5 Best Inventory Management Software for Small Businesses (Online & Physical Retail Stores)

Inventory management plays a crucial role in the success of any business, big or small. If you’re a business owner with an online business for example selling on multiple channels at the same time, inventory management for your products is very important because you don’t want to risk listing items that aren’t available when your customers place an order for it, and end up disappointing them.

It can be hard, especially when it’s done manually. The right inventory management software can be a game-changer for your small business, helping you streamline operations, focus on marketing hacks, reduce errors, and boost efficiency.

In this guide, we'll explore:

1. Why Inventory Management Software is Important for Your Small Business

2. The five (5) best inventory management software options for small businesses.

3. What you Should Look out For When Picking One

4. Questions to Ask When Choosing or Paying for an Inventory Management Software

5. Some popular questions about Inventory Management Software

Importance of Inventory Management Software for Small Businesses

Image source: Eztexting

Why do I need inventory management as a small business?

Effective inventory management brings a lot of benefits to small businesses. Here are a few key points:

1. Cost Control: Properly managing inventory helps businesses reduce costs by minimising excess stock and preventing stock-outs (situations where a product is out of stock). This leads to better cash flow and reduces the risk of financial strain and generally helps you manage your business finances better.

2. Customer Satisfaction: Inventory management ensures that products are readily available when customers need them. This helps businesses fulfil orders efficiently, and greatly impacts customer service by enhancing customer satisfaction and building a positive reputation.

3. Efficient Operations: By optimising inventory levels, small businesses can streamline their operations. They can make informed decisions regarding purchasing, production, and sales, thus improving overall efficiency.

Do you sell online, in-store, or both? Why it changes what you need

Before you look at any tool on this list, it's worth asking yourself a simple question: how do you actually sell?

If you're an online-only business, whether that's a website, Instagram, or a marketplace like Jumia or Konga, your priorities usually centre around multi-channel sync (so a sale on one platform updates your stock everywhere else), storefront integration, and making sure customers never see an item as "available" when it's actually sold out.

If you run a physical shop like a supermarket, a boutique, a pharmacy, or a provision store, your priorities look different. You need fast checkout so customers aren't standing in line, accurate stock counts at the point of sale, and a way to hold your staff accountable for what happens at the till, who processed what, and when.

And if you're doing both, which is increasingly common, you need a system that doesn't force you to choose.

So as you go through this list, we'll flag which tools lean online, which lean in-store, and where a platform like Bumpa, now with Bumpa POS, actually covers both sides properly, without forcing you into a corner.

The Best Inventory Management Software for Small Businesses

1. Bumpa

2. Zoho Inventory

3. Sortly

4. Cin7

5. Fishbowl Inventory

1. Bumpa

Price: Starting from ₦15,000/quarter

Pricing is subject to change, check current plans on the Bumpa pricing page for more information.

Bumpa is a software with a suite of features suited for both big and small businesses, one of which is the inventory management system, which offers simple inventory tracking for businesses.

Designed to be simple and user-friendly for business owners, one of the stand-out features of Bumpa’s inventory management software is that it helps you keep track of all your products in one place, no matter where you sell. For vendors or business owners who sell their products on online selling platforms like Jumia, Konga, Jiji, etc., have a physical store and also still sell on social media platforms like Instagram, Facebook, Tiktok and the likes, tracking inventory everywhere can get very confusing very quickly. With Bumpa’s inventory management software, you can track your inventory from all these channels with more ease. Bumpa lets you record every sale you make through each channel, and the software automatically deducts from your inventory after every record. And if customers shop directly from your Bumpa website, it’s automatically deducted from your inventory as well.

Bumpa also offers users the ability to collaborate with staff; depending on what kind of access you give your staff, they can also add and remove inventory, record orders and manage orders. And it doesn’t always have to be on a laptop; the Bumpa app makes it easy to do any of these things on the go with your smartphone.

You can also add multiple variations of the different products you sell, so you’re not restricted to adding your inventory in just one way. For example, if you sell bags and you have 10 blue bags and 10 red bags in stock, you can add them to your inventory just like that, instead of just saying “20 bags” in inventory.

