As an Amazon seller, inventory and reviews are the heart of your sales and success. Therefore, properly managing inventory is key, especially as you grow. Below we will review some of the best Amazon inventory management tools that will set you up for success.
In addition to these tools, Kickfurther is another great resource that can help ensure sellers avoid stockouts and maintain adequate inventory levels. Kickfurther is a funding platform that can help Amazon sellers with their inventory financing needs. As you’re selling inventory faster than you are getting paid for it, it can present a major cash flow dilemma and hinder your ability to replenish your inventory. By covering up to 100% of your inventory with no immediate repayment, Kickfurther can free up both the capital and invaluable time that allows you to focus on growing your business.
Why inventory management is important for Amazon sellers
Effective inventory management is essential for Amazon sellers to succeed on the platform and achieve their business goals. Inventory management does require investment – but one that is likely to pay off in the long run. As a small business owner it can be easy to focus on the now, and try to find shortcuts as cash flow can be tight. However, the best advice we can give you is do things the right way. The foundation you lay now will be what your business builds off as it grows.
Here are just a few basic reasons why inventory management is important for Amazon sellers:
Stock enough inventory, always: The key word here is enough. You don’t want to overstock inventory as this can tie up space and cash flow and you also don’t want to understock and risk losing a sale. Proper inventory management can help you understand how much inventory you need at all times, even during seasonal demand changes. Use this information to know when to order inventory.
Maximize efficiency: Inventory management tools can help you get products to customers, faster. Plus, by stocking just the right amount of inventory you can save on storage space, thus maximizing efficiency. Inventory management tools can help sellers know exactly where products are and how to ship them fastest.
Improve cash flow: Inventory is one of your biggest expenses, so you’ll want to be responsible with it. Utilize inventory management tools to maintain healthy inventory levels and free up cash. Plus, with the ability to ship items faster, you can get paid sooner, which will also help with cash flow.
Be a super Amazon seller: Amazon has strict requirements for inventory management, including maintaining a certain level of inventory to meet customer demand, complying with expiration dates, and ensuring accurate inventory data. Failing to meet these requirements can result in penalties or account suspension.
What are inventory management tools?
Inventory management tools are software applications that help businesses manage and track their inventory levels. At the core, inventory management tools should help businesses streamline their operations, improve their inventory accuracy, and make better-informed decisions.
If you aren’t already aware – there’s plenty of options available when it comes to inventory management tools. As you begin exploring, consider the following features, as inventory management tools should provide them.
- Inventory tracking
- Stock alerts
- Order management
- Forecasting
- Barcode scanning
- Reporting
Top Amazon Inventory Management Tools
Here are some of the top Amazon inventory management tools along with their pros and cons and pricing information:
#1. Sellbrite
Pros:
- Easy to use interface
- Integration with multiple marketplaces
- Advanced inventory management features
- Multi-channel order management
Cons:
- Limited reporting capabilities
- Pricing can be expensive for larger businesses
Pricing: Starts at $49/month for up to 100 orders per month. Higher plans available for larger businesses.
#2. Skubana
Pros:
- Advanced inventory management features
- Multi-channel order management
- Automated purchasing and replenishment
- Real-time analytics and reporting
Cons:
- Steep learning curve
- Can be expensive for smaller businesses
Pricing: Pricing available upon request.
#3. TradeGecko (now QuickBooks Commerce)
Pros:
- Integration with multiple marketplaces
- Advanced inventory management features
- Multi-currency support
- Real-time analytics and reporting
Cons:
- Limited customization options
- Pricing can be expensive for larger businesses
Pricing: Starts at $39/month for up to 100 products. Higher plans available for larger businesses.
#4. Ecomdash
Pros:
- Affordable pricing
- Multi-channel order management
- User-friendly interface
- Customizable reporting
Cons:
- Limited inventory forecasting capabilities
- Can be slow to load for larger businesses
Pricing: Starts at $60/month for up to 100 orders per month. Higher plans available for larger businesses.
#5. Orderhive
Pros:
- Affordable pricing
- Multi-channel order management
- Easy to use interface
- Advanced shipping management features
Cons:
- Limited reporting capabilities
- No real-time inventory tracking
Pricing: Starts at $49.99/month for up to 100 orders per month. Higher plans available for larger businesses.
