6 Best Magento Inventory Management Software for Seamless Operations

Magento inventory management is the process of tracking and managing your stock flow across all sales channels and locations. The system will ensure the right stock is in the right place anytime, at the correct cost, since it directly impacts your Magento store’s customer service, revenue, and productivity.

Many Magento store owners use inventory management software to automate and optimize their inventory processes with various distribution centers, retail outlets, and product iterations. This post will discover the best 6 Magento inventory management software to improve stock management capabilities through seamless integration.

Here’s a quick sneak peek into our article:

• Why does every Magento merchant need inventory management?
• 6 best Magento inventory management apps you should not miss
• What is the best Magento inventory tool for your business?

Without further ado, let’s get started!

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Why is Inventory Management Important for Magento Merchants?

Inventory management plays a major role in retail management for any type of business scale. Therefore, besides utilizing Magento features, investing and owning the best Magento 2 inventory management extension right now will be very helpful in tracking and managing stocks, shop cash flow, order fulfillment, and enhancing customer satisfaction. Here’s why:

Provide accurate stock levels

An effective inventory management system for Magento ensures that merchants have real-time product availability in their stock levels. To be more specific, Magento inventory management can help:

• Prevent stockouts and overstocking that may lead to lost sales, wasted money, and unhappy customers.
• Automate the reordering process for low-stock items to ensure enough stock to meet customer demand.
• Detect and prevent inventory theft, loss, or damage to minimize shrinkage.
• Enhance customer satisfaction and reduce order cancellations.

Efficient order fulfillment

The exact order control provided by the warehouse management system for Magento will ensure efficient order fulfillment and timely deliveries. It also minimizes shipping delays and errors, improves customer experience, and increases customer loyalty.

Reduce costs and increase profits

A proper inventory management system for Magento helps a merchant save money on these costs and free up cash flow for other business needs by:

• Optimize inventory levels, reducing excess inventory and carrying costs.
• Avoid tying up capital in unsold items and maximize the stock turnover rate.
• Generate more revenue and improve cash flow, allowing merchants to invest in other businesses’ needs or seize growth opportunities.

Gain insights about seasonal demand forecasting

Merchants can use historical sales data from Magento inventory report functions to analyze inventory performance and trends to forecast demand for seasonal products. Moreover, these insights can help to identify best-selling products, plan inventory strategies, optimize pricing, avoid stockouts during high-demand seasons, negotiate with suppliers, and more.

Provide multichannel selling

For Magento merchants selling across multiple channels (e.g., online stores, marketplaces, brick-and-mortar stores), having a Magento 2 multi-source inventory will ensure the product levels are synchronized across all channels, preventing overselling and stock discrepancies among those channels.

Minimize the deadstock

Deadstock products are no longer offered and are not likely to sell. With helpful Magento inventory management, merchants can identify slow-moving items and take necessary actions to remove them.

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6 Best Magento Inventory Management Extensions in 2023

After choosing a suitable Magento hosting provider and building the Magento store of their dream, merchants must invest in robust and reliable inventory management software to help them manage their inventory effectively. And here are the top 6 of the inventory management system for your Magento store; let’s check them out now.

1. Magestore inventory management system

Overall description

Magestore is an all-in-one omni-channel POS system with inventory to not only speed up the checkout process at stores but also manage multiple warehouses, track stock movements, and automate stock replenishment, making it one of the best inventory management software for Magento for fast-growing retailers.

Key features:

• An all-in-one system that syncs multi-channel & multi-location inventory management to avoid costly over- and under-selling;
• Keep tight control via stock transfer, stocktaking & inventory adjustment easily;
• Stocktake quickly in 3 steps, track all inventory level fluctuations;
• Generate reports and insights on inventory performance and trends with the Magento 2 inventory report function for demand forecasting, aiding in better decision-making;
• Provide barcode management accurately to track all the products in inventory; scan and add products during sales, procurement, and inventory count;
• Centralize purchase orders in one system: Sync data with sales orders, current inventory levels, and your suppliers to keep purchasing simple and cost-effective;
• Set up alerts for low-stock products, reorder points, and safety stock levels.

