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Whether you’re looking to upgrade outdated processes or implement a comprehensive system for the first time, this review highlights some of the most capable inventory management platforms available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 overview
KORONA POS is a strong option for retail businesses. Its features, including automatic inventory tracking, low stock notifications, and integration with online stores, can help businesses optimize stock levels, reduce overstocking, and ensure they have the products customers need, making it a valuable asset for retail success.
Pros
- Unlimited free trial
- Processing-agnostic
- Excellent customer support
- Robust inventory tracking
Cons
- Steep learning curve
- Not ideal for specific matrix-based items
- Not ideal for complex menus
Korona POS Pricing
Core
$59/mo
Retail
$69/mo
Enterprise
Custom
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 levels: KORONA POS retail inventory management software stands out with its ability to automatically create minimum and maximum inventory levels for products. While most POS systems require manually setting these levels, which can be extremely tedious for stores with thousands of products, KORONA POS uses order-level optimization to analyze sales over a date range. It looks at how frequently products are reordered from suppliers and then recommends ideal minimum and maximum levels.
- Multi-location capabilities: KORONA POS offers powerful multi-store management features making it one of the top retail inventory management systems solutions. With KORONA POS, retailers can simultaneously view and analyze data for individual locations or their entire chain. For example, a retailer with stores on both coasts can compare performance between regions to see what works best in each market. KORONA POS has built-in franchising features that benefit both franchisees and franchisors.
- Barcode-enabled return and exchange system: KORONA POS sets itself apart in retail inventory management with its unique barcode system on receipts. Unlike most POS providers, KORONA’s receipts have a special barcode that proves to be a game-changer. Customers can effortlessly scan this barcode for quick access to their transaction details at the terminal, facilitating processes like exchanges, returns, and resolution of discrepancies. The receipt is seamlessly retrieved from the archive, enabling various management functionalities, including printing copies, processing returns, changing payment methods, or canceling transactions.
- Print labels and tags: KORONA POS lets users print shelf labels and price tags directly from the system. This feature streamlines the labeling process by generating price labels simultaneously with stock receipts. This can contribute to efficiency and accuracy in managing product information and pricing.
- Automate counting: The system enables the automation of inventory counting by generating daily or weekly count lists. Moreover, it suggests spreading out annual counts throughout the year, ensuring all items are counted at least once. This approach can help maintain accurate stock levels and reduce the likelihood of discrepancies.
- Integration with eCommerce platforms: KORONA POS provides seamless integration with eCommerce platforms, specifically WooCommerce. This integration offers a powerful eCommerce solution connecting the physical and online stores. Users can manage various aspects of both stores from the point of sale back office. The system facilitates marketing efforts, allowing users to create promotions, update landing pages, and monitor campaign success directly through KORONA POS.
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.)
KORONA POS Pricing
KORONA POS offers a tiered pricing structure with different plans catering to various business needs. Here’s a breakdown of their pricing:
Base Plans:
- KORONA Core: $59 per month
- KORONA Retail: $69 per month
Add-on Modules:
- KORONA Food: +$10 per terminal (suitable for restaurants)
- KORONA Invoicing: +$10 per terminal (for businesses creating invoices)
- KORONA Ticketing: +$50 per gate (for admission-based businesses)
- KORONA Franchise: +$30 per franchise location
- KORONA Integration: +$45 per token (for integrating with other systems)
Additional Notes:
Here are other perks you’ll get with KORONA POS offers:
- An unlimited free trial, so you can test the software before committing.
- 60-day money-back guarantee, giving customers confidence in their investment.
- No credit card processing agreements, offering customers flexibility in their payment processing options.
- 24/7 in-house support to ensure customers receive timely and knowledgeable assistance whenever they need it.
Learn more about KORONA POS’s pricing structure here.
Schedule a KORONA POS Demo Today
Speak with a product specialist and learn how KORONA POS can power your business needs.
2. Ordoro: Best for Order Fulfillment for Online Merchants
OrDORO POS overview
Ordoro is a top contender for online merchants seeking efficient and streamlined order fulfillment. It provides a comprehensive suite of features, encompassing order and inventory management, shipping integrations, and even dropshipping capabilities.
Pros
- Large shipping carrier options
- Easy return label generation
- Seamless integration
Cons
- Limited packing slip customization
- Infrequent eCommerce platform sync
- Not ideal for complex menus
Ordoro POS Pricing
Essentials
Free
- Unlimited shipping labels
- Lowest shipping rates from top carriers
- 1 user
Advanced
$59/mo
- Phone support
- Automation rules and presets
- Advanced analytics
- Add-on module access
- Merchant carrier module
Premium
$149/mo
- All advanced features
- Quickbooks online integration
- API access
Odoro is an inventory management platform ideal for order fulfillment for online merchants. The platform supports FBA inventory sync, 3PL order management, and seamless integration with diverse platforms through an open API.
