Inventory management plays a big part in the success of retail businesses. The companies with the best grasp on their inventory needs will also be the ones best able to meet consumer demands. Those not keeping a tight process in place for inventory management will struggle to replenish high-demand stock, which ultimately prevents them from selling to their potential.
The companies we’ll cover below have made retail inventory management their mission. They’re built around helping retail businesses streamline inventory-related tasks so those retailers can serve their customers in the best way possible.
Let’s learn more about them, shall we?
Retailers looking for an all-in-one package capable of creating a mobile-optimized storefront and providing real-time inventory data should consider ShoppinPal.
Its software integrates with most of the top point-of-sale systems, ensuring retailers always have the most up-to-date inventory information. It supports promotions, which can provide retailers a way to move less-popular items.
And ShoppinPal is also capable of performing automated stock replenishment, giving sellers a way to quickly replace any products that are flying off the shelves.
Pointy doesn’t focus so much on helping you on the backend of inventory management. Instead, it looks at how it can put your current inventory in more places.
Do you have a store full of products you wish you could display online, but feel listing them all would be too tedious?
The Pointy solution is simple: plug in the Pointy Box and use your point-of-sale barcode scanner to scan your products.
They appear online instantly on your Pointy Page, and Pointy optimizes the page to make it more Google-friendly. Anyone in your area searching for a product you have in stock will see your business and suddenly have a reason to visit.
A lot of smaller retailers — and even some larger ones — find product price optimization a challenge. Revionics was founded to offer a solution to sellers who need help in this area.
The company specializes in “lifecycle price, promotion, and markdown optimization solutions,” which means it’s focused on finding the best way to sell the products you have in stock.
It knows what a product should be priced at out of the gate, where it should be sitting at a certain period in time, and what can be done in order to push stale products out of your inventory to make room for new ones. And if you need additional assistance with its software, or advice for how to better optimize your inventory in general, Revionics also offers consulting services.
In the retail business, returns and excess inventory is a fact of life. Blubirch understands this and has created a “Reverse Logistics Solution” capable of helping retail companies with extra inventory sitting around.
Blubirch believes a green approach is the key to moving this inventory out of warehouses without sending it to landfills, so it focuses on the best ways to get these products into the hands of consumers while still enabling retailers to recover some of the costs associated with the inventory.
If you share this mindset and would rather see products being used rather than being disposed of, Blubirch is the system for you.
A crucial part of inventory management is being able to understand what your customers are going to be interested in and ensuring you a lot of that product.
Another part is knowing which products you shouldn’t become overstocked with.
Celect is a platform built around using “predictive analytics and machine learning” to make an educated guess about which products your customers want so you can adjust your inventory accordingly.
If you have multiple retail locations, Celect can also help you decide how much product to allocate to each individual store.
Nextail foregoes a broader target audience to instead offer specialized inventory management solutions for fashion retailers both offline and online.
The company calls its offering “the most advanced inventory optimization solution” for these stores, making use of analytics, AI, and fashion-focused algorithms to take the pulse of the fashion industry and what consumers want.
It then uses this data to help retailers in the fashion industry predict hot sellers and get the best return on the products they already have in their inventory.
Many inventory decisions are made based on the potential profitability of the products in stock.
Unleashed provides retailers with a window into what their inventories look like in real time and where their profits currently stand, enabling them to make decisions with their finances in mind.
In addition to its inventory management platform, Unleashed also offers a mobile app for on-the-go sales, integration with a number of popular cloud platforms, and the flexibility to support retailers in a number of different industries.
Automation is the name of the game with INTURN, a platform to help retail businesses optimize prices and make their businesses more visible in their ever-growing markets.
The end game, of course, is inventory management — namely, better management of unsold, excess inventory that needs to be moved in order to make room for fresh products.
INTURN states that it is “designed and led by retail industry veterans,” which is sure to be a selling point for those who need a solution that understands their needs.
If you use either Square or PayPal as the payment processor for your retail business, you’re already one step into using Shopventory as your inventory management platform.
The company’s software works by integrating with those two processors, keeping your sales data in sync with inventory data so you have a handle on what your current stock looks like and where your inventory sits at any given moment, whether it’s in one retail location, multiple locations, or perhaps sitting in a warehouse waiting to be plucked up and shipped.
Convenience stores represent just as much of the retail world as big box or department stores, but the technology solutions available to them are few and far between.
SKUPOS is fixing that, providing a specialized platform for convenience store owners, distributors, and brands to transact more efficiently.
SKUPOS brings inventory ordering and store management under the same software roof with automated ordering, up-to-the-minute reports for inventory, and sales data that helps store operators understand what sells and what doesn’t.