The 5 Best Inventory Management Software for Small Businesses

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

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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.

The Best Inventory Management Software for Small Businesses

1. Bumpa

2. Zoho Inventory

3. Sortly

4. Cin7

5. Fishbowl Inventory

1. Bumpa

Price: N5,000 Monthly

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.

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2. Zoho Inventory

Price: Starts from N14,700 Monthly

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: Starts from $49 Monthly

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: Starts from $325 Monthly

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: Starts from $349

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.

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.

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