Key Features
- Omnichannel fulfillment: The software simplifies order fulfillment by streamlining pick-pack-ship processes for online and offline orders. It efficiently manages multi-location and dropshipping orders, ensuring a seamless experience for customers regardless of their chosen sales channel. Users can request items directly from listing pages, confirm orders, and generate shipments, all while conveniently accessing customer purchase history through the Magento backend.
- Advanced inventory control system: Our inventory control system provides powerful tools for efficient management. Users can create product SKUs with customizable attributes, generate barcodes, and assign serial numbers to each item. The system establishes standards for bins and pallets to store products, facilitates physical stock counts through barcode scanning, and syncs stock data seamlessly across various channels and locations. Additionally, it enables the effective organization of multiple warehouses and issues low-stock alerts when inventory levels reach a specified threshold.
- SKU and serial number management: Magestore supports the assignment of unique SKUs and tracking serial numbers for specific products. Users can create product SKUs with customizable attributes, generate barcodes, and assign serial numbers to each item. This is particularly valuable for high-value items or products with warranty/tracking requirements. Businesses can efficiently manage and trace individual items throughout their lifecycle, enhancing accountability and customer satisfaction.
- Barcode management: Magestore POS provides powerful barcode generation and printing capabilities to help retailers easily manage inventory. The software allows custom barcode labels to be configured with options to determine content, layout, size, and more. Barcodes can be generated in bulk via flexible settings like assigning prefixes or setting sequential numbers. Retailers can simply import many barcodes into the system in one go, avoiding tedious manual work.
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 efficiency and accuracy.
Ordoro Pricing
Subscription Plan:
- Essentials-Free per Month: The Essentials Plan offers a comprehensive package at no cost each month, including unlimited shipping labels and access to the lowest shipping rates from leading carriers. With provisions for one user, one sales channel, and a single ship-from location, it provides a streamlined solution for businesses to manage their shipping needs efficiently. Additionally, email support is available.
- Advanced – $59.00 per Month: The Advanced Plan, priced at $59.00 per month, builds upon the Essentials Plan by incorporating all its features while offering expanded capabilities. It allows unlimited users, sales channels, and ship-from locations, providing scalability for growing businesses. With the inclusion of phone support, users can access direct assistance when needed. Moreover, automation rules and presets streamline workflows, while advanced analytics offer deeper insights into shipping performance.
- Premium – $149.00 per Month: The Premium Plan is available for $149 per month and includes all advanced features of the platform. It provides integration with Quickbooks Online, API access, and unrestricted access to all available add-on modules.
Add-On Modules:
- Merchant carrier module – Starts at $50/month: It fulfills orders using your own carrier accounts.
- Inventory management module – Starts at $350/month: It manages inventory across multiple locations and all of your sales channels.
- Vendor portal module – Starts at $1,000/month: This helps you create and manage an Ordoro ecosystem as a merchant, supplier, or 3PL.
3. Lightspeed Retail: Best For Serialized Tracking & Matrix Items
overview
Lightspeed‘s strength is its ability to handle serialized tracking and matrix items. This makes it ideal for businesses dealing with products like electronics, jewelry, or furniture, where each item has a unique identifier and may have variations in features or sizes. Lightspeed seamlessly tracks individual items throughout their lifecycle, from purchase to sale, ensuring accurate inventory control and efficient operations.
Pros
- Supports multiple locations
- Robust reporting
- User-friendly interface
Cons
- Not much flexibility in payment processing
- Poor customer service
- Limited offline functionality
Lightspeed Pricing
Lean
$119/mo
- Retail POS
- Registers
- Lightspeed B2B
Standard
$169/mo
- Accounting
- eCommerce
Advanced
$249/mo
- Omnichannel loyalty
- Advanced reporting
- Dedicated account manager
Enterprise
Customize quote
- Customized onboarding
- Premium workflow API access
- Custom user roles
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 POS 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
- Omnichannel inventory management features: Lightspeed Retail provides a powerful cloud-based inventory system that unites all sales channels into a single platform. Users can track inventory levels and SKUs across multiple locations from anywhere. The system also allows the creating of product variants to manage different sizes, colors, and more. Unique serial numbers can be assigned to inventory items in any location through a unified search.
- Inventory-Integrated stock ordering: With Lightspeed Retail, the inventory management process extends seamlessly into stock ordering. The platform offers built-in purchase orders, enabling users to place orders directly through Lightspeed Retail. This feature is especially useful for managing purchases across multiple locations efficiently. Additionally, the platform facilitates the fulfillment and delivery of special orders for customers, enhancing overall order management capabilities.
