Whether you have an online-only or brick-and-mortar business (or a combination of the two), running a store is no simple task. Retaining your clientele while also managing employees, invoices, and keeping an eye out for new products are tough tasks on their own. Add in the constant need to keep your inventory replenished, and the simplest business maintenance work can take up the entirety of your time. Not a great situation for a small business owner who has a to-do list that extends far beyond these tasks.
Sound familiar to you? If so, you’re likely trying to find inventory management systems that can help you keep everything moving (without the extra effort you’re currently exerting). Whether you’re deep into the rabbit hole researching inventory management systems, or are merely beginning your search, you may have looked at a Megaventory review or two as part of your process.
Fortunately, Megaventory is but one of many options out there to consider. This can also make it feel overwhelming to decide which one is right for you. Each has similar (if not nearly identical) features, similar pricing structures, and interoperability with other software platforms that most people use across their business. In our Megaventory review, we’ll run through the pros, cons, and alternatives to consider when looking into which inventory management system option is best for your business.
Prior to diving headfirst into a full Megaventory review, it’s vital to set a baseline understanding of what Megaventory and other inventory management programs do, who they can help, and why you might want to consider an inventory management system in the first place.
Megaventory is just one of many inventory management technologies on the market, which were built to help entrepreneurs and small business owners manage their supply chain, inventory, and invoicing. These apps don’t just manage your stock, they also work alongside other platforms within your company’s technological ecosystem. Depending on the software you use, apps like Megaventory and others can even integrate with your billing and accounting software, lessening your workload while keeping better track of your products.
However, Megaventory does more than take inventory tracking to the cloud. The program also allows you to track inventory with low supply so you can re-order prior to going out of stock. Megaventory also generates inventory reports and analytics readouts that can help you stay on top of product trends, revenue forecasts, and much more.
All these valuable attributes make Megaventory a valuable asset for any small business owner who has to keep track of their company’s wares. This task, although seemingly trivial, can mean the difference between success and failure for a small company. And Megaventory helps you put your business’s best foot forward.
You may already understand how Megaventory can help you run your business more smoothly. This is particularly true if you’ve already gotten set up with merchant services providers, payment gateway systems, or other digital solutions for running crucial parts of your business. Each of these platforms fulfills a different role, but often work alongside one another to help you keep track of your company’s overall health.
Megaventory’s key feature, as you might expect, is inventory management and tracking solutions. The app bills itself as an option for three core kinds of businesses: retail and wholesale, franchises, and manufacturing. Each of these businesses live and die by their inventory management, and thus Megaventory built their platform around this core feature. With Megaventory, you can transfer stock between stores, track inventory changes over time, set up low stock alerts, handle returns from clients and to your suppliers, observe product cost changes, and even produce serial numbers for your products.
The features of Megaventory don’t end there, however. The software also lets you generate purchase orders, drop ship to customers, track gross profit, get sales quotes for clients, and track labor costs as well. The tool is so robust that these are only a smattering of its overall capabilities: Megaventory offers a full suite of financial and product tracking capabilities, in addition to custom reporting and analytics readouts that users can tailor to their individual needs.
Megaventory isn’t just for straight retail operations, either. They can handle consignment sales by forecasting revenue for you and your partners, which not every inventory management program can do. You can also put together accurate financial estimates for customers who need custom work done or unique products. Anything you need to track, ship, or keep in stock can be handled with the Megaventory software.
The Megaventory platform also features a slew of software integrations in addition to all of its reporting, operations, and analytics functions. These apps run the gamut from software connection solutions (like Zapier) to popular accounting and financial apps (such as QuickBooks). Each of these varied integrations helps your other business apps talk to one another in real-time, which means less manual data entry and more time for you to focus on other big-picture portions of your business.
Here’s a drilldown of which apps Megaventory integrates with and what it does.
Zapier is a popular automation app that helps different apps communicate with one another, all without requiring users to enter information manually. This powerful platform helps connect apps together that may not otherwise hook into each other, which gives small business owners a ton of flexibility with what technology they bring into their business.
Megaventory currently offers API integration with Zapier, allowing users to import, export, and manipulate data to and from the program. You’ll be able to push inventory and sales information easily across several platforms via the Zapier API connection, which means less manual work for you (and better data across your tech stack).
Crossfire helps companies concentrate and manage their information when working with vendors and material sources. This app helps track information through databases, documents, and cloud-first technology solutions. If you currently use Crossfire to manage information, you’re likely to get a ton of value out of this Megaventory integration.
Megaventory currently connects with Crossfire by feeding stock and inventory data into the Crossfire interface. You can keep track of vendor purchase orders, billing, stock, and order statuses. Better yet, you won’t have to manually enter this information anymore, as the entire data handover can happen without your direct intervention.
SPS Commerce is a powerful provider of supply chain management solutions for small and large businesses alike. This program helps you keep track of where your raw materials are, what stage of product creation your stock is in, and makes it easier for you to manage the various platforms each vendor uses to manage orders.
If you deal with one or several sourcing partners, you’re all too familiar with the challenges borne out of working with different interfaces and different client procedures. That’s where Megaventory helps. You can use Megaventory to keep track of your vendors and supply chain concerns, all while having information bounce from platform to platform effortlessly.
Lokad, like SPS Commerce and Crossfire, helps small business owners make smarter decisions about their stocking and supply chain needs. Lokad can help companies manage their inventory, vendor orders, and even handle matters relating to dead stock. This powerful platform takes much of the guesswork out of keeping your company stocked with goods, and interfaces with Megaventory as well.
