“La mode se démodé, le style jamais”, said Coco Chanel. It means, Fashion becomes out of date, style never does. This statement fits perfectly with the rapidly evolving retail industry.
With users demanding more services along with greater shopping experience, retailers grapple with unique challenges of meeting customer expectations of both faster checkout processes and on-demand merchandises as predicted in the annual retail survey published by KPMG.
Hence the reason why retailers are looking into a comprehensive retail management solution to not only manage, but also gain a competitive edge in the retail industry.
Point of Sale Software aka POS integrating with a comprehensive retail management software is the key that opens this lock for retailers. Let’s look at how Retail Management Software aka POS Software can lend a helping hand to retailers.
When store owners like you are looking to invest in a Retail Management System or a POS system, the first consideration is the ROI – what is the return on investment when it comes to purchasing an IT solution for your retail business? Below I have list down a few things that you may consider:
We all know that inventory management, even for just one store, can be a headache. What’s more is when you have multiple stores and carry a variety of products. This is when manual management of your inventories are not practical anymore, and you are looking to make use of a system to help you organize everything in an orderly manner.
Organizing your inventories clearly will allow you to know which items are doing well and which are not; what are the slow-moving items so that you can put them on sale to clear stocks; or automatically re-order best-selling items to capture and fulfill consumer demand.
All these are the high-level benefits when you make use of IT in your retail business. But coming down to the nitty-gritty, a system is there to also help you better classify your products based on product characteristics, categories and filters etc., so that when you are looking at sales report, you know exactly what consumers are interested to buy and which item generates the most demand.
A retail management software usually has an in-built alarm system and negative stock appraisal mechanism that triggers on-time and every time. Moreover, linked to the barcode and beacons, it allows staffers to order and store stocks. This creates an agile workforce and process that ensure a well-oiled operation that runs smoothly without any hiccups. Customer satisfaction and loyalty is a top priority for businesses and stockpiling inventory to meet customer demand is the key for it.
Stores that run from dusk till dawn have better chances of success. And to ensure that they run successfully both online and offline, we require a custom retail management software. A robust system that allows businesses to operate eCommerce store, as well as a brick and mortar store holds the beacon to attract customers like the moth to the flame. On top of that, allowing customers to purchase from different store locations will generate greater revenue for the business. It is ideal for a rapid business growth.
Businesses report a chunk of their goods missing each year, from lost-in-transit to misplacements. This adds a burden on the balance sheet as lost items have to be entered as counted. So, it becomes imperative that every item/ product is documented properly from purchase to Sales and Returns.
Keeping track of all the items purchased, stored and returned requires a sophisticated approach and robust process. POS software has the provision of barcode and beacons that store all the vital data for every product. So, to find out the returned product for a stipulated time is done with few clicks along with their whereabouts. It has been observed that with the resale of returned goods, businesses have been able to recapture some of the lost revenue. This reason alone should entice businesses to implement a retail management solution within their business.
Tracking products and merchandise in a large warehouse is a nightmare. Deliveries, displays and stocks get delayed if an asset is missing or misplaced in a multi-store business. The system should have a process where identifying and replacing products becomes easier. Also, managing products with their catalogs become easier with a retail management system.
The most important aspect of the retail stores is payments. Setting up hardware components that work seamlessly with the system is not a straightforward task. The whole system comes crashing down along with the business if payments and finance are not handled perfectly. Therefore, payment gateway integration with multiple systems holds both the door and the key in a retail business.
Staying right side of the compliance is wise. Businesses follow written policies and unwritten rules. A POS software keeps you immune from such practices by keeping you updated with latest regulations for both taxes like VAT and GST. It has a predefined structure and calculations that count taxes for you for each product sold, returned and re-sold. Comprising of algorithms and intuitive coding, POS solution flag and disallow activities that it has not been implemented.
This serves dual purposes of creating a security layer along with enforcing rule-based processes within the work environment. The best part is the whole calculations and tax compliance is generated with just a few clicks as a report in a file format that is required by the authorities. Fantastic isn’t it!
Accurate and custom reports are the norms when taking an important decision. For multi-store retailers understanding location-based requirements and adjusting accordingly is a matter of make or break situation for their business. The Top Features of Retail Management Software include a central dashboard with all vital information available with a few clicks. Data trends that show sales trends and alert when stocks run low, allow the discount, show loyal customers, allow cash management and ability to work online and offline paves the way for growth.
Time is of the essence and so are the costs for both purchase-returns and training new employees. An RMS lowers these costs dramatically. With an RMS, users can be trained on the systems and processes within a few days. Moreover, they start understanding the purchase and sales cycles by watching trends and sales reports from the central dashboard.
For the management, taking macro decisions become easier with custom compiled reports from multiple stores and items that give them a bird’s eye view of the business and on-demand goods. So, they can procure more and get more benefits.
As with every industry, retail is not immune to a plethora of changes. To mitigate them, the retail industry is craving for a comprehensive retail management solution that offers scalability and increases customer satisfaction. Ari POS Retail Management Software is the best bet to solve all your retail management woes. It offers great benefits many advanced features that make it the best retail management solution till date in the market.
ARI Retail offers A FREE 30 DAYS TRIAL without any obligation to the retailers who want to take their business to the next level.