Also, this detailed breakdown of inventory and recording your sales with the Bumpa software provides you with valuable business analytics like top-selling products, least-performing products, buying trends and so much more. And lastly, the inventory software lets you automate some parts of order management, like creating orders or generating invoices and receipts for your customers automatically and helping you manage your orders easily.

Click here to get started today.

Why business owners choose Bumpa POS for in-store inventory management

We know it's one thing to talk about features, and another to actually see them at work in a real Nigerian business. 

Take Shop Bawsty for example, a fast-growing beauty and retail brand, put Bumpa POS to the test in real time. During one of their recent pop-ups, their team used Bumpa POS to handle every walk-in sale, track inventory automatically, and keep things moving smoothly, even with hundreds of customers lining up.

Here's a peek at how they used it on the ground:

Here's what you can actually do with it:

• Record walk-in sales easily: Anytime a customer buys from you physically, log the sale instantly instead of writing it down or trying to remember later

• Accept multiple payment types: Sash, transfer, card, POS terminals, Bumpa Terminal, USSD, QR code, however your customer wants to pay, you can record it properly

• Create and manage orders across multiple stores from your phone: if you run more than one location, you don't need separate systems, monitor everything from one mobile device

• Open multiple carts at once: especially useful during rush hours when several customers are buying at the same time

• Scan product barcodes using your phone camera: add items quickly and update your inventory in one go, no separate hardware needed

• Record customer details: collect phone numbers and emails, and customers are automatically notified about their purchases

• Track staff and sales performance daily: see how each staff member or location is performing, all from one dashboard

• Automatically update inventory: every sale adjusts your stock levels instantly, helping you avoid selling what's already sold out

• Get WhatsApp payment notifications with Bumpa Terminal: both you and your staff get alerted the moment a payment is made.

• Run discounts and coupons easily: set percentage or fixed discounts, choose start and expiry dates, and prices revert automatically once the sale ends

• Create orders and complete checkout offline: even without internet, you can still serve customers and record sales

High traffic events like Popups, tradeshows, and bazaars require software that makes the experience feel seamless and this is why Bumpa POS is chosen by thousands of merchants across Nigeria.

If you're running multiple stores in different locations and want the full breakdown of how location tracking on Bumpa works, we cover it in the ultimate guide to managing your multiple stores with Bumpa.

And if staff accountability is a bigger concern for your business, whether that's stock or payments, we've written about both: 6 ways to stop staff from stealing your stock and how to stop staff theft in your DMs and physical store.

You can read the full breakdown of how Bumpa POS works here, or try it directly at pos.bumpa.com.

2. Zoho Inventory

Price: From ₦14,700/month (Zoho Inventory). 

Note: Zoho POS is a separate product from Zoho Inventory, starting from roughly ₦23,000/month, so businesses needing both online and in-store functionality should budget for two separate subscriptions.

Pricing is subject to change, check current plans directly on Zoho's website before subscribing.

Zoho Inventory is an inventory management software designed to streamline and optimise your business operations. It provides a comprehensive set of features that enable you to efficiently track your inventory, manage orders, and streamline your shipping processes.

With Zoho Inventory, you can easily keep track of your inventory in real time. The software allows you to monitor stock levels, ensuring that you never run out of stock and can fulfil orders promptly. It also lets you create sales orders, invoices, and packing slips with just a few clicks. You can also automate order fulfilment by integrating with popular e-commerce platforms, such as Shopify and WooCommerce. This ensures seamless order processing and reduces the chances of errors.

Zoho Inventory boasts a user-friendly interface, making it easy for both beginners and experienced users to navigate and utilise its features effectively. The intuitive dashboard provides a clear overview of key inventory metrics, sales performance, and order status, empowering you to make informed business decisions.

With Zoho inventory, customisation options can be limited to some extent. If your business has highly specific or unique requirements, you may find it challenging to tailor the software to meet all your needs. It's important to evaluate whether Zoho Inventory aligns with your specific business requirements before committing to it.

3. Sortly

Price: From ₦37,000/month (Advanced tier). Multi-user staff permissions are only available on the Premium tier, starting at ₦230,000/month.

Pricing is subject to change, check current plans directly on Sortly's website before subscribing.

Sortly is a user-friendly and intuitive inventory management software designed to help businesses and individuals organise and track their inventory. It provides a simple and visual way to categorize, label, and track items for both personal and professional use.