By pairing your Lokad and Megaventory accounts, you can maximize your automated supply chain tasks. Megaventory helps you keep track of current stock, while Lokad helps ensure that your reorders and order fulfillment processes run smoothly.
Magento offers ecommerce optimizations to small businesses through a suite of marketing automation, payments, shipping, hosting, performance, and content marketing optimizations that help companies improve their digital footprint. This open-source software solution is popular among retail operations that sell their wares online, and helps makes ecommerce less mysterious.
Since Magento is open source, Megaventory is able to pair easily to help maximize your connection between inventory supply and online commerce. This goes a long way if you’re looking to keep on top of current stock levels and have them display on your ecommerce platform in real-time.
WooCommerce is another popular ecommerce provider that helps small businesses sell everything from digital products to handmade goods. The platform operates within WordPress as a complementary way to let customers buy and pay for goods, and takes away the need to create a custom ecommerce portal to go alongside your company’s website.
Megaventory pushes and pulls data from WooCommerce to make sure that you always have up-to-date stock and pricing information on your ecommerce site. And, on the back end, Megaventory is also able to keep track of orders through WooCommerce and make sure you never run out of inventory without being notified first.
If you’re a QuickBooks user, you already know how powerful this accounting software can be. QuickBooks Online is one of the most popular accounting platforms on the market—not just because it’s easy to set up and use, but also because of how many integrations it has with other business software platforms.
Megaventory is no exception, as it offers robust reporting and data-sharing with QuickBooks Online. This means you’ll always have up-to-the-minute information in QuickBooks without having to port information over manually. This is a great way to save time and make sure all of your business is accounted for.
Unlike other inventory management platforms that offer several pricing tiers and feature levels, Megaventory sticks to a much simpler pricing model. The Megaventory Pro level costs $135 per month when billed annually ($150 if billed monthly), and provides five user seats, 10,000 transactions, 20 locations, and 20,000 products and clients as part of the standard package. You’ll also get two hours of training as part of the deal, as well as support for five different integrations with other software platforms. There’s also an Enterprise option available through Megaventory that allows you to customize your product to your needs. Enterprise pricing is by quote only, since each package in this tier is unique.
Megaventory may not be the cheapest inventory management system on the market, but it could also be the simplest in terms of what it offers. Other vendors tend to provide different levels of support and service depending on how much users are willing to pay. Megaventory, on the other hand, offers one standard level of support with upfront pricing. Plus, the platform also provides a free trial to help you determine if it’s the right solution for you before you commit.
There are plenty of things to be said about Megaventory, so it’s best to read a Megaventory review that’s based on what individual customers have to say. That can be a challenging process, however, as there are a ton of opinions out there. Here are a few of the top takeaways from your average Megaventory review—both positive and negative.
Most Megaventory reviews highlight how simple the platform is to use. By not getting bogged down in setting up the program, implementation time and the user learning curve shrinks as well. This means you can get back to business quickly after onboarding the program. You’ll have to do a bit of customizing while setting up your business’s configuration, but the free trial allows you to play around with the software enough to determine if Megaventory can handle your needs.
Megaventory also gets high marks for making the procurement, manufacturing, and inventory management processes easy. Even if you come up against a tricky part of the system, Megaventory tech support is easy to reach and can even help you with setting up platform customizations.
Although reviewers have positive things to say about Megaventory, no platform is without its criticism. In most cases, users want to see better workflows—such as purchase orders that have an option to require manager-tier approvals before they’re submitted. Some users also mentioned a desire for more accounts payable features, such as invoicing. Some users also report that they would like to see more customizability within the platform.
Other Megaventory users mention that the learning curve for setting up their business database can be daunting. If you do need help, however, the Megaventory customer service chat and email systems will help you get the information and know-how required to help you succeed.
As we’ve mentioned, Megaventory isn’t the only inventory management system on the market. There are a few Megaventory alternatives that come with different integrations and pricing tiers. Here are a few of the top Megaventory alternatives to consider if you’re still on the fence.
Shopventory is another popular option for small businesses that want to modernize their inventory management processes. This platform offers plenty of customization, as well as several different pricing tiers. By offering different product levels, Shopventory may help you get only the processes and features you need without paying for those you don’t. Shopventory currently supports integrations with Square, Clover, WooCommerce, Shopify, PayPal Here, QuickBooks Online, and even Amazon Alexa.
TradeGecko is similar to Shopventory and Megaventory insofar as they all handle inventory management. TradeGecko also offers support for multichannel sales, shipping processes, backorder management, and accounting features. There are plenty of reporting and analytics options with TradeGecko as well, which means you are likely to set up this program in a way that helps benefit your business on a custom level.
Getting your inventory management into the cloud is a big step toward modernizing your business. Platforms like Megaventory make it easier to monitor supply, track your shipments, and even keep an eye on your gross profits and losses. Plus, with QuickBooks integration, you can even upload data to your accounting software automatically.
Before you decide on Megaventory or any of their competitors, be sure to decide how much support you need, and which set of features (including integrations) make the most sense for your business. There are plenty of Megaventory alternatives out there in case you’re unconvinced that the platform or its price are worth it for your business. So long as you approach your decision with an educated mindset, you’ll be sure to find the right option for you and your company.
Brian O’Connor is a contributing writer for Fundera.
Brian writes about finance, business strategy, and digital marketing. He is the former director of digital strategy at Morgan Stanley, and has worked at Foreign Affairs magazine, Student Loan Hero, and as a partner of a small consulting firm, too. Combined, these experiences allow him to offer a unique perspective on the challenges small business owners face.