Efficient ecommerce inventory control is crucial for the success of your business. As we move into 2024, the landscape of e-commerce inventory management continues to evolve with new technologies and best practices.

For e-commerce entrepreneurs, choosing the right inventory control system can significantly streamline operations, reduce costs, and improve customer satisfaction. Here, we explore the best e-commerce inventory control options for 2024 to help you make an informed decision. This article covers a handful of popular inventory solutions, and can help you figure out which technology best suits your business goals. There are also different types of inventory control. That topic is covered here.

Why Inventory Control Matters

Ecommerce inventory management is more than just keeping track of stock levels. It involves managing your inventory efficiently to minimize costs, avoid stockouts, and reduce excess inventory. It can also mean tracking your inventory across multiple stores or marketplaces, and understanding which products sell well versus those that need to be cleared out to free up cash.

Effective inventory control ensures that the right products are available at the right time. This improves customer satisfaction and can increase your sales and profits.

Top E-commerce Inventory Control Options for 2024

Getting started: 

Unless your products are all made-to-order, your business will require inventory management to ensure timely order fulfillment and prevent missed sales due to lack of product.  The native solution available in your shopping cart may do the job well enough.

Shopify Inventory Management

For e-commerce businesses using Shopify or Shopify Plus, the platform’s built-in inventory management tools are easy to use and do not incur an additional cost. Shopify allows you to track inventory across multiple locations, set up automatic restock alerts, and generate detailed inventory reports.

Integration with various apps extends its functionality, providing a comprehensive solution for growing businesses. While this may prove adequate, at some point in the future you’ll likely need additional reports and features offered by more advanced inventory solutions or ERPs.

BigCommerce Inventory Management

BigCommerce also has native inventory management features ideal for growing e-commerce businesses. The platform supports multi-channel selling, real-time inventory tracking, and automated stock updates. BigCommerce also integrates seamlessly with other business tools, such as accounting software and third-party logistics providers, ensuring a smooth and efficient workflow. It does not natively support multiple warehouses but that feature is coming.

Apps can be used for both Shopify and BigCommerce that extend the feature set for their native inventory solutions.

Next level support and control:

These four companies represent different options for next-level inventory and order management. These also represent some of the less expensive options. IMS systems very considerably. Ensure that your choice has the features and reports you need and want.

As your ecommerce business grows, complexity grows. You may be dealing with point-of-sale (POS), or online marketplaces like Amazon and eBay. Maybe your market needs dynamic pricing or you’d like to offer bundles. One perk to using a 3rd-party inventory manager is that most accommodate other platforms so you can sell on Shopify and BigCommerce, add in eBay and Amazon and they’ll all connect to one “source of truth.”

The accuracy of your inventory levels is increased and you may have to be able to ensure enough raw materials to make more, as well as forecast sales well in advance to prevent supply chain management hiccups.

What you’ll gain from leveling up can include:

• Multi-channel inventory management so all your sales channels run off the same inventory including any retail locations and marketplaces. Reports so you can make data-informed decisions before purchasing. Some may include purchase modules to place POs for you and may include rules-based automation to reduce the time it takes to manage purchasing.
• A master “record of truth” that is independent of your cart.
• Direct connection to your accounting software.

Note that these differ from shipping fulfillment software such as PirateShip or ShipStation which may offer basic inventory control, but are not adequate for a growing business. In most cases, these programs offer shipping/fulfillment, but you may find there is more control if you add fulfillment software too.

Stocky

Stocky is a Shopify-built app that extends the feature set of the native Shopify Shipping module. It adds robust reporting and purchasing that can add more accuracy to your purchasing decisions. This is a cost-effective choice when jumping to the next level of IMS is too much.

Stocky is designed to work with Shopify POS (point-of-sale) for retailers. However, it is very basic. Get it here.

Thrive by StockInventory

Thrive by ShopInventory provides real-time inventory updates and accurately manages inventory across multiple sales channels. It easily integrates into most popular ecommerce shipping carts including BigCommerce, Shopify, and WooCommerce. Features include: automated stock replenishment alerts, and comprehensive reporting tools that offer insights into sales trends and inventory performance. Additionally, it supports barcode scanning for efficient stocktaking and order fulfillment.

Thrive is unique in that it can feed directly to Google Shopping and lets you create fields to optimize those product listings for better sales. It also allows for easy bundlings and kitting.

However, Thrive has its weak points. The initial setup can be challenging for users without technical expertise, potentially requiring professional assistance. Additionally, while it offers many features, some users find the interface less user-friendly compared to other systems, leading to a steeper learning curve. Despite these limitations, Thrive remains a powerful tool for e-commerce businesses aiming to streamline their inventory management processes. Get it here.

Finale Inventory

As with all the software listed here, Finale provides real-time inventory tracking across multiple sales channels, ensuring businesses always have accurate stock levels. Key features include seamless integration with major e-commerce platforms and marketplaces such as Amazon, eBay, and Shopify, allowing for centralized inventory management. Finale also creates bundles and kits.

Finale supports barcode scanning for efficient stock handling and offers automated reorder points to prevent stockouts. Finale’s robust reporting tools provide valuable insights into sales trends and inventory performance. You can print labels too as the fulfillment module is more robust than many at this price point.

Like most software of this type, setup can be challenging as there are many questions and settings to answer so it runs your business as you require.  Get it here.

Selleractive

SellerActive is an excellent choice for multi-channel inventory management due to its robust features and user-friendly interface. It offers more native multichannel integration than competitors. This can make it seamless to manage inventory across platforms like Amazon, eBay, Walmart, and Shopify from a single dashboard. This centralized approach simplifies inventory management and ensures accurate stock levels across all sales channels.

