What Are The 4 Key Features You Must Have In Your Inventory Management Software?

Managing inventory is a key to success in a manufacturing, warehouse, supply chain, or retail business. And for this, a manual process is a thing of the past and the use of inventory management systems is the present. If you are on your way to choosing the one for your own business, you need to keep your industry in mind. It is crucial, as a software tool designed & developed for retailers does work well for manufacturers due to lack of the requisite features. Here are the four key features that you should look for in your retail business:

1. Point-of-sale integration

With this feature, you automatically track your products when you sell, whether they are on your physical store shelves, an e-commerce platform, or another marketplace. The POS integrated with the inventory management software automatically updates your inventor when a staff scans for the billing. Due to automatic updates, this system keeps you updated on your inventory in real-time.  

2. Inventory catalogue

As a retailer, you need to catalogue your inventory (products) based on their type, size, colour, and allied characteristics. For example, you sell shoes. You need to specify all your shoes as per their specific type. Your inventory systems should identify if you have Black Nike Shoes of 11 numbers in the quantity of 100. The system can do it when it has an in-built inventory catalogue.

3. E-Commerce integration

In today’s world, most retailers sell their products across many channels such as physical stores, online marketplaces like Amazon, and e-commerce websites. So, it is crucial for your inventory management software to track sales on all the channels together. Such tracking will help you have no lack of products in your stock.   

4. Automated reordering

In your retail business, you need to avoid having products out of stock. Inventory management systems keep you updated on the lowering of your inventory and start sending alerts on the same. So, you have enough time to source what you need more. Many software solutions have reordering features that enable retailers to automatically generate an order for the needed products/inventory and send the same to the respective supplier. You can get such a feature with your inventory software to automate your product procurement process.

Conclusion

Getting inventory systems with features like POS integration, inventory catalogue, automated reordering, and e-commerce integration will be highly beneficial for you. And you have no issues like product shortage, adding product details, payment acceptance, and selling goods on several channels. 

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