Sortly enables users to create a centralised database of their inventory items. It allows you to categorise items into folders, add detailed information such as descriptions, photos, and custom fields, and set up unique tags to facilitate easy searching and filtering. You can also leverage your smartphone or tablet's camera to scan item barcodes or custom QR codes. This helps speed up the process of adding items to your inventory, updating details, and conducting inventory audits.

Sortly also enables you to track the movement and changes of your inventory items, including when they were added, moved, or taken out. This helps maintain a comprehensive audit trail and improves accountability within your inventory management process.

Overall, Sortly provides a user-friendly and visually appealing solution for individuals and businesses to manage their inventory efficiently. Whether you are organizing a personal collection or running a small business, Sortly can help you keep track of your inventory, locate items easily, and streamline your inventory management process.

4. Cin7

Price: From ₦540,000/month

Pricing is subject to change, check current plans directly on Cin7's website before subscribing.

Cin7 is a robust inventory management software designed to meet the diverse needs of businesses across various industries. It provides comprehensive inventory management capabilities, allowing businesses to track stock levels, monitor product movement, and optimise inventory control. It supports multiple warehouses, serial and batch tracking, and enables efficient management of complex inventory requirements, such as kits and bundles.

Cin7 simplifies the order management process by centralising all incoming sales orders from different channels, such as online marketplaces and physical stores. It enables businesses to efficiently process orders, manage backorders, and automate order fulfillment. This streamlines operations and enhances customer satisfaction.

Cin7 offers advanced reporting with over 100 customisable reports, demand planning, and forecasting features to make better inventory decisions. With 550+ integrations, it seamlessly scales your business.

5. Fishbowl Inventory

Price: From ₦354,000/month (Essentials tier, 2 users). Multi-location and online selling require the Growth tier, starting at ₦664,000/month.

Pricing is subject to change, check current plans directly on Fishbowl's website before subscribing.

Fishbowl Inventory is a comprehensive inventory management software that provides businesses with a comprehensive solution for managing their inventory. It offers tools for inventory tracking, barcode scanning, order management, purchasing, manufacturing, and warehouse management, all in one integrated platform. This enables businesses to have greater control and visibility over their inventory processes.

With Fishbowl Inventory, businesses can accurately track their inventory at each stage of the supply chain. The software allows for real-time tracking of stock levels, item locations, and product movements, ensuring that businesses have up-to-date information about their inventory status. It also enables businesses to efficiently process sales orders, manage order fulfilment, generate packing slips and invoices, and automatically update inventory levels. This helps streamline the order-to-delivery process, reducing errors and improving customer satisfaction.

Bumpa vs. Other Inventory Software (At a Glance)

A quick note before you dive in: this table reflects each platform's publicly available features and pricing as of when this article was last updated:

Naira conversions are approximate, based on exchange rates at the time of writing, and are subject to change. Always check current pricing directly with each provider.

These are genuinely capable tools but for Nigerian and African merchants at large, Bumpa still remains one of the most affordable options for a good inventory management system, whether you're running your business online, in-store, or both, without giving up features that match global standards anywhere else in the world.

On top of that, Bumpa comes with locally sourced payment methods that let you collect payments both locally and internationally, at a fraction of the cost these other platforms charge.

What to Consider When Picking an Inventory Management Software for Your Small Business

Let’s explore the key factors that Nigerian small businesses should consider when evaluating inventory management software options. From scalability and ease of use to integrations, payment options, pricing, and customer support, we've got you covered.

1. Scalability:

As a small business in Nigeria, it's essential to choose inventory management software that can grow with your business. Look for solutions that offer flexibility and scalability, allowing you to easily add more products, collections, variations and users as your business expands.

2. Ease of Use:

Considering the user-friendliness of inventory management software is crucial, especially for small businesses with limited resources and technical expertise. Opt for software that offers a simple and intuitive interface, making it easy for your team to learn and navigate without extensive training.

3. Integrations:

The ability to seamlessly integrate your inventory management software with other business systems, such as accounting or e-commerce platforms, is vital. Ensure the software supports popular integrations used by Nigerian small businesses, such as local payment gateways, e-commerce platforms, and accounting software. Bumpa comes with integrations like a business website, and payment gateways like Paystack, and your bank account addition for easier payments for your customers.

