When we first started selling online the first sales channel we used was eBay. When the time came to expand to other marketplaces like Amazon and Etsy we had a new issue with having to manually update our products quantities across each platform every time we got a sale.
This work load became exhausting to keep up with but also meant that if we made a mistake we would oversell the stock that we didn’t have on hand. This meant that we would have to buy it in again from our supplier spending more money than we needed to on stock whilst also damaging our reputation with customers.
Luckily we found a solution to this problem and in this article you will learn how to do it for your products in just three simple steps but before we do that its important to know that some of these tools can typically handle other aspects of your business as well such as business analytics and forecasting providing detailed business analytics and forecasts to help with decision making, performance tracking enabling your business to monitor and analyse sales data in real time, and stock alerts with reorder functionality that alerts you when stock levels fall below a certain threshold and automatically reorders products.
Finding the right tool for you based on price, user interface and features is a tricky balance to achieve so let’s explore the options below one at a time to help.
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Manage your SKU numbers
The first thing we must take a look at is the SKU number for every product and variation. SKU stands for stock keeping unit and every product must have a unique SKU number. To make a SKU number for your products, you can generate them with software, if you only have a handful of products you can write and assign a SKU to each listing. If you have a lot of products, we would recommend generating them on an excel or numbers spreadsheet by categorising.
The SKU number is a type of formula and should be consistent across all products. The formula should be a combination of product attributes but you will have to choose which one.
Here are some examples for making your own SKU number: ORIGIN (Africa) + CATEGORY (Shaker) + NUMBER (how many with these attributes?) - this formula become; AFSH001 - and the next product with the same attributes would take the name: AFSH002 and so on.
To make your own SKUS you should use a formula with attributes such as: Category, Material, country origin, supplier or you can opt for colour (BK, RD, GR, PK) or size (S, M, L, XL)
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Choosing the inventory management Software
If you want to know how to automatically update your product quantities across sales channels you will need a specific piece of software or website app to do this. Stock quantities can be automatically updated across e-commerce platforms, lets take a look at some of the leading inventory management softwares.
Stock Sync Inventory (Shopify App)
Stock Sync is an inventory management app designed for businesses, particularly those in the arts and entertainment product sector. Launched in May 2014, it offers a 14-day free trial with a free plan available. The app automates the process of updating product details and inventory levels from diverse sources, ensuring real-time stock accuracy across all platforms. It supports various file formats like CSV, XML, Google Sheets, and API, facilitating seamless import and export of inventory data. Key features include time-saving automation, overselling prevention, removal of discontinued products, and the ability to export inventory to suppliers. The app offers tiered pricing plans, starting with a free option and additional paid plans catering to different business needs, with positive reviews highlighting its customization and intuitive inventory management features.
SellBrite (Go-Daddy Company)
Sellbrite, a GoDaddy brand, offers a multi-channel listing software designed to simplify the process of listing and selling products on various online marketplaces. Let's discuss the features in more detail. Multi-Channel Listing and synchronisation: Easily list inventory on multiple channels, including popular marketplaces and your branded web store, using time-saving templates. Automatically synchronise inventory across channels based on SKU numbers to prevent overselling and keep track of stock levels in real-time.
Order Fulfilment and efficient shipping: Streamline the fulfilment process for orders from multiple channels by printing postage and efficiently shipping orders from a single interface. Print discounted shipping labels and ship all orders together or route them to Fulfilment by Amazon (FBA).
Manage listings, inventory, and orders seamlessly from a single, intuitive interface. The platform is highly rated, with positive reviews emphasising its efficiency in syncing inventory across multiple channels. Sellbrite offers a free plan for businesses with fewer than 30 orders per month, with paid plans starting at $19 per month for up to 100 order - $59 (500 orders) - $99 (2000 orders)
The platform caters to brands and retailers, aiming to help them expand their reach and manage their multi-channel ecommerce business effectively. Users can access a variety of resources, including webinars, training, and a help center for additional support. Sellbrite is praised for its user-friendly approach, time-saving features, and efficient inventory and order management capabilities.
