Are you getting the most from your sales and inventory data?
If you’re not using the right retail inventory tools, you risk struggles like dissatisfied customers, increased costs, and lost revenue. But how should you be tracking your retail data? What makes one tool better than another?
The right point of sale (POS) tool will help you track trends, streamline business operations, and store and protect data, while the wrong one will just bring you headaches.
In this blog, we’ll identify four retail inventory tools for small retail stores, explain their features and benefits, and provide some tools that help streamline the process — including an all-in-one solution.
Let’s get started.
Retail inventory tools are software solutions designed to help small retailers manage and optimize their inventory. These tools serve several critical functions, including tracking stock levels, forecasting demand, and analyzing sales data.
Benefits of data inventory tracking tools include:
The right data inventory tracking tool will help you overcome several challenges, including dissatisfied customers because you’ll always have the products your customers want; increased costs by reducing excess stock and minimizing storage costs; and lost revenue by improving sales forecasting.
There are a few factors to consider as you choose the right data inventory tool for your small retail store.
Another important consideration is reliable customer service. When your system breaks down, your inventory tool partner needs to be there to get you up and running. At POS Nation, we’re proud to offer 24/7 customer support.
Related read: How To Improve Retail Inventory Management in 5 Easy Steps
If you’re just getting started, here are a few basic inventory tools for small retail stores.
Spreadsheet Applications (Google Sheets, Excel)
Barcode scanners
Related read: How To Implement Barcode Inventory Management: 6 Tips and Tools
Open-source software
Bottom line: If you have a tech-savvy team, open-source software may be the right route for you, especially on a budget. It’s hard to beat full customization, but if you don’t have someone with coding knowledge, this will be a steep learning curve.
Related read: Open Source POS Software: 9 Pros and Cons [+ Top Providers]
Cloud-based tools offer several advantages over traditional systems based on servers.
Traditional inventory tools, also called legacy POS systems, store all your POS data locally, usually in an on-site server or on a hard drive. Any updates on server POS systems are installed manually.
Modern, cloud-based POS systems like POS Nation, feature comprehensive inventory management with real-time tracking, forecasting, and seamless integrations. POS Nation is user-friendly, scalable, and equipped with robust reporting tools to help your retail store succeed.
Related read: Cloud-Based POS vs. Traditional POS: How to Make the Right Choice
Data analytics tools help you make sense of your inventory data so you can make informed business decisions. Predictive analytics help with demand forecasting, and it’s easier to spot trends and sales patterns. These tools will also help minimize overstock, stockout, and deadstock situations.
Here are three tools that can help.
Zoho Inventory is a robust cloud-based inventory management system designed to automate your inventory operations. It provides features that simplify inventory management, such as stock tracking, efficient order management, and seamless multichannel selling.
Best for: Shopify sellers
Features: Comprehensive tracking, multi-channel selling, and real-time updates
Pricing: Free plan for small businesses and paid plans starting at $29 per month for the Standard plan and up to $249 per month for the Enterprise plan
Related read: 104 Small Business Resources & Tools You Need in 2024
Katana is a cloud-based inventory management software tailored for small and medium-sized businesses. It provides real-time data and smooth integrations to assist retailers in managing inventory across all sales channels.
Best for: Open API inventory management software
Features: Live inventory management with real-time data, built-in purchase order management and tracking, omnichannel sales management with centralized order fulfillment, custom integrations with other business tools
Pricing: Three pricing plans, including Essential ($99/month), Advanced ($299/month), and Enterprise (custom pricing)
Related read: Essential Payment Processing Hardware for Independent Retailers
POS Nation offers a complete retail POS software solution to help retailers run their shops better. The software is user-friendly, feature-rich, and can manage both single store and multi-location businesses.
Best for: Small to mid-size retailers
Features: Comprehensive inventory management, automatic purchase order generation with reorder thresholds, custom integrations, customer loyalty tracking and rewards programs, employee management, over 55 pre-built reports with Excel export and customization options
Pricing: Get a custom quote for your perfect solution using the build and price tool
Bonus features: Mix and match pricing, mobile inventory management, case break inventory tracking, auto invoicing, vendor purchasing metrics, and more
The ideal data inventory tool should offer real-time tracking, seamless integrations, scalability, automation, and robust analytics. The tool you choose will depend on your retail store, but POS Nation provides an all-in-one solution that meets these criteria with flexible pricing and no contract obligations.
With the right tool, you can get a better understanding of your inventory, enhance efficiency, improve customer satisfaction, and drive your business to new heights.
Ready to streamline your inventory management? Schedule a demo with POS Nation to learn how our comprehensive tool can transform your retail operations.