Every inventory system software offers different sets of features, but the must-have features are:
Real-time inventory synchronization
This feature allows real-time updates of all the inventory-related transactions. When the customer orders a product from your website, the software will update it in all necessary places in real-time. It helps in avoiding double-ordering of the same product. The software needs to synchronize with the logistics database so that any change in inventory location gets updated in all relevant records.
Automation of all e-commerce activities related to inventory
This feature provides time-based inbuilt and custom triggers that automatically take care of the order and shipment process. Various functions, such as splitting an order, confirmation, and follow-up emails to customers, order tags, etc., get automatically executed.
Features for warehouse inventory control will optimize the inventory holding costs. Automated features will reduce the load on the warehouse. This feature provides low inventory alerts, import, and export product information, automated stock picking using the FIFO principle, and warehouse and inventory reports. It also allows users to add and manage more than one warehouse.
Integration with other platforms and web-based services
This software integrates with other popular channels such as Amazon and other cloud-based or web-based services.
Security and Backups
Inventory control software must provide a secure environment for all transactions. It must offer automated routine backup of data on the cloud that is accessible to users remotely.
Most of the software is good to use unless they have to deal with multiple orders simultaneously. Software that can handle numerous orders on various channels and devices is required. So, as your business grows and your customer base grows, the software should also scale past its limits.
Accessible on all devices
Today businesses run 24*7. To catch up with the need of the hour, business people work on their desktops, laptops, tablets, or even mobile phones to deliver their customers a seamless experience. Inventory system software should be able to work on all devices, and it should have a mobile-friendly light version.
The software should be user-friendly, intuitive, and easy to navigate. It should not annoy the user with its unnecessary complexity.
Reliable customer support
Inventory tracking software has multiple features and might require users to contact the vendors for technical support. Reliable, prompt, and helpful customer support is a must feature for inventory control software.
This will deactivate a product that is not available with the seller or is temporarily out of stock. This feature prevents the scenario of placing an order by a customer for a product that is out of stock.
Bulk changes in the price
This feature allows sellers to change the prices of multiple listed items on their e-commerce site with just one click.
Purchase order form, returns, payments, invoice generation, order editing, pricing, and backorders
The inventory management system paired with the barcode scanner, RFID, and other wireless equipment help in identifying the products and maintain accuracy. A perfect barcode inventory system with the right combination of software and hardware can eliminate issues arising due to mismanagement of the inventory in the organization.
Product categorization means that the software creates multiple labels.
This feature provides real-time updates of your inventory and synchronizes all information from your multiple warehouses.
Grouping of Inventory
It is easy to find, manage, and locate inventory if it is categorized and classified in groups. This feature helps in finding similar traits in stocks and then groups them under one label.
If you are offline and some client places an order for your stock, this feature allows you to accept that order offline. When you come back online again, the order is updated on your server.
The software should be able to forecast the demand for all products individually based on the available historical data, current business, and future prospectus.
This feature enables users to manage their suppliers. It provides a list of all suppliers in one click. It records all the transactions that you are done with particular suppliers. It keeps track of the nearest and cheapest available supplier for your next refill of inventory.
Analytics and Reporting
The software should provide a detailed analysis of the inventory metrics and present varied reports about all important aspects of the inventory.