Trunk Stock Sync & Bundling (Shopify App)
Trunk - Stock Sync & Bundling is a multi-channel syncing software designed to streamline inventory management. With an overall rating of 4.8, merchants appreciate Trunk for its ability to sync inventory across various online platforms in real-time. The app is commended for its simplicity, affordability, and features like handling bundles, SKU linking, and inventory alerts. Responsive customer service further adds to its popularity, especially among small businesses. Key features and highlights include.
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Real-Time Inventory Syncing: Prevent overselling with automatic synchronization of stock levels in real-time between matching SKUs.
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Bundling and Kitting: Build powerful bundles and kits that sync seamlessly with each other, offering flexibility in managing components and materials.
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Low Stock Level Alerts: Receive notifications to replenish inventory when stock levels are low, helping you stay proactive in managing your products.
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Multi-Channel Integration: Connect all your sales channels, including multiple Shopify shops, Amazon, Bandcamp, eBay, Etsy, Faire, Square POS, Squarespace, QuickBooks Online, WooCommerce, Xero, and more.
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Simple Interface: Trunk provides a simple and beautiful interface that puts everything at your fingertips, allowing for easy and efficient management.
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Quick Setup: Get set up within minutes, even with a large number of SKUs, providing a hassle-free onboarding experience.
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Pricing Plans: Trunk offers a 14-day free trial with pricing starting at $35/month for the Essential plan, including real-time stock level syncing and low stock level alerts. The PRO plan, priced at $39/month, includes additional features such as bundling & kitting and duplicate SKU syncing. This is the current tier and is subject to change: $35 per month 0-100 sales - $45 (101-200) - $59 (201 - 400)
Inflow Inventory software
In terms of pricing, inFlow offers flexible plans ranging from $89 to $219, allowing users to update inventory across various locations, including retail sites, wholesale operations, and B2B transactions. A dedicated scanner is available for efficient barcode scanning, enabling seamless product inventory updates.
Mobile Inventory Management is a standout feature, empowering users to effortlessly fulfill orders, receive products, and update inventory levels directly from their iPhone or Android devices, ensuring flexibility and immediate control for on-the-go operations. Additionally, inFlow's capabilities extend to Reorder Management, providing tools to enhance inventory efficiency by setting reorder points, receiving timely notifications, and proactively restocking to prevent stockouts. The platform's Real-time Tracking feature offers a comprehensive overview of stock levels and order statuses across multiple offices or warehouses, facilitating more informed decision-making.
Trusted by a global community of 40,000 businesses, inFlow's Award-Winning Software is celebrated for its simplicity and continuous updates, making it a reliable choice for effective inventory management. Users benefit from the program's user-friendly interface, efficient handling of SKUs, and successful integration with third-party features, as highlighted in positive User Testimonials. The platform further excels in Barcoding and Labeling, simplifying processes with a built-in Label Designer for generating unique SKUs and creating custom labels. Other notable features include seamless Order Fulfillment, B2B Portal creation, Manufacturing Support, Integration Capability with over 95 platforms, a Global Presence, a risk-free 14-day Free Trial, and comprehensive Support and Resources, making inFlow a holistic solution for diverse inventory management needs.
It is used as an Inventory management system and provides barcoding, reporting, forecasting, restock notifications, and gives you the ability to create purchase orders. It integrates with Shopify, QBs, Amazon, eBay and Etsy, some of them direct and through others you will need use a third party platform called extensive which will be an additional cost. The pricing plans are subject to change but as of 2nd February 2024 the prices are as follows: Entrepreneur $89, small business $219, Mid Size $439 (Monthly) - You can get a 20% discount if you opt for the annual pricing tier - It's also important to note that the cost will increase for additional platform integrations. Our custom quote was for $1176 per year ($148 per month) - Whereas as Extensive (Formerly known as Cart Rover will cost an additional $39 per month.
Fabrikator (Shopify App)
Fabrikatör Inventory Assistant is a comprehensive inventory planning and management solution designed to streamline the process of forecasting, purchasing, and handling backorders. Priced from $99 per month, the app offers a 14-day free trial and additional charges may apply.
