Best Inventory Management Software

This blog post reviews the four best inventory management software in 2024 that can benefit businesses of different sizes and needs. It overviews each system and summarizes standout features, target users, and pricing to help businesses evaluate the options.

Whether you’re looking to upgrade outdated processes or implement a comprehensive system for the first time, this review highlights some of the most capable inventory management platforms available today. Read on for an in-depth look at these leading software solutions to determine which one may fit your retail business needs. 

Key Takeaways: Best Retail Inventory Management System

  • KORONA POS: Best overall retail inventory solution
  • Ordoro: Best for order fulfillment for online merchants
  • Lightspeed Retail: Best for serialized tracking & matrix items
  • Magestore: Best for Magento eCommerce merchants

1. KORONA POS: Best Overall Retail Inventory Solution

KORONA POS is a cloud-based point of sale and inventory management solution crafted for retail businesses of varying sizes. Serving three primary verticals—Retail, QSRs, and Ticketing businesses—this retail inventory management software is particularly well-suited for a diverse range of enterprises such as liquor stores, vape shops, tobacco and smoke shops, convenience stores, toys & hobby stores, bakeries, and coffee shops.

Key Features

  • Automated minimum and maximum inventory levels
  • Multi-location support to view and analyze data for individual locations or their entire chain
  • Built-in franchising features for streamlined royalty payments and customized data views
  • Barcode-enabled return and exchange system, allowing customers to scan receipts for quick access to transaction details and facilitate processes like exchanges, returns, and discrepancy resolution.
  • Integrated label and price tag printing directly from the system
  • Automated inventory counting through
  • Seamless integration with eCommerce platforms like WooCommerce, enabling centralized management of physical and online stores, including inventory, pricing, promotions, and marketing efforts.
  • Ability to integrate with any major payment processing solution.

Pros

  • Unlimited free trial

By providing an unlimited free trial, KORONA POS allows potential customers to thoroughly test and evaluate the software’s features without any time constraints, ensuring they can make an informed decision before committing to a purchase.

  • Processing-agnostic

KORONA POS can seamlessly integrate with all the leading payment processors, businesses can accept payments through whichever processor offers the best rates and services for their needs without being locked into a single option.

  • Excellent customer support

KORONA POS provides round-the-clock customer support via phone, email, and chat to assist retailers with setup, understanding features, and troubleshooting issues. For new businesses, optional on-site training services are offered.

  • Robust inventory tracking

KORONA POS offers a distinct advantage to risk-prone businesses such as vape shops, liquor stores, cannabis dispensaries, convenience stores, and wine retailers through its specialized inventory management system. The platform’s robust features enable these businesses to maintain precise control over their stock, ensuring compliance with stringent regulations governing these industries.

Cons

  • Steep learning curve

While KORONA POS is a powerful point of sale system packed with features, many users find its interface and functionality quite complex, leading to a steep learning curve, especially for those new to the software. Mastering all the nuances of KORONA POS, from inventory management to reporting and analytics, can be a bit challenging initially, but the effort is worthwhile for businesses seeking a comprehensive POS solution.

  • Not ideal for specific matrix-based items

KORONA POS lacks the functionality to incorporate a sizing matrix, which could render it suboptimal for businesses that necessitate meticulous inventory management based on varying product sizes( clothing stores; etc).

Pricing of KORONA POS

KORONA POS offers mainly two ranges of pricing plans:

  • KORONA Core: $59 per month designed for standard business operations.
  • KORONA Retail: $69 per month for more advanced features

KORONA POS provides optional additional module packages for further customization. Learn more about KORONA POS’s pricing structure here.

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2. Ordoro: Best for Order Fulfillment for Online Merchants

Odoro is an inventory management platform ideal for order fulfillment for online merchants. The platform also supports FBA inventory sync, 3PL order management, and seamless integration with diverse platforms through an open API.

Key Features

  • Kitting and bundling tools for efficiently managing assembled products, reducing SKU proliferation, and assigning unique barcodes for tracking.
  • Automatic inventory adjustments that update stock levels in real-time
  • Deep dropshipping management feature set that allows businesses to expand their offerings without extensive warehousing.
  • Shipping and package insurance with discounted carrier rates of up to 89% off.
  • Return Merchandise Authorizations (RMAs) and an integrated shipping and inventory management dashboard for a one-stop solution.
  • Multi-warehouse management for organizing and tracking inventory across various locations.
  • Ability to set maximum export quantities, percentages, and reserve quantities by sales channels for strategic decision-making.
  • Tracking of lead times by suppliers, FBA inventory sync, and integration with Amazon’s FBA/FBM for a holistic view of inventory movements.
  • 3PL order management and an open API for seamless integration with diverse platforms.

