For any eCommerce business to thrive, efficient inventory management is the key. It offers various benefits, one of them being your store never runs out of products to offer to the customers. In other words, the customer selects a product, orders it, and receives it in minimal time and without delay.
Luckily, if you have an online store operating on Magento, there are a couple of tools you can use to keep the inventory locked, stocked, and loaded at all times. But, first, let us understand why inventory management is so crucial.
Benefits of Inventory Management
Given below are 3 major benefits of effective inventory management.
What to Order
The modern economy is based more on trends and fads. So, one-day product 1 will be in demand, whereas the next week it is nowhere to be found. This applies to the eCommerce industry where trends keep changing on a weekly or daily basis. Inventory management can help you understand what product to order to keep up with this ever-changing trend.
When to Order
Are you selling a particular product, which is popular amongst consumers? Well, then you would want to know when it will run out of stock. Inventory management helps you know when to order more.
How Much to Order?
Inventory management lets you know how many sales to expect within a given period. This gives you time to buy more when the need arises and spend less than you would.
With that said, it is time we find out the 7 inventory management tools for Magento 2.
7 Inventory Management Tools for Magento 2
1) Inventory Management By Magestore
This inventory management tool offers an option to create a single product catalog for all channels. It lets you sync product data to exclude all possible errors and handle multi-warehouse inventory with ease. You can keep track of business profit, define the best product, as well as customize UX/UI to remain ahead of the competitor.
- Real-time multichannel and location inventory
- Purchase order support
- Inventory management with barcode scanning
2) Advanced Inventory By Wyomind
This is one of the best Magento Inventory Management tools to sync your business’s POS (Point of Sale) with the Magento inventory. You can also create unlimited stock levels, as well as dispatch orders manually and automatically. It also lets you display all POS with Google Maps, which eases dropshipping.
- Multichannel stock management
- POS and Warehouse access control
- Automated order assignment
3) Advanced Inventory Management By Veeqo
Veeqo offers omnichannel inventory management and also helps you manage store orders, shipping, and returns. It offers the best forecasting that lets you analyze sales, and choose the best-selling products.
- Multichannel Inventory
- Inventory Tracking
- Inventory Forecasting
- Multichannel Automation
An all-in-one system that ranges from real-time inventory to in-store fulfillment and multi-location management. SkuNexus can easily integrate with Magento and 100+ other ecommerce platforms.
- Cross-channel order management automation
- Custom workflows to automate fulfillment
- Stock replenishment and inventory forecasting reports
5) Multi Warehouse Inventory By Amasty
Multi Warehouse Inventory eases managing inventory of your Magento store. You can assign inventory to warehouses, track stock levels across physical locations, and configure custom source selection algorithms.
- Automatic source selection
- Custom shipping methods and rates
- One-click shipment creation
6) Multi Warehouse Inventory By Aitoc
This Magento Inventory Management tool offers your Magento store inventory management some exclusive features like multiple warehouse creation and assigning products to suppliers.
- Unlimited warehouse management
- Email notifications
- Automated warehouse selection
- Stock division as per store view
7) Brightpearl By Sage
Brightpearl is an ERP (Enterprise Resource Planning) system that offers advanced inventory management features for Magento. It offers data-driven inventory planning as well as automation required to speed up the reordering process.
- Inventory analytics
- Real-time inventory reconciliation
- Multichannel inventory management
However, besides these tools, there are a few things you should keep in mind to keep your Magento store inventory full at all times. Read further to know some easy-to-follow strategies for efficient inventory management.
- Always have backups
- Consider the physical space
- Maintain a balance between supply and demand
- Find a way to move out the “extra” products
You should check out our detailed blog on How to Add Magento 2 Free Shipping Bar to provide your customers with an outstanding shopping experience.
Efficient inventory management is what helps your Magento store ahead of the competition. You can use either or all of the Magento Inventory Management tools described above to ensure that none of your customers return dissatisfied with the service or go to the competitor.