Pricing

• Custom quote based on demand;
• Free first-year support and 90-day money back for a POS license.

Compatibility

• Magento 2.3.x and 2.4.x versions.

2. Magento inventory management by SkuNexus

Overall description

Magento msi by SkuNexus is a comprehensive tool for managing inventory across multiple warehouses, inventory designations, and channels in real time. It also enables you to optimize fulfillment workflows, create custom notification, sourcing, and shipping rules, and generate reports and analytics.

Key features:

• Control real-time stock levels across all sales channels for optimal customer service;
• Log all inventory adjustments and replenishments for evaluation or auditing;
• Custom notifications for low-stock, out-of-stock;
• Stock replenishment and inventory forecasting by Magento inventory reports and analytics;
• Create descriptor combos to shape your warehouse locations – along with aisles, shelves, bins…
• Automate order routing, splitting, merging, and cancellation based on your business logic.
• Provide custom rules to select the optimal source for each order based on inventory availability, cost, distance, customer preference, etc.

Pricing

• Based on your business scale and requirements.
• Sign up for a free demo or a 14-day trial to test their features.

Compatibility

• Magento 2.x version.

3. Magento 2 inventory management extension by Wyomind

Overall description

Wyomind is a Magento 2 inventory management extension that will make it simple to synchronize your POS stock with Magento, set unlimited stock levels, and ship orders manually or automatically. In addition, it allows you to set up low-stock notifications and use a barcode scanner to update inventory.

Wyomind’s access function, which lets you create roles and grant permissions for staff members and business owners, is a fantastic differentiator from similar systems.

Key features

• Define an unlimited number of stock levels for each product;
• Automatically synchronize the POS inventory in the Magento inventory management extension;
• Automatically dispatch the orders using country codes and zip codes;
• Allow each store to handle their stock at the point of sale and orders from the warehouse;
• Display the inventory ranges and the POS on the front pages;
• Provide the inventory movement journal;
• Facilitate the drop-shipping management;
• Automatically balance the product availability based on the available stocks;
• Set up alerts for low-stock products, reorder points, and safety stock levels.

Pricing

• From €275 ($302,75);
• Lifetime license:
  • 12 months of support & upgrade;
  • 60-day money-back guarantee.

Compatibility

• Magento 2.3.x and 2.4.x versions

4. Magento multi-source inventory by Amasty

Overall description

Amasty MSI is another advanced Magento 2 warehouse management tool that will help you satisfy orders quickly and easily with its extensive features like inventory reservations, backorder management, and shipping policies. The Amasty add-on monitors transactions and in-built algorithms to minimize shipping expenses configures shipping strategies and allows exporting and importing of all relevant data.

Key features:

• Easily create multiple warehouses to define stock locations and track the offline shop’s inventory;
• Distribute Magento inventory management among the warehouses, keep all stock information, and manage stock right from the product grid;
• Efficiently optimize delivery costs with an innovative algorithm;
• Custom shipping strategies and rates;
• Provide Magento 2 inventory reporting, import data, and update stock data;
• Provide email notifications when an item should be shipped and in an item-lock situation.

Pricing

• 3 editions:
  • Community: $349;
  • Enterprise: $649;
  • Magento Cloud: $949.

• 12 months of product updates and support;
• Updates and support prolongation based on each edition – Start from $215.

Compatibility

• Magento 2.3.x and 2.4.x versions

5. Multi Warehouse Inventory by Aitoc

Overall description

Aitock’s Magento 2 multi-source inventory is made to simplify inventory management for businesses with multiple warehouses to save time and money, boost inventory accuracy, and optimize stock levels. In addition, it includes tools for setting up and monitoring numerous storage locations and suppliers so that the owners can better manage their stock, cut down on waste, and speed up order fulfillment.

Key features

• Create unlimited suppliers to fill up warehouse stock with the order information for restocking the product;
• Spread inventory across many warehouses while keeping tabs on its whereabouts in real-time;
• Automate choosing the facility where an order will be shipped, speeding up the delivery and shortening the overall order fulfillment cycle time;
• Provide low-stock email notifications, keeping the inventory at the optimal level;
• Improve the stock for a specific order and then produce shipment.

