What is Retail?
Retail is the sale of goods and services from people or organizations to the end-user. Retailers are part of the supply chain of this system. They purchase goods in enormous quantities and sell them to the consumer.
What is Retailing?
Retailing is a distribution network function where one business buys goods from supplying firms or manufactures the manufacture themselves and then sells the same to consumers directly. A retailer is a reseller. Meaning it obtains product from one party in order to sell to another from which a consumer purchases products. It can be done in either fixed locations like markets or stores, door-door or by home delivery.
What is Retail Software?
Retail software is used by all small, medium and large enterprises. The main purposes of using a software is to regulate pricing, calculate taxes, inventory management and manage POS, billing and payroll.
Retailing software are both Installation and SaaS-based. It is designed especially for Point of Sale (POS), Customer Relationship Management (CRM), Inventory Management and retail accounting.
The features include Retail Inventory Management which helps to manage different aspects of the retailer’s supply chain. CRM to support multi-channel retailing and retain customers. Retail accounting for inventory control, transaction monitoring and pricing. Order Management to keep the track of orders being made. Transportation management to track deliveries and also Chain store management. Retail billing management to optimize store performance and increase productivity
Retail management software is used in various business and stores which includes art and antiques, apparel, automobile, gas station, supermarkets, pharmacies and convenience stores, etc.
Benefits of Retail Management Software
Retail software works wonders for your business. Here are the benefits of having retail management software installed for your business:
- Retail pos software saves your time and money. You can also manage your stores, warehouses and even your e-commerce sites by integrating with this software.
- Generating reports is easy. The best advantage in the retail billing software is that you can view the whole history of your business transactions in a single report itself.
- Automation is a rewarding experience. Your data is updated from time to time. In this process, you are reminded of out of stock items and even given information about the stock of items that aren’t selling
- Decision making gets easier. You can do better planning with all the information that you get from the inventory/items data that you have.
- Customer relationship gets better. Customers get the benefit of opening their account in your site. With the marketing efforts integrated into the retail POS software system allows you to send emailers, promotional info and updates to your subscribers.
A look at the issues that you might have to deal with
- Entering details of customers and their address might be time consuming. Customers might not like to wait, hence they might not furnish complete information
- Getting the retail software ready and running properly might be cumbersome. You might need time for your staff also to get used to working with it.
- Cloud based retail management software involves more expenses and the service providers also charge monthly fees for it
- Computer based software has expenses related to constant updates. They also require you to invest in hardware which might make it expensive
- In computer based retail pos software there is a risk of exposing the PIN when customers want to pay their bills by credit card or any similar payment method.
Features of Retail Management Software
Since retail management is all about customer engagement with fast results, the following are the essential features of retail management software:
- Point of Sale Efficiency: Point of sale means the place where the sale is made and the customers checkout. Most stores/malls have point of sale that is handled in computerized format to save time and also cut down on long lines of customers. Had this been done manually, retail pos software would take up hours instead of minutes to make a transaction and billing.
- Cloud Computing: Cloud computing means that the data is saved securely on the internet by servers instead of being locally stored in your computers. The benefit of cloud computing in retail software is that it makes it flexible to use it at any time. The data can be accessed from different gadgets. Sometimes cloud computing allows data to integrate across different areas of business making it the most preferred software choice. Employees can have the benefit of getting familiar with the items in the store. As their confidence increases, employees can also have ease of access to customer purchases and sales.
- Realtime purchases: On the spot, purchases means that purchases can be done on the spot and fed into the hardware rather than making payment at the checkout counter. This option works well because customers love this approach rather than gathering all their items and going to the checkout counter. Though very few stores opt for this procedure, it is mostly seen in high-end stores.
- Employee Empowerment: When employees have access to the tools for making customer services better, they are happy. These tools also help employees know the details about their products in the store. The way the employees use the retail software, the store managers can also make a judgment whether they are trained well in handling the software or not. If they find any gaps in the understanding or knowledge of the employees, they can train them to be better.
- Trust: These days, most stores or e-commerce sites use different payment gateways. Of importance is that the payment sites must be secure. Most retail management software is integrated with secure payments and transactions making the customers able to trust the stores and their policies.
- Simplify: Software that can be easily installed and quick in use saves time. Employees also are able to pick it up faster, thereby reducing training time.
- Understanding Customers: Retail POS Software that supports you in understanding your customers and engaging with them in a better way earns better business. Retail software supports you in engaging with your customers based on their purchase history, their preferences and interests and even their birthdays gives you chances to make them feel happy.
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