Key features that Amazon sellers should look for in an inventory management tool
As you start exploring inventory management tools – prepared to be mind blown. They are so incredibly capable and powerful, or at least most of them are. Do your homework and choose an inventory management tool that truly empowers and improves your business. Be mindful that inventory management tools can encompass the following features:
- Multi-channel support: Amazon sellers should look for inventory management tools that support multiple channels and marketplaces, as this can help streamline their operations and save time.
- Inventory tracking: Ever heard the term sell what you see? With inventory tracking you can track inventory in real-time. There’s nothing more efficient than that.
- Order management: Advanced inventory tracking will allow Amazon sellers to receive automatic inventory updates as sales are made and orders are fulfilled and everything in between.
- Reordering and purchasing: Inventory management tools are your friend when it comes to knowing when it’s time to reorder inventory. From showing statistics on how long it will take to replace the inventory and how long it will take to sell out of inventory, you can stay up to date at all times.
- Forecasting and analytics: If you’re not a lover of data and forecasting yet – learn to be. It’s incredibly powerful in making informed decisions. Use inventory management tools for advanced inventory forecasting and analytics.
- Reporting: Advanced inventory management should allow you to create customized reports to help you get a snapshot of business activity ad-hoc. From what’s selling to what’s not you can use these reports to make important business decisions.
- Integration with shipping carriers: Inventory management tools can help you determine the best shipping and fulfillment methods. As a result, they can help improve customer satisfaction.
- User-friendly interface: Technology can be confusing. As you compare Amazon inventory management tools, make sure they are user-friendly. They should make running your business easier, not harder.
- Customization: Amazon inventory management tools should allow you to customize them based on your specific needs.
- Mobile support: As a business owner, you’re likely always on-the-go. Make sure the inventory management tool of your choice has mobile integration so you can access it anywhere.
How to Choose the Right Amazon Inventory Management Tool
When making any business decision, consider your business and your goals. There are several elements that can impact your decision so do your best to make equal comparisons, take advantage of demos, and consider the following factors when making the right decision for your business.
- Features: As you explore Amazon inventory management tools, you will learn just how capable they are. Compare tools on features and consider how the features can be customized to support your operations.
- Integration: Amazon inventory management tools will need to communicate with other systems. Consider existing systems and ensure the tool of your choice is compatible.
- Ease of use: The tool you choose should be intuitive and user-friendly. While these tools are built on incredibly complex technology, you need to know how to use the tool to get the most from it.
- Support: From customization to troubleshooting, you’ll want a partner you can count on. Consider the support offered and if possible, speak to existing customers for real feedback.
- Pricing: Price matters – always, but not to the point that you choose a cheaper tool with less benefit. Shop for value and be aware of any hidden costs or fees, and make sure you understand the pricing structure.
- Reviews: Try to find real reviews online or find ways to connect with customers such as via social media sites, forums, or networking with other business owners.
- Scalability: Be optimistic and confident that your business will grow – especially with upgrades like inventory management tools. Can the tool grow with your business? What can it support?
Closing thoughts
Effective inventory management is crucial for Amazon sellers to ensure they have enough stock on hand to meet customer demand while avoiding overstocks and stockouts. These tools offer features such as inventory tracking, order management, and shipping automation to help sellers streamline their inventory management processes. While there are many different tools available, choosing the right inventory management tools and strategies for your Amazon business will depend on your specific needs and goals. By prioritizing inventory management and utilizing the right tools, Amazon sellers can set themselves up for success and drive growth in their business.
How Kickfurther can help
While inventory management tools provide analytics to track inventory levels and data, inventory financing for Amazon sellers can alleviate the burden of exhausting capital to replenish inventory. Kickfurther is an inventory funding platform that prices itself in being up to 30% cheaper than other options. With our flexible repayment terms that put you in control, you can fund your entire order as inventory is needed and focus your capital on growing your business – all without giving up equity or taking on debt!
Interested in getting funded at Kickfurther? Here are 3 easy steps to get started:
- #1. Create a free business account
- #2. Complete the online application
- #3. Review a potential deal with one of our account reps & get funded in minutes
