As more consumers become tech-savvy, it’s no surprise that most of their shopping takes place online. It’s easier than ever for customers to hop on a company’s website or mobile application to order products delivered straight to their doorsteps.
However, those in the ecommerce industry might need help managing all aspects of their business, from shipping and packaging choices to customer service. One element every ecommerce company needs to incorporate into their business is inventory management (IM).
Inventory Management Tools in the Ecommerce Industry
It’s important to understand the role IM plays in the overall success of an ecommerce business. No matter which industry a company serves, IM is an essential part of selling products.
Without following the best IM practices, businesses would have a challenging time determining inventory levels and how much stock to order when inventory is low.
New technologies, such as artificial intelligence (AI) and big data, support ecommerce and the general retail sector. For example, Walmart uses an AI-powered smart camera system with analytics to determine inventory levels, track how items sell and alert workers when shelves need replenishment.
5 Best Inventory Management Tools
Here are five of the best inventory management tools for ecommerce businesses and how they offer value.
1. Cin7 Orderhive — Best Overall
Cin7 Orderhive is one of the most popular IM software. It utilizes automation technologies to streamline fulfilment, sync stock levels, track inventory parts for assembled goods and make purchase orders.
Cin7 also offers 24/7 customer support to ensure IM processes go off without a hitch. Another added benefit is its point-of-sale (POS) system, which works well for ecommerce businesses with a brick-and-mortar presence.
Pros
- Robust
- Fits most business budgets
- 24/7 support on all plans
Cons
- No free trial
- Basic plan lacks some critical features
Price: $399-$999 per month
2. Zoho Inventory — Best Value
Zoho Inventory is another great IM software ecommerce businesses should consider. One of the best things about Zoho is that it’s free to create an account. The solution offers a 14-day free trial to help inventory managers determine if it’s right for their company.
Zoho Inventory simplifies multichannel sales, handles online payments, bundles items, provides helpful reports and supports order fulfilment processes. Businesses can also benefit from Zoho’s compatible mobile app on iOS and Android.
Pros
- Free trial and budget-friendly plan options
- Integrates with other Zoho platforms
- Useful for suppliers and dropshippers
Cons
- Scaling requires plan upgrades
- Missing some key ecommerce features and integration
Price: Free plan or low-cost options at $59-$329 per month (billed annually)
3. Finale Inventory — Best for Multichannel IM
Finale Inventory is another viable IM tool for small and large ecommerce businesses. Some of its key features include:
- Cloud-based system for users
- Multi-warehouse inventory management
- Landed costs
- Kitting and bundling
- Reordering capabilities
- Support for API integrations
Finale Inventory understands that every business is unique and has changing or evolving needs. Companies can use its ecommerce IM solution to streamline their IM processes, automate tasks and even manage multichannel inventories.
Pros
- Excellent customer service
- Ideal for small and large businesses
- Free demo available
Cons
- May be costly for Platinum+ Service plan
- Wide range of plans may make it hard to choose
Price: $75-$799, call to learn about top-tier pricing
4. Ordoro — Best for Growing Businesses
Ordoro’s platform is an all-in-one, automated inventory management solution offering key features like inventory tracking, a built-in kitting engine, product linking, support for UPC barcodes and more.
Ordoro can sync inventory levels and shipping information across ecommerce platforms like Shopify and ShipBob in real time for ultimate supply chain visibility. The platform uses several automation features to help business managers and inventory specialists manage workloads more effectively.
Pros
- Automates dropshipping
- Purchasing automation simplifies ordering for IM specialists
- Offers plenty of API integrations
Cons
- Can be expensive for some companies
- Customer support is limited (9 a.m.-6 p.m, M-F)
Price: $499-$999
5. Fishbowl Inventory — Best for Large Companies
Fishbowl Inventory is used by companies such as Lowe’s, Mercedes-Benz and G.E., in addition to the U.S. Army and Air Force branches.
The main purpose behind the solution is to maximize efficiencies in IM, warehousing and manufacturing. Fishbowl Inventory’s platform is an all-in-one solution that also helps companies meet compliance requirements. It can print and scan barcode labels, automate purchase orders and is packed with advanced IM features.
Pros
- Free 14-day trial
- Advanced option to meet the needs of larger corporations
- Seamless QuickBooks integration
Cons
- High cost upfront
- Might be too advanced for smaller companies
Price: One-time price of $4,395 per user
Choosing the Best Inventory Management Tool: Ecommerce Edition
The world of ecommerce is growing rapidly, with more online stores emerging all the time. Businesses must reach maximum efficiency, especially their IM processes, and software is available to suit every type of business. Consider these tools to streamline IM and be successful.
