Introduce to Your Shopify Store
Shopify has surpassed over 1 million online merchants on its e-commerce development platform in more than 175 countries. These online businesses are opting for Shopify because of its flexibility and tools which helps the businesses in scalability and providing a better customer experience.
Do you know that the Shopify merchant’s online sales growth was 59%, more than double the growth of the global e-commerce market?
While running an eCommerce store on Shopify, inventory management plays a highly important role. Inventory management, in simple words, means keeping track of all orders and stock across the e-commerce platform(s). You must have insights into your inventory and understand how often you should restock each of your products.
It is a critical aspect of any e-commerce store and those who don’t focus on solid inventory management can run into several problems. In this article, we will be delving deep into the inventory management apps for your Shopify store. To make a proper Shopify Store you have to follow the below tips.
What is Shopify Inventory Management App?
An inventory management app lets you track the goods on your supply chain from purchasing the stocks to customer made an order. It governs how you approach inventory management for your business. It includes processes such as ordering, storing, and profiting from goods going from the supply chain from manufacturer to customer. It ostensibly seems simple, but it involves many critical daily processes for maintaining an organized & efficient inventory.
What are the benefits of a Shopify Inventory Management App?
You can’t just avoid inventory management for running a successful e-commerce store. It will help you to keep an eye on your turnover and will let you know the right amount of stock that you must keep in your inventory. Thus, it eliminates the dead stock. It is highly important for the businesses which deal in perishable goods such as food and drinks. The main benefits of a Shopify Inventory Management Apps are:
Eliminates OverStocking, Overselling, and Out of Stock
Without proper inventory management, you often start keeping too much stock which can result in cash flow issues, or you will send up more products without a proper supply. Both these scenarios can damage your business process and deteriorate your brand’s reputation.
Do you know 72% of your customer will go to your competitor’s site if their desired product is out of stock on your website? And two-thirds of these will continue to buy from your competitor in the future.
An equal major issue is overselling. It means selling a product that is not present in your inventory. If you cancel it later on, then you will make your customer angry which will tarnish your business reputation. With a Shopify Inventory management app, you can provide a better customer experience. The customer will get info about the correct stock availability. You can also calculate the EOQ (Economic Order Quantity) for mapping out supply chain operations.
Managing Cash Flow
For getting accurate information on your cash flow and assets, you will need an inventory management app. You will be able to understand how much stock you must buy and invest in other aspects of your business. For e.g. investing properly in your inventory will help you in saving costs on storage as you will purchase right the amount of stock.
You could also make informed decisions on how to use warehouse space, when you must restock the products, setting the prices of products, and which products you should not buy again.
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Better Multi-Channel Selling and Demand Forecasting:
If you have just begun to tread in the e-commerce path, then manually tracking and fulfilling orders is quite easy. But as you will make progress in your business, it will be become harder to scale fulfillment for meeting customer base demands.
Inventory management is also quite complex. Businesses without a proper inventory management system will be not able to track all the orders coming from different sources. You may not even identify how these sales & orders are impacting the inventory.
Using an inventory management app in your Shopify store will help in managing all your sales channels easily and ensure sufficient stock levels. You can also track and forecast sales. Thus, you will have prior knowledge about how much inventory you need to stock at different times of the year.
Batch, Serial, and Expiry Tracking
If your business involves products that can expire, or perish then it is highly important to track the inventory by batch, serial, or expiry dates. Shopify doesn’t come with tracking functionality i.e. you have to spend ample time while recording things on spreadsheets and do a lot of manual labor. All this can be avoided using an inventory management app.
Reports & Analytics
In today’s time, analytics is everything. If you are not giving time to check reports and analyzing data & results, then you are missing out on valuable insights for further growing your business.
Shopify comes with a default functionality of reports & analytics, but of superficial variety. You will report how many products have been sold, but you can’t take a deeper dive. For getting better analytics and reports, Shopify will disappoint you. Again, a 3rd party inventory management app will give you better analytics and reports.
Top Inventory Management Apps For Your Shopify Store
Finally, we will be knowing which inventory management apps you can choose to integrate in your Shopify store. These apps have astonishing features and functionalities some of which may be overlapping. You can decide as per your business requirements and industry niche. Here’s the list:
- Stocky by Vinderbit pty ltd
- Stock Sync by Stock sync
- SKULabs by SKULabs
- Veeqo Inventory & Shipping by Veeqo
- Merchbees by Merchbees
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Stocky inventory management app is one of the most effective tools for managing your inventory. It will be a great support for managing your Shopify store. It is a required tool for all developing businesses but your business should have more than 10 SKUs and 50 orders a month. One of the most amazing features of this app is that it will let you earn more money. You will know how much stock you can lose less money as a product is out of stock and waste less when buying more stock than you really need.
