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Home 2017-09-10T15:11:49+00:00

Selecting adequate inventory management software for your retail business

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The days when business owners had to use a pen and a notebook to track their products are gone. This is quite natural because modern technology is superior compared to this method of tracking products in many different ways. Nowadays, retail business owners are using specially designed inventory management software solutions that can provide precise information about the number of products they have and other important things related to inventory. 

There are many inventory management software tools like this in the market, and if you are new in this field, you should do some research before buying one. If you want to save some time and money follow our tips.Usually we recommend Shopify as it is one of the best retail POS in the market and it is known for being easy to use.

1. Look for an industry-specific inventory management software

It didn’t take much time before software developers have realized that different businesses need different software solutions in the form of inventory management software. For instance, in case you are selling and renting products, you will need software that can help you track both types of products – the ones that are sold and those that are rented. If you are a gym operator, you will probably need a tool that can help you check class availability easily. There are still no software solutions for every type of business, but the fact is that there is a wide range of inventory management software solutions in the market. Look for one created with your industry in mind.

2. Does the inventory management software match your hardware?

It is good to know that there are inventory management tools that need a significant amount of resources to operate freely. In other words, you will need a modern computer in order to use them. In order to avoid unpleasant situations, it is recommended to check your computer system first and the basic requirements of your potential inventory management software. Of course, there are situations when upgrading your hardware is a reasonable move, so consider this option too. In addition, you should check the software’s compatibility with operating systems – Windows, Mac, Android etc. There are in-browser solutions that work fine on all platforms.

3. Is it possible to export/import data?

It is a smart move to opt for inventory software that allows export and import of data to other software tools you use. For instance, it is very useful if this software is compatible with POS and accounting software. If you have used MS Excel before, opt for a system that accepts xlsx and CSV files. Don’t forget that if the software is incompatible, you will have to enter this data manually. It will take a very long time and a lot of effort to finish a task like this.

4. Check the interface

In case the inventory management software looks intimidating and you think that it would be very difficult to learn how to use it, then you should choose a different solution. You should be ready to learn new things, but don’t forget that business owners have other priorities and hiring someone just to manage this software is not a good idea. Look for a system that has a user-friendly interface. Check the videos and images of the software and read how it works.

5. Does it provide an automatic update and backup of the website?

In case the inventory management software you are interested in provides updating from time to time, you will only get information about the products that were in stock when the count was conducted. Opt for software that provides continuous updating.

Using inventory management software is a great tool for every retail business.