Additionally, SellerActive provides dynamic repricing tools, which help businesses stay competitive by automatically adjusting prices based on market conditions. Its order management system streamlines the fulfillment process, reducing errors and improving efficiency.

Setup requires careful thought and some time but their support can help you get up and running quickly. Get it here.

Not quite an ERP:

The software in this class generally offers all the features of the software mentioned above but takes it to the next level with deeper reports, more automation, and personalization of that automation. This can lead to a deeper understanding of your entire business. They are also missing the financials and CRM modules offered by a true ERP.

Extensiv

Extensiv was designed by a multi-channel store owner who was frustrated by other offerings. Thus it offers several advantages over lower-cost inventory management for e-commerce businesses looking to optimize their processes.

1. Comprehensive Automation: Extensiv excels in automation, offering advanced order routing, automatic purchase order creation, and smart inventory allocation. This reduces manual work and increases operational efficiency.
2. Multichannel Integration: it integrates seamlessly with a wider range of sales channels and marketplaces compared to those above, including Amazon, eBay, Walmart, and more. This allows for better centralized management of diverse sales platforms.
3. Unified Analytics: Robust analytics and reporting tools that offer deeper insights into sales performance, inventory health, and profitability. This helps businesses make data-driven decisions more effectively.
4. Scalability: Extensiv is designed to handle the complexities of larger businesses and high-volume sellers. Its infrastructure supports extensive scaling, making it suitable for growing enterprises. You can be quite large and operate well on this software.
5. User Experience: Users often find the interface more intuitive and user-friendly compared to competitors, which can translate to a smoother onboarding process and easier daily use.
6. Advanced Features: Additional features such as demand forecasting, warehouse management, and multi-warehouse support, provide a more comprehensive solution for complex inventory needs.

Extensiv’s advanced automation, broader integration capabilities, and superior analytics make it a preferred choice for many e-commerce businesses. Get it here.

Small ERPs:

ERP stands for Enterprise Resource Program. This type of software is designed to incorporate all facets of running a business from planning, to execution, to feedback. Implementation can take a long time and be costly. It makes sense to vet programs very well to ensure it fits your business needs and will facilitate growth for years to come.  Accounting and CRM modules are present or optional.

BrightPearl

Brightpearl is not just an inventory management system but a complete retail management solution. It includes features for order management, accounting, CRM, and reporting, offering an all-in-one platform for business operations.

Brightpearl has strong accounting capabilities built into the system, which streamlines financial management and reporting, making it easier to keep track of profitability and financial health.

Designed specifically for retail and wholesale businesses, Brightpearl offers features like point-of-sale (POS) integration, which is beneficial for businesses with both online and brick-and-mortar stores.

Due to its wide range of features, Brightpearl can be complex to set up and use, requiring significant time and training. There will be setup costs. The comprehensive nature of Brightpearl can come at a higher price point, which may not be suitable for smaller businesses or startups with limited budgets. However, for mid-tier businesses that are ready to take stronger control of  their profits, it’s a good choice. This is also less expensive than most ERPs.

Brightpearl is ideal for businesses seeking an all-in-one retail management system with integrated accounting and POS capabilities. Get it here.

NetSuite ERP

For larger, mid-market, enterprises, NetSuite, which is owned by Oracle, provides a comprehensive suite of business management tools, including advanced inventory management features. NetSuite ERP supports multi-location inventory, demand planning, and automated restock alerts. Its powerful analytics and reporting capabilities enable businesses to gain deep insights into their inventory performance and optimize their operations accordingly.

NetSuite is also a good solution for internationalization – businesses that operate, or wish to operate in multiple countries. It offers multi-currency and language capabilities.

This tool can be highly customized and complicated. You will likely need an in-house implementation expert. While it is extremely powerful, it also has a longer learning curve and setup can take many months. This software can support nearly any size business but is too costly for a smaller company. Get it here.

Acumatica

Acumatica is highly customizable, allowing businesses to tailor the system to their specific needs. It is the only choice on this list that offers flexible deployment options, including both on-premises and cloud.

ERPs are generally known for their complexity. By contrast, Acumatica is known for its intuitive and user-friendly interface, making it easier for users to navigate and utilize its features without extensive training.

While not inexpensive, Acumatica uses a consumption-based pricing model, which can be more cost-effective for businesses, especially those with many users but varying usage levels. You will need experts to manage the implementation of Acumatica. Get it here.

Emerging Trends in E-commerce Inventory Control

As we look ahead to 2024, several emerging trends are shaping the future of e-commerce inventory control:

AI and Machine Learning

Life is about to get a  bit easier. Artificial intelligence (AI) and machine learning are transforming inventory management by providing predictive analytics and demand forecasting. These technologies help businesses anticipate customer demand, optimize stock levels, and reduce the risk of stockouts or overstocking.

Blockchain Technology

Blockchain technology offers enhanced transparency and traceability in the supply chain. By providing a secure and immutable record of transactions, blockchain can help businesses ensure the authenticity of products, prevent fraud, and improve supply chain efficiency.

Internet of Things (IoT)

IoT devices, such as smart sensors and RFID tags, are being increasingly used for real-time inventory tracking and management. These devices provide accurate and up-to-date information about stock levels, location, and condition, enabling businesses to make informed decisions and respond quickly to inventory changes.

Conclusion

Choosing the right inventory control system is crucial for the success of your e-commerce business. Whether you are a small business owner using Shopify or a large enterprise leveraging NetSuite ERP, the options available in 2024 offer a range of features to suit your needs. By staying informed about the latest trends and technologies, you can optimize your inventory management processes and drive your business growth.

At Redline Minds, we understand the complexities of running an e-commerce business. Our team of experts is here to help you implement the best inventory control solutions tailored to your specific needs. Contact us today to learn more about how we can support your e-commerce success.