The veterinary inventory management software market is still quite small when considered separately, including solutions like Inventory Ally. Therefore, veterinary practice management platform vendors, like Covetrus, offer it as a module or as part of a more comprehensive suite of veterinary software products. For veterinary software startups, developing innovative, cloud-based, mobile-first practice management solutions with inventory management functionality appears more attractive, given the growing interest in this product among buyers due to the increasing number of pets, their illnesses, and the possibilities offered by new technologies (AI). Due to this, some estimates predict that this market will grow at a compound annual rate of more than 13% over the next five years.
Inventory Management
The goal of the inventory management tool is to keep the stock mix under control and accurately synchronize inventory in real time between the online store and the brick-and-mortar store to ensure they are always up-to-date, preventing overselling or stockouts.
Moreover, it can even provide purchase recommendations based on tracked sales trends, ensuring only the items that are truly selling are reordered.
A good inventory management system should integrate with product databases of third-party vendors to handle returns of damaged products or automatically initiate the reimbursement process when one or more items are returned, tracking it until the funds are recovered.
Veterinary retail software
Veterinary retail software is a type of veterinary software focused on e-commerce. This area is mostly represented by pet store software, so it makes sense to review it, taking into account that, despite the differences in the types of goods and services sold by this form of pet business, the e-commerce concept behind it is nearly identical: to integrate inventory, product databases, marketing and loyalty, and payment management into an all-in-one platform capable of processing orders even when the physical store is closed.
Such software should have a user-friendly interface, allowing even novices to quickly become proficient in navigating the platform from day one. It should enable the creation of an online store within minutes without the need to learn complicated eCommerce tools.
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