Best Walmart Inventory Management Software for Online Sellers

Inventory management is the backbone of any e-commerce business. Having the right products in the right quantities, at the right time can be the nexus of an e-commerce operation, and inventory management tools can help you do that. Proper management reduces costs, improves stock availability, and ensures customers keep coming back to your store for continued purchases. These third-party tools integrate with Walmart’s inventory system to facilitate seamless multichannel selling through accurate stock updates, demand forecasts, and maintaining the efficient balance between stockouts and overstocking.

Let's discuss the benefits of using Walmart inventory management tools, how you can choose the right ones for your store, the best practices for using them, the common mistakes to avoid, and additional insights to help optimize your online store’s inventory and performance.

Benefits of Walmart Inventory Management Softwares

Since inventory management is a critical component to any supply chain, predicting future sales correctly can mitigate having to sit on inventory, while having enough stock to not encounter stockouts. Here are the key benefits of integrating Walmart inventory management tools into your business:

• Improved Stock Visibility: Real-time tracking of stock levels prevents overstocking or running out of inventory. 
• Increased Sales Efficiency: Ensures high-demand items are always available. Avoids stockouts that can lead to lost sales and lower customer satisfaction.
• Optimized Supply Chain: Helps streamline logistics by ensuring inventory is where it’s needed most. Reduces costs associated with excess stock or expedited shipping.
• Compliance with Walmart Standards: Many inventory management tools are designed to meet Walmart’s marketplace requirements, ensuring smoother operations.
• Automation: Automates tasks like restocking alerts and order fulfillment, saving time and reducing manual errors.

How to Choose the Right Walmart Inventory Management Software

When choosing inventory management software for Walmart, you can consider things like:

• Walmart Integration: Ensure the software integrates seamlessly with Walmart’s marketplace and complies with their standards.
• Ease of Use: Choose a platform that is user-friendly with intuitive navigation. Training and support availability are crucial for smooth onboarding.
• Real-Time Updates: Opt for tools that offer real-time tracking of inventory levels and order statuses.
• Multichannel Support: If you sell on other platforms like Amazon or Shopify, ensure the software supports multichannel inventory management.
• Customization: Look for features like custom reporting, notifications, and workflows tailored to your business needs.
• Cost-Effectiveness: Assess the software’s pricing model—whether it’s subscription-based or usage-based—to align with your budget.
• Analytics and Reporting: Advanced reporting features provide insights into sales trends, stock turnover rates, and profit margins.

Different Types of Walmart Store Inventory and Their Functions

Managing inventory effectively requires understanding the various types of inventory involved in the supply chain. Walmart stores rely on different inventory categories to ensure smooth operations, meet customer demands, and maintain efficiency. Let’s delve into the specifics of four primary types of inventory: Finished Goods Inventory, Transit Inventory, Buffer Inventory, and Anticipation Inventory.

• Finished Goods Inventory: Includes products that are fully manufactured, ready for sale, and stocked on Walmart’s shelves or listed online for customers. This type of inventory ensures customers can purchase items immediately, minimizing stockouts and maximizing sales by directly contributing to revenue. Walmart’s real-time inventory tracking helps store managers maintain adequate stock levels based on demand.

Household essentials, electronics, groceries, and clothing items that are ready for immediate sale are part of Walmart’s finished goods inventory.

• Transit Inventory: This type of inventory refers to goods currently in the process of being transported from suppliers or distribution centers to Walmart stores or fulfillment hubs. It ensures seamless supply chains, efficient logistics, and accurate inventory coordination. 

If Walmart orders a shipment of seasonal decorations from a supplier, these items become part of the transit inventory while being transported to stores or warehouses.

• Buffer Inventory: Buffer inventory, also known as safety stock, is surplus stock held to prevent stockouts caused by unexpected demand spikes, supplier delays, or other uncertainties. It helps meet sudden surges in customer demand, such as during holidays or sales events. It also prevents disruptions due to supply chain delays or inaccuracies in demand forecasting.

Walmart might stock extra quantities of popular toys during the holiday season to ensure availability despite high demand and potential supply chain delays.

• Anticipation Inventory: Refers to stock that is procured and stored in advance to prepare for predictable increases in demand or potential supply disruptions. This type of inventory supports inventory needs for holidays, back-to-school season, or other peak shopping periods. It also ensures adequate stock during planned sales like Black Friday or end-of-season clearances.

In preparation for summer, Walmart might stock up on seasonal items such as sunscreen, swimwear, and outdoor furniture, which fall under anticipation inventory.