There are way more items in this game than any other game i have seen which is good beacuse its more content but bad beacuse your inventory is going to become a mess of "Aquaweed" And "Extra light green carbon based Shotguns" And this problem came up in Terraria to! So i propose a sort option! It sorts everything based on catagory and rarity.
A good inventory management interface is definetely needed. Sort options are only one of the possible features, hotkeys should also be present (to loot all from chests, or to desposit all, or to move from container to inventory and viceversa without having to drag...). Tabs would also be a neat idea, I think it was already suggested.