Pros

  • Large shipping carrier options

Enable consolidation of various shipping carrier options and pricing details within a single interface for seamless comparison across UPS, FedEx, and USPS services.

  • Easy return label generation

Facilitate the generation of return labels as required. Maintain a comprehensive repository of label data to allow for reprinting or direct email delivery to customers.

  • Seamless integration

Ensure seamless integration with the BigCommerce e-commerce platform to promptly notify customers of shipping and tracking information

Cons

  • Limited packing slip customization

Odoro POS seems to have limited options for customizing packing slip templates. The ability to add barcodes or order numbers to the packing slips can be crucial for businesses that rely on efficient order tracking and inventory management.

  • Infrequent eCommerce platform sync

Odoro POS only syncs with the eCommerce platform once per hour, which can be inconvenient for businesses with high order volumes or time-sensitive operations. Frequent and real-time synchronization is essential for maintaining accurate inventory levels, order statuses, and customer data across multiple platforms.

  • Lack of integration with monsoon commerce

The lack of integration with other software platforms, such as Monsoon Commerce (used for managing Amazon orders), can be a significant limitation for businesses that rely on multiple software solutions to manage their operations. Seamless integration between various platforms can streamline workflows, reduce manual data entry, and improve overall efficiency and accuracy.

Pricing

Ordoro offers three main pricing tiers for their inventory management software, each with different features and costs:

  • Essentials: This is a completely free plan that gives you basic order management functionality
  • Advanced: $59 per month: This plan gets you all the features of the Essential plan, plus some additional features for scaling your business:
  • Premium: $149 per month: Ideal for businesses that need even more features and functionality

3. Lightspeed Retail: Best For Serialized Tracking & Matrix Items

Lightspeed Retail’s inventory management system is widely recognized for its ability to handle complex and varied stock, making it a top choice for retailers in numerous verticals. Verticals Thriving with Lightspeed’s Inventory Management include Apparel and fashion (including sporting goods), Jewelry and watches, Furniture & Home Decor (though Korona also specializes in furniture store POS systems). Lightspeed seamlessly integrates your in-store POS with your online store and other sales channels like social media and online marketplaces.

Key Features

  • Unique serial numbers can be assigned to items for a unified search
  • B2B Catalog Automation feature for seamless integration of supplier information
  • Quick addition of pre-loaded product information from suppliers to the POS system.
  • Bulk pricing changes across all channels for consistency and efficiency
  • Price books for setting up special pricing, loyalty rewards, and managing discounts and promotions
  • Advanced planning of seasonal promotions for optimized sales strategies
  • Comprehensive product data import, including UPC, MSRP, description, image, and name

Pros

  • Seamless item management and reporting

Lightspeed Retail simplifies the process of creating and managing retail items, allowing for effortless inventory management. Its robust reporting features empower business owners to make informed decisions based on accurate and comprehensive data, providing valuable insights into their operations.

  • User-friendly interface and advanced customization

Lightspeed Retail’s intuitive interface makes it easy to search for individual items and organize them into designated categories. Additionally, the software enables users to create modifiers for each item, allowing for customization and the addition of supplementary pricing options, enhancing flexibility and catering to specific business needs.

Cons

  • Poor customer service

Merchants mention unresolved issues, inability to directly contact the account management team, and lack of response from support staff. This could lead to significant frustration and loss of productivity for merchants who rely on the software and timely support.

  • Not much flexibility in payment processing

Some reviews point to business practices related to payment processing. The penalty structure, tied to monthly transaction volume, has been a source of contention.

Some merchants report Lightspeed sales representatives offering extensions or penalty refunds to secure contracts, adding a layer of complexity to the business relationship.

Concerns about potential rate hikes, as outlined in Lightspeed’s terms and conditions, contribute to a sense of uncertainty among some merchants. It is advisable for potential users to carefully consider these aspects and seek further clarification before committing to a partnership with Lightspeed Retail.

Pricing

Lightspeed Retail has three main pricing plans and one customized option for different business sizes and industries. Each plan also covers inventory management features, from basic to advanced, depending on the package:

  • Lean: $178 per month for simple retail POS and stock control;
  • Standard: $228 per month, with more features on accounting and eCommerce. 
  • Advanced: $308 per month to have a loyalty program and analytics;
  • Enterprise: custom quoted. This plan offers all services of the Advanced plan, plus extra functions such as personalized consultation and preferred Lightspeed Payment rates.

4. Magestore: Best For Magento eCommerce Merchants

Magestore offers a powerful and versatile retail inventory management software built specifically for Magento eCommerce merchants. It seamlessly integrates with your Magento store, providing real-time inventory visibility and control across all sales channels and locations.