4. Payment Options:

Affordability is a significant factor for Nigerian small businesses. Look for inventory management software that offers flexible payment options, including the ability to pay or be charged in local currency (Naira). This ensures that the cost of the software remains reasonable and feasible for your business.

5. Pricing:

Consider the pricing structure of the software carefully. Look for transparent pricing models that align with your budget. Some options may offer tiered pricing plans, allowing you to pay for features that are essential to your business while avoiding unnecessary costs.

6. Customer Support:

Reliable customer support is crucial, especially when implementing a new system. Choose inventory management software providers that offer responsive customer support, preferably with local support representatives or resources, to address any questions or technical issues that may arise.

Questions to Ask When Choosing or Paying for an Inventory Management Software

Before committing to an inventory management software, these are some questions you can ask, to make sure that the software aligns perfectly well with your business needs.

1. Is the software scalable and capable of accommodating the growth of my business, allowing me to expand my product range if needed?

2. How user-friendly is the software? Will my team be able to quickly learn without extensive training?

3. What integrations does the software support?

4. Are there flexible payment options available that align with my budget, including the ability to pay in local currency to avoid excessive costs for a Nigerian small business?

5. How does the pricing structure work?

6. What level of customer support is provided?

7. Does the software offer real-time inventory tracking capabilities? Can I easily monitor stock levels, receive alerts for low inventory, and maintain accurate inventory counts?

8. Does the software provide reporting and analytics features? Can I generate customizable reports to gain insights into sales, inventory turnover, and other key performance metrics?

9. How secure is the software in terms of protecting sensitive business data, such as customer information and inventory records?

10. Does the software offer mobile accessibility? Can I access and manage inventory on the go through a mobile application or a responsive web interface?

Inventory management holds great significance for small businesses. It helps them maintain financial stability, deliver excellent customer service, and streamline their operations. This is why it is important to take out time to choose the best inventory management software for your business because it plays a great role in making sure your business operations run smoothly. We hope this list has set you on the easier path to picking an inventory management software for your business, and all the best with choosing the one that perfectly suits you!

Frequently Asked Questions on Inventory Management Software For Small Businesses

1. What software is used to track inventory?

Bumpa is a software with a suite of features for big and small businesses, including a robust inventory management software that works perfectly on mobile as well. You can add products in multiple variations, track your inventory across multiple sales channels and manage orders for your customers.

2. Can the software handle multiple sales channels and marketplaces?

Yes, top inventory management software solutions like Bumpa can easily manage inventory across multiple sales channels, such as online stores, marketplaces, and brick-and-mortar locations.

3. Can inventory management software track stock in real-time?

Yes, the top inventory management software like Bumpa provides real-time stock tracking, allowing you to monitor inventory levels, set alerts for low stock, and prevent stockouts.

4. Is there inventory software with POS for physical shops in Nigeria?

Yes. Bumpa POS is built specifically for physical, walk-in retail, supermarkets, boutiques, pharmacies, and provision stores, handling fast checkout, barcode scanning, and staff accountability, while staying priced and built for the Nigerian market.

5. Can I use Bumpa if I only sell in-store, not online?

Yes. Bumpa POS works fully as a standalone in-store solution, you don't need a website or online store to use it. That said, most businesses find value in having both connected, since it means your online and in-store stock stay in sync automatically the moment you're ready to expand.

6. Does Bumpa POS work without internet?

Yes. Bumpa POS lets you create orders, add customers, and complete checkout offline. Once your connection is back, everything syncs automatically, so a network outage doesn't mean your shop stops selling.

7. Can I manage more than one physical shop location on Bumpa?

Yes. Bumpa supports multi-location management, including Terminal by Location, which ties individual payments to the exact store they came from, so you always know how each location is actually performing, not just a combined total.

Subscribe to our Blog

If you love tips & content like this that will help with your small business marketing and growth, then you’ll be excited to know we have more! We could always send you notifications when they are published if you share your email with us. We promise to not be a bother, and you can always unsubscribe anytime!

Subscribe Now

Want to Learn More about Bumpa & How to Grow your Business with it?

You can sign up to Bumpa in 5 seconds as a small business owner and let us begin the journey of growing your business with you!

Sign Up Now