Pricing

• License: $245.00;
• Pro installation: $59.00;
• Extended support (1 year): $79.00.

Compatibility

• Magento 2.3.x and 2.4.x versions.

6. Magento 2 multi-source inventory by Boost my shop

Overall description

Magento 2 inventory management extension by Boost My Shop will always keep the merchants in stock with the ERP inventory Magento 2 module, which gives them complete control over all aspects of the inventory. In addition, it includes modules for order preparation, procurement management, supplier return, drop shipping, and barcode inventory.

Key features

• Support multiple warehouses for omnichannel retailing;
• Create unlimited warehouses to designate your stock, supplier’s stock (dropshipping), or additional warehouse buildings, offline shops, trucks, and events;
• Build a virtual warehouse for tracking defective products;
• Multiple stock support with 3 different stock levels: Physical stock, quantity to ship, and available quantity;
• Implement your omnichannel rules;
• Track every stock movement and log the user that ordered the movement;
• Provide Magento 2 inventory report to analyze the sales history for better inventory forecasts and prevent out-of-stock.

Pricing

• Based on Magento editions:
  • Community: €445.50 ( $489,97);
  • Enterprise: €820.50 ( $902,40).

• Installation fee:  €119.00 ($130,88).

Compatibility

• Magento 2.2.x, 2.3.x and 2.4.x versions.

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What is the Best Magento Inventory Tool for Your Business?

After reviewing the top 6 Magento inventory management software, considering which one can best fit your business is also a challenge. Here, we will narrow down the choices and help you find the best Magento inventory extension for your specific requirements and preferences.

For medium to large businesses

These business scales need the best Magento 2 msi to help them manage large amounts of stock in the warehouse supplies, even in multiple locations and sources of supply. Here are some suitable software:

• Magento multi-source inventory by Magestore: This software best suits businesses with a unified and consistent inventory management system across all sales channels. It offers seamless integration between inventory and POS retail systems, allowing you to manage multiple warehouses, track stock movements, automate stock replenishment, and sync inventory information in real time.
• Magento inventory management by SkuNexus: This cloud-based inventory management system suits businesses with complex and diverse operations. It offers many features and functionality to optimize and streamline workflows, such as fulfillment, custom rules for sourcing and shipping, and generating reports and analytics.
• Magento 2 multi-source inventory by Boost My Shop: This software best suits businesses that want a complete ERP solution within their Magento store, providing a wealth of modules and functions to oversee operational procedures. However, it may also be more complex and require more customization than other tools.

For small or start-up businesses

With a simple management system, these businesses may handle a small number of products in the warehouse. It is reasonable to consider choosing the best magento inventory extension because of its low cost, ease of installation, and use. Here are some suitable software:

• Magento 2 inventory management extension by Wyomind: This extension best suits businesses with essential inventory management needs. Since it offers an easy-to-use method to manage stock levels and availability for each store view, assign products to different warehouses, set up low stock alerts, and use a barcode scanner to update inventory.
• Inventory extension by Amasty: In the same vein as the native warehouse management system for Magento, this extension is intuitive and easy for small enterprises with modest stock management requirements. Owners can set up an unlimited number of warehouses, send orders and products to them, divide orders among them, and show stock levels to customers.
• Multi-warehouse inventory by Aitoc: This similar extension enables you to manage inventory across multiple warehouses, making it perfect for businesses with basic inventory management needs. However, it may also be more limited in functionality and scalability than other tools.

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Magento Inventory Management – FAQs

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Conclusion

Finding the best inventory software for retail is vital to running a successful business. That’s why we have compiled the top 6 Magento inventory management software to assist you in streamlining and automating your operations.

We highly recommend the Magento inventory management by Magestore as the best option to manage stock levels for multi-warehouses with the POS retail software. Take advantage of Magestore’s stock management tools to supercharge your Magento store.

Contact the Magestore team to request a price tailored to your business’s requirements.

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