A retail management software system helps businesses to manage their sales, inventory, and process payments. It provides users with the insights necessary to make accurate sales forecasts, manage back-office performance, and build better customer relationships. It also supports other core retail processes, such as loyalty management.
Although many of its functions often overlap those of enterprise resource planning (ERP) and customer relationship management (CRM) tools, Retail Management Software is tailor-made for retailers.
A retail management software system is a powerful tool that helps modern retailers manage their sales, process payments, handle inventory, and enhance customer satisfaction online and offline, ultimately significantly boosting their revenue.
This article takes a quick look at five essential features you should look for in retail management software.
1. Make sure it helps you bring a multichannel experience to customers.
Your retail management software should feature a unified e-commerce and point-of-sale (POS) interface. This is essential for a streamlined checkout process in-store and reduced abandoned carts online.
If customers choose to shop in-store, your staff can help them checkout soon and offer personalized rewards during checkout. In addition, a multichannel shopping experience allows customers to pick up from where they left off.
Some of the fulfillment options include:
● Picking up the products by the curbside
● Having them delivered home
● Browsing and paying for products online and picking them up at the store
● Experiencing products firsthand at the store and purchasing them online later on
Priority’s Retail Management Software integrates with multiple POS terminals and commerce channels to provide an omnichannel experience online and offline. By allowing customers to shop where and how they want, you will create a frictionless shopping experience that boosts sales and revenue figures.
2. Look for features that prioritize business continuity.
According to a Forbes research study, 83% of risk managers have updated their business continuity plans in the past year. The study lists several potential threats to business continuity ranging from financial crises to disruptions to the connected world.
A business continuity plan is essential to mitigate potential risks, one of which is downtime in sales due to electricity outages or disruption to internet service. Carrying out business as usual during such times is essential to keep sales revenue flowing.
In other words, your retail management software should support payment processing in offline and disconnected modes for business continuity.
Priority’s Retail Management Software works flawlessly in both connected and disconnected modes. Once connected to power/internet, all the data is synced to the centralized GUI-driven, cloud-based Head Office management console. The unified database is constantly updated, even during temporary disruptions. As a result, your sales counter or eCommerce checkout page can continuously