Their Magento Omnichannel POS even combines WebPOS and Inventory Management into a single solution. Beyond inventory and POS, Magestore provides a range of extensions for loyalty programs, promotions, subscriptions, marketplace functionality, and more.

Key Features

  • Manages multi-location and dropshipping orders seamlessly
  • Enables direct item requests, order confirmation, and shipment generation
  • Customizable product SKUs with attributes and barcode generation
  • Serial number assignment for traceability and warranty tracking
  • Standardizes bins and pallets and facilitates physical stock counts
  • Keeps track of barcode generation history for enhanced oversight
  • Configurable barcode patterns and attributes for better organization

Pros

  • Responsive and efficient collaboration

The Magestore team’s responsiveness is consistently impressive, and they handle installation and issue resolution remarkably quickly.

  • Recommended for Magento Integration

Magestore’s POS solution seamlessly integrates with our Magento website, focusing on stock synchronization and inventory management.

Cons

  • Initial setup and customization challenges

While Magestore offers a robust eCommerce platform, some merchants have noted opportunities for improvement, particularly around initial setup and customizations. For example, some have found that configuring peripherals like printers, scanners, and cash drawers requires more hands-on support than expected.

  • Additional development work required

Similarly, building customized features like gift cards and delivery methods can involve additional development work. However, these limitations seem to affect new users during the initial learning curve primarily.

  • Steep learning curve for beginners

With some additional documentation and onboarding support, Magestore could likely smooth out the onboarding process for merchants new to the platform. More experienced users seem able to utilize the system’s flexibility to handle these customizations on their own after an initial ramp-up period.

  • Feature-rich platform with room for improvement

Overall, Magestore offers a feature-rich platform, but enhancing the getting started experience could help meet beginners’ expectations.

Pricing

Magestore POS doesn’t have a one-size-fits-all pricing for its inventory management software. The cost can vary depending on a few factors, including:

  • Number of stores
  • Business complexity
  • Level of support and services

How To Choose The Best Inventory Management Software?

Choosing the right inventory management software is crucial for streamlining your business operations and ensuring efficient stock management. Here are some key factors to consider when selecting the best inventory management software:

  • Business requirement

Assess your business needs, such as the number of products, locations, sales channels, and the complexity of your inventory management processes. Look for software that aligns with your specific requirements and can scale as your business grows.

  • Integration capabilities

Evaluate whether the software can integrate with your existing systems, such as accounting software, e-commerce platforms, or customer relationship management (CRM) tools. Seamless integration can help you avoid data silos and improve overall operational efficiency.

  • Scalability and customization

As your business grows, you’ll need software that can scale to accommodate increasing inventory volumes and complexity. Look for software that offers customization options to adapt to your evolving needs.

  • Security and compliance

Ensure that the software adheres to industry-specific regulations and provides robust security measures to protect your data and inventory information.

  • Cloud-based or on-premises

Decide whether you prefer a cloud-based solution for remote access and lower upfront costs or an on-premises solution for greater control and customization.

  • Cost and pricing structure

Consider the software’s pricing model, including one-time and recurring costs, as well as any additional fees for upgrades, support, or add-on features

Frequently Asked Question: Best Inventory Management System

  • What is the best type of inventory management system?

The best type of inventory management system depends on the specific needs and characteristics of the business. KORONA POS, for example, is ideal for retail businesses and quick-service restaurants. Square POS, Shopify, Ordoro, and other software cater to other types of businesses. The best types of inventory management systems depend on factors such as the size of the business, the nature of the products, the sales channels, and budget constraints.

  • What is the most effective method of inventory management?

There are several effective methods commonly used in different situations: ABC analysis, economic order quantity (EOQ), FIFO (First in, First Out), and LIFO (Last in, First Out), etc.

Best Inventory Management System: Wrapping Up

This review highlights four leading inventory management systems that cater to diverse business needs.

  • KORONA POS offers robust automation and customization for retailers.
  • Magestore provides seamless integration for Magento eCommerce stores.
  • Lightspeed Retail excels at omnichannel unification and matrix inventory.
  • Ordoro empowers online merchants with order fulfillment capabilities.

If you own a retail establishment, QSRs and ticketing business, KORONA POS is definitely the best inventory management software for your business. In addition to being process-agnostic, KORONA POS offers the most sophisticated inventory management features, such as shipment tracking, multiple product codes, automated counting, barcode scanning, and much more. Click below to find out more about how KORONA POS works.

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Writen By

Mahougnon Martial Amoussou

Passionate about SEO and Content Marketing. Martial also writes about retail trends and tips for KORONA POS. He loves NBA games and is a big fan of the Golden State Warriors.