Retail Management Software
Every business owner encounters an increasingly complex retail and sales environment — from catalogs to storefronts to eCommerce, the various retail channels can be hard to manage. With a Retail Management System (RMS), retailers can effortlessly navigate these murky waters. The best retail management software can help you manage your point-of-sale processes, merchandising, prices, multi-store inventory, and more.
No matter what types of products you sell – from fast food to fashion – sustaining growth is your top priority. To manage your organization’s growth, you almost certainly will find yourself juggling several processes at once, among them being:
- Shipping different services and products cost-effectively, while focusing on improvement and economy of scale.
- Understanding the diverse character of your company’s customer base, anticipating their needs, and controlling the flow of product through a complex, global supply chain.
- Focusing on customer trends, preferences, and point of sale, i.e. what their shopping experience is like, how you can differentiate from your competitors, etc.
- Making sure you have your planning, pricing, buying, promotions, allocations, distribution, replenishment, and sales processes covered.
- Establishing comprehensive support for financial management, human resources, and other related services.
- Finding complete analysis and reporting tools that can assist and promote sound decision-making in order to drive profitability.
Furthermore, consumers demand more information, more control, and a better shopping experience. With so many retail channels available, a business needs to give customers the option to research a product on their website, call in to order a product, and pick it up at the store if that’s the way they want to purchase their merchandise. If you just have an online storefront, giving customers the option to call or email is just as important in addition to having a fully stocked inventory.
This shift in technology has allowed retailers to enhance the traditional in-store channel with online channels, cross-channel capabilities, and more advanced marketing and customer service tools, all of which a comprehensive retail management solution will provide. In order to stay competitive, retailers also have to be able to coordinate cross-channel sales initiatives, serving the customer no matter what way they prefer to interact with a business.
If you think of point-of-sale software as something that’s only for large retailers, think again. Point-of-sale software is indeed a must-have for larger store fronts, but even small retail businesses can benefit from it, especially since the software is so affordable now. Regardless of how large or small your business is, consider how point-of-sale software can potentially improve your business operations.
Errors can happen at the checkout counter in a number of ways, and they result in unnecessary delays, unhappy customers, and lost revenue. Without a point-of-sale system, a miscalculation can occur easily. Additionally, price tags are often lost, and mislabeled products are a store’s nightmare. Without a front-end and back-end integration of your inventory, losing track of your stock becomes a real issue.
Better Inventory Control
Since the information you gather at the point of sale is stored in a database with point-of-sale software, you can also use that information to integrate it with your inventory systems. As you make each sale, your point-of-sale software will automatically tell your inventory system to remove the appropriate amount of product from your existing stock record. You can also integrate your inventory system with your ordering system so that when your inventory depletes to a pre-set amount, your system automatically generates a purchase order, ensuring that you never run out of inventory.
Better Information & Better Decisions
Retail success hinges largely on being aware of which products are selling, how often, and in what quantities. If you have a large inventory, this data is extremely important and difficult to track without point-of-sale software. A point-of-sale system can generate sales reports, allowing you to drill down and detect any important sales trends. In addition, detailed sales histories can show you which products will sell best at certain times of the year. You can also try out different promotions, track their levels of success, and see down to the individual customer to create a customized marketing push.
Whether you choose an on-demand or on-premise retail management solution, there are some key features every platform should have. The best retail management solution should provide everything a business needs in order to be successful in the retail marketplace. Ideally, the solution you implement in your business provides:
- Real-time, 360-degree views of business processes and customers, delivering the ability to better develop in-store and online sales alike.
- A partner program that provides customers with cost effective, timely, and pre-integrated access to all best-in-class channels, retail technology, and fulfillment solutions.
- A delivery model that allows retailers to compete using the same tools and channels as any big-box retailer.
A complete retail management solution will provide retailers with a comprehensive and integrated system with all the functions and features they need in order to compete in today’s demanding retail marketplace.
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