A system and method for vending device inventory management is disclosed. The system and method may enable receiving vending data from a processing unit retrofitted with a vending machine controller (VMC) of a vending device. The vending data may be associated with one of a cash transaction or a cashless transaction. The system and method may enable analysing the vending data. The system and method may enable updating an inventory associated with the vending device and recommending a product or combination of products for refilling of the vending device based upon analysis of the vending data. The system and method may enable generating an updated planogram based on the updated inventory. The system and method may further enable displaying an updated planogram along with the product or combination of products recommended on a user device for enabling the user to refill the one or more products in the vending device.