Fabrikatör offers a set of tools to streamline your inventory management. The Inventory Planning feature allows you to efficiently manage and optimize your inventory with intelligent stock alerts, ensuring that your stock levels are always in check. Advanced Inventory Forecasting capabilities further empower you to anticipate and meet future demands, avoiding the inconvenience of out-of-stock situations.
The app simplifies the process with effortless Purchase Order creation and seamless management of incoming inventory. The app enables you to turn challenges into opportunities with its Preorders & Backorders functionalities, transforming out-of-stock products into a revenue stream.
Fabrikatör equips you with the capability to make informed decisions through Custom Reports, generating analytics reports and dashboards tailored to your business needs. The app's seamless Integration with Klaviyo, ShipHero, and your Shopify storefront creates a cohesive ecosystem for effective inventory management. Notably, the introduction of new features like Multi-location support and Freight Planning further enhances the app's capabilities, making it a versatile and powerful tool for businesses.
Cin7
Cin7 is an inventory management solution that goes beyond traditional systems, offering Connected Inventory Performance to create a real-time view of products across various channels, systems, and regions. With over 125 million orders processed yearly and 8,000+ customers, it simplifies reaching customers worldwide. The platform provides touchless traceability, automating the inventory lifecycle from suppliers to customers, and integrates seamlessly with over 700 pre-built solutions.
Cin7 offers two paths - Core, for a ready-to-use inventory operation, and Omni, for custom configurations and integrations. The solution caters to diverse industries, including distribution, manufacturing, retail, and wholesale. The website emphasizes simplicity, scalability, and automation, positioning Cin7 as a go-to solution for businesses seeking efficient inventory operations. The website offers a free trial, basic package is $349 per month, full inventory control and management)
Expandly
Expandly simplifies multichannel sales for eCommerce retailers, offering a comprehensive solution for connecting, managing, and automating key aspects like listings, inventory, orders, shipping, and accounting. Key features include seamless cross-channel listing management, centralised order tracking, synchronised inventory levels, streamlined shipping processes with carrier integration, Xero accounting integration for automated order processing, customisable sales tax settings, third-party system integration for efficient data flow, and a Rapid Onboarding Service for quick setup.
It costs approximately £350 per month for up to 7500 orders - This website was my first introduction to inventory management software and whilst I have never personally used it, it was the advert that I watched showing how it works that inspired me to search for an inventory management software. The reason I didn't opt for this option was the high price entry point but if it was cheaper I would have most definitely chose this one. It syncs products across all platforms - list products in one place)
Katana
Katana can help with Inventory management, they have workflows for barcodes, forecasting is on the roadmap, and restock notifications are available. You can manage sales, purchases, and manufacturing orders in Katana. They integrate with Shopify, Xero, Quickbooks, Amazon, eBay, and Etsy can be connected using an automation tool like Extensiv or Make.com which is subject to an additional charge. They also have their open API (https://developer.katanamrp.com/reference/api-introduction).
Fish Bowl
When I had an initial meeting with fishbowl I was assured that the software meets all my requirements of the things that have been mentioned throughout this blog post however the pricing for the software was quite high at $300 per month and training packages from $4000 just to learn to use the software. This is extortionate in comparison to the free training provided by Inflow.
Our conclusion
There are a lot of great ways to manage your stock inventory but the one that will suit you depends on where abouts your business is at. We can typically find our business in four main stages, the first stage is the beginner entrepreneur or solopreneur that has little funds, people that belong in this group should use spreadsheets and learn the ropes before investing in a stock management system.
The next stage is for people or small businesses who are selling on multiple platforms, for these groups we would recommend an app like Trunk as it’s easy to use and will save a ton of time. After you’ve controlled your inventory and want to upgrade on the look out for a tool that can help you make better stock purchasing decisions and tell you exactly when and how much stock to buy we would recommend opting for an app like Prediko, and later on when your company is thriving and you want access to a more intuitive software that is suitable for the whole team and is not limited to an app we would recommend opting for inflow or katana depending on your preferences.