapes and sizes and finding the right tool for the job is not an easy task. However, there are a few things that you need to look for when choosing inventory tracking software to get the most out of it, including:
Ease of use.
Price customization options.
Ready to learn more about choosing inventory tracking software? Then read on.
The first thing you need to consider is the cost. How much you pay for the software will largely depend on your budget and on the features you need as well. If you’re just starting out, you probably won’t need all of the bells and whistles that a brick-and-mortar store that’s been in business for 10 or more years would need.
Don’t forget to consider whether the inventory tracking software of choice is an online app or a program that has to be installed on your computer with no online access.
If you have multiple locations, consider investing into an online tool that will allow seamless syncing of your inventory across all the store locations.
2. Ease of use
Make sure that the software is easy to use. This will not only make it faster to implement in your store but it will also be easier to train current and future employees at a quicker pace.
Related: Inventory management 101 for small business owners
3. Price customization options
In some circumstances, you might need to adjust the prices of the items sold in your store. This is common during holidays and other sale periods, so make sure to choose a software that will allow you to easily customize the prices when you need to do so.
Related: 5 best practices for retail inventory management
4. Customer support
Ideally, your software will be easy to use out of the box, but do take into consideration the level of support that comes with it. The developers should be able to troubleshoot any issues and help you resolve them so you can use their software without any problems. Be wary of programs that don’t mention or don’t offer support.
Related: Customer service survival guide for small businesses
Opt for inventory tracking software that can provide you with detailed reports about your inventory. By doing so, you will be able to tell at a glance which products are popular in your store and which products are costing you more than helping you turn over a profit. This in turn will help you improve your product lineup, customer satisfaction, and bottom line.
Lastly, make sure your inventory tracking software integrates with other tools that you use in your business. Integrations with your accounting software, shipping provider, or your email service provider will help you automate some of the daily task and save you time.
Related: Automate your business backend with these intuitive tech tools
Top 3 inventory tracking software choices
Now that you know what to look for in inventory tracking software, here are our top three recommendations and the pros and cons of each.
The first tool on our list, ShopKeep, allows you to use your iPad as your POS device and manage your entire inventory from it. You can upload large inventories via CSV files, easily track top-selling items and departments, and track your costs and profit margins per item. Additionally, ShopKeep comes with the ability to set up modifiers for items that come in various arrangements and more.
- Ease of use
- Cloud-based app
- Real-time analytics
- Requires an iPad, which adds to your overall cost
LSNav has been in business for more than 30 years and has a robust range of services and software designed for retail management. This inventory tracking software includes features such as the ability to organize and group your inventory, create discounts, and modify prices with a single click, see the best performing products, and more.
- High level of feature and option customization
- Comes with a mobile app
- Easy to use
- Pricier than other software
- Doesn’t work offline
VendHQ offers similar features as the tools mentioned above but it also allows you to easily duplicate products; categorize your products by name, type, brand, supplier, supplier code, SKU, handle, and tag; build custom reports; and automatically generate stock orders whenever a product drops below your preset levels.
- Flexible and easy to use platform
- Built-in loyalty tracking
- Phone support requires extra payment
Make your inventory easier to manage with inventory tracking software
Managing your inventory manually is not only time-consuming but it is also error-prone and can result in lost sales and profit because you didn’t stock up in time. With the tips in this article and the right inventory tracking software for your brick-and-mortar store, you can quickly get a handle on your inventory and make it easier to manage.
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