- B2B catalog automation for supplier information: Lightspeed Retail streamlines the integration of supplier information through its B2B Catalog Automation feature. Users can access various products synced directly to their POS system. This feature allows for the quick addition of pre-loaded product information from suppliers to the POS, saving time and ensuring the accuracy of product data. The ability to search the B2B Catalog for products using various parameters such as name, keyword, or UPC and importing comprehensive product data, including UPC, MSRP, description, image, and name, enhances efficiency in managing supplier information.
- Rapid product and price management: The platform offers a product import tool for instant uploads of new products, facilitating a dynamic sales floor. Users can make bulk pricing changes to adjust prices uniformly across all channels, ensuring consistency and efficiency. Price books further enhance flexibility by allowing the setup of special pricing and loyalty reward amounts, while the software’s capability to manage discounts and promotions and plan seasonal promotions in advance optimizes overall sales strategies.
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.
- Long and unclear contracts: 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.
Lightspeed Pricing
Lightspeed Retail offers a tiered pricing structure with two main components: monthly subscription and transaction processing fees (optional). Here’s a breakdown of both:
Monthly Subscription Fees:
Lightspeed Retail offers three plans with varying functionalities:
- Lean- $119/month: This is the most basic plan, ideal for small businesses with minimal needs. It includes features like basic inventory management, point-of-sale functionality, and customer management.
- Standard -$169/month: This plan is suitable for growing businesses and offers everything in the Lean plan, plus features like employee management, advanced reporting, and loyalty programs.
- Advanced -$249/month: This top-tier plan caters to businesses with complex needs and includes everything in the Standard plan, along with features like gift card management, age verification, and advanced inventory controls.
- Enterprise: custom quoted. This plan offers all services of the Advanced plan, plus extra functions such as personalized consultation and preferred Lightspeed Payment rates
It’s important to note that these are base prices. Here are some additional factors that can influence your monthly cost:
- Annual billing discount: Lightspeed offers a discount for opting for annual billing instead of monthly payments.
- Number of locations: While the base price covers one location, additional locations incur extra charges.
- Number of registers: Similar to locations, extra registers may require additional fees.
Transaction Processing Fees:
Lightspeed allows you to use their integrated payment processing or choose a third-party processor. If you opt for Lightspeed’s processing, you’ll incur transaction fees based on the type of transaction:
- In-Person transactions: 2.6% + 10 cents per transaction
- Online transactions: 2.9% + 30 cents per transaction
Here Are Some Additional Points to Consider:
- Hardware Costs: Lightspeed doesn’t include hardware like barcode scanners or receipt printers in their base plans. You’ll need to factor in these additional costs.
- Free Trial: Lightspeed offers a free trial to test their software before committing.
4. Magestore: Best For Magento eCommerce Merchants
MageStore overview
Magestore is best for Magento merchants seeking robust inventory management solutions. It provides features like real-time inventory tracking, efficient stock transfers, and insightful reporting. Magestore helps merchants optimize stock levels, streamline order fulfillment, and ultimately enhance customer satisfaction.
Pros
- Responsive and efficient collaboration
- Best Magento integration
Cons
- Setup and customization challenges
- Additional development work required
- Feature-rich platform with room for improvement
Pricing
- Number of stores
- Business complexity
- Level of support and services
Magestore offers powerful and versatile retail inventory management software that is 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
- Omnichannel fulfillment: The software simplifies order fulfillment by streamlining pick-pack-ship processes for online and offline orders. It efficiently manages multi-location and dropshipping orders, ensuring a seamless experience for customers regardless of their chosen sales channel. Users can request items directly from listing pages, confirm orders, and generate shipments, all while accessing customer purchase history conveniently through the Magento backend.
- Advanced inventory control system: Our inventory control system provides powerful tools for efficient management. Users can create product SKUs with customizable attributes, generate barcodes, and assign serial numbers to each item. The system establishes standards for bins and pallets to store products, facilitates physical stock counts through barcode scanning, and syncs stock data seamlessly across various channels and locations. Additionally, it enables effective organization of multiple warehouses and issues low-stock alerts when inventory levels reach a specified threshold.
- SKU and serial number management: Magestore supports the assignment of unique SKUs and tracking serial numbers for specific products. Users can create product SKUs with customizable attributes, generate barcodes, and assign serial numbers to each item. This is particularly valuable for high-value items or products with warranty/tracking requirements. Businesses can efficiently manage and trace individual items throughout their lifecycle, enhancing accountability and customer satisfaction.
- Barcode management: Magestore POS provides powerful barcode generation and printing capabilities to help retailers easily manage inventory. The software allows custom barcode labels to be configured with options to determine content, layout, size, and more. Barcodes can be generated in bulk via flexible settings like assigning prefixes or setting sequential numbers. Retailers can simply import many barcodes into the system in one go, avoiding tedious manual work.
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 primarily affect new users during the initial learning curve.
- Steep learning curve for beginners: With 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.
Magestore 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 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, or 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.