- Creating and managing purchase orders from one place.
- Receiving recommendations for products on the basis of their sales.
- Visibility across all warehouses and locations.
- Staff can conduct regular stocktakes.
- In-depth reporting for good inventory decisions.
Pricing: Its pricing starts from $29 per month and comes with 30-day free trial.
2. Stock Sync
Stock Sync inventory management app is used by thousands of merchants for updating inventory or import products that even don’t exist yet. It makes it easier to manage a Shopify store with multiple suppliers’ feeds. There will be no hassle in updating the inventory or adding new products to the store.
Stock Sync will save your time in dealing with tedious inventory management. It can even work on an empty store with products ready. Stock Sync can also integrate your store with your offline inventory system by syncing stock quantity and price.
- Remove any unwanted or discontinued products from the store.
- Manage multiple suppliers in a single app.
- Inventory updates work even without adding the product.
- Setting time for the inventory updates.
- Provide support for multiple formats and sources.
Pricing: There are 4 different plans for Stock Sync. The free version is limited to 3,000 SKUs. For more SKUs, you can use paid versions which are priced at $5/month, $10/month, and $49/month.
SKULabs is an all-in-one inventory and shipping solution for your Shopify store. It can streamline your inventory management in the e-commerce business. It will prevent you from overselling or losing sales due to stockouts. The real-time insights of your inventory will enable you to maintain an ideal supply all season long. Using the form functionality, you can send purchase orders to the distributors.
It also uses barcodes to scan and verify the orders. It also eliminates any errors in the shipping and cut time to deal with returned goods. When the inventory will get low in stock, the admin will get warning e-mails for importing stock in time. This one is the best tip to follow for Your Shopify Store.
- Barcode scanning for ensuring 100% accuracy on every order.
- Real-time feedback on order progress.
- Check the order details on any laptop, desktop, or mobile screen.
- Custom stock alert and reorder points.
- Generate purchase orders before stock runs too low.
Pricing: The basic plan costs at $499 per month, while the pro and enterprise plans are priced at $799 per month and $1,199 per month.
4. Veeqo Inventory
Veeqo is the inventory management and shipping app for Shopify and Shopify Plus. The merchants who ship products with USPS, UPS, DHL, Royal Mail, DPD, and FedEx use Veeqo for providing a better customer experience. It will give you complete control of the entire inventory regardless of the number of channels or warehouses. You can use Veeqo for bulk ship orders from any sales channel, automate repetitive shipping tasks and tracking delivery at one place.
- Creating new kits and bundles to sell on Shopify Store.
- Perform quick and flexible inventory checks.
- Syncing inventory with marketplaces like Amazon, Flipkart, or Ebay.
- Bulk print shipping labels in a single click.
- Setting up shipping rules and automation.
Pricing: There are 3 different plans. The accelerator plan costs $195 per month, the High-growth plan costs $253 per month and the premium $325 per month.
You can get the exact value and quantity of all products with the Merchbees inventory value. On clicking the report, you can always see up-to-date stock value and quantity. It takes the stock cost a product or variant, and it is multiplied by the quantity of that item in stock. Thus, you can check the inventory value for each item.
- Export all products of inventory value.
- Use product, variant, or collection filters for choosing specific products or excluding them.
- Check the inventory values of each location.
- Inventory value based on stock and sales price.
Pricing: It comes with a free plan which has a limit of 100 SKUs and the Professional plan has a limit of 100,000 SKUs. It is priced at $2.99 per month.
Custom Inventory Management App Development
It is not necessarily true that pre-built apps can meet all your business requirements or industry niche. You may need an app that is specifically designed for your requirements. In that case, it is best to hire an expert Shopify developer for developing a custom inventory management app. It will be highly beneficial for your business. You can get all the required features and functionalities and can customize the configuration details. There will be no issues in installing or managing the app.
Adopting a custom order management app can broaden the functionalities as per your business requirements using a more set of technologies that can be easily integrated and used.
An inventory management app for your Shopify will give you ample benefits. It will help in managing the inventory & prevent over or understocking. Thus, you can provide a customer experience to the buyers. Apart from inventory management if you ever find yourself struggling with technical issues then hiring Your Shopify Store developers is a good idea.