4 Main Types of Retail Inventory Tools Systems (and How to Choose One)

As a retail store or company, you need a reliable system to keep track of the thousands of items of inventory that move through your store each day. However, choosing from all of the retail inventory tools systems out there can be difficult. To help you out, we've put together a quick list of the different types of retail inventory systems you can choose from, as well as a basic explanation of how they work to better help you come to an informed decision.

Manual

Before computers were common in the workplace, most storefronts used some sort of manual system to track their inventory. Most of the time, this involved writing down item descriptions, amounts, and locations. This type of system is incredibly difficult to maintain overall now, simply because of the speed at which inventory changes from hour to hour.

 

"Spreadsheets can be incredibly finicky, and if you enter any data incorrectly along the way, your entire sheet could be filled with wrong information."

 

Spreadsheet

A large majority of companies now rely on spreadsheets to track their inventory processes. Companies with an advanced understanding of spreadsheets can use formulas to automatically calculate sales, the quantity of product, and a number of other things. However, spreadsheets can be incredibly finicky, and if you enter any data incorrectly along the way, your entire sheet could be filled with wrong information.

Desktop-Based Software

Software dedicated to tracking inventory is a much better option than these previous two. There are a number of retail-specific software programs which are set up in such a way to make it easy for you to track the various aspects of your inventory process.

Cloud-Based Software

Much like your desktop-based software, there are many cloud software programs dedicated to helping you track your inventory. One distinct advantage these programs have when used as retail inventory tools systems is that everyone in your company can access them. They also integrate well with other software programs from different departments, so all of your information can be stored in one place.

How to Pick From the Dozens of Retail Inventory Tools Systems on the Market

With all of the options out there, how can you pick the right one for your team? While you might think that different needs require different software, that isn't necessarily the case.

In this day and age, you need a cloud-based software program to track your inventory. Even a one-location boutique has inventory that changes so fast that there's no way you can keep up with a manual system. Cloud-based software makes it easy to see the state of your inventory at the moment you are looking at it, instead of how it was a few hours ago.

Asset Panda has created a cloud-based inventory system that changes to meet your company's needs. We know that as a retail store with constantly-changing inventory, you don't have time to spend constantly updating your inventory records. That's why we created an easily-customizable platform, which means that you can track exactly what you need in a way that makes sense to you.

One of our clients is a Michigan-based dress distributor. Our platform allowed her to create custom actions for each step of the creation process, and track each of the items in her inventory as they changed. This also allowed her to track when employees would get contracted out to work at specific events, so she would know where her talent was at any given time.

Want to see how Asset Panda can help you improve your retail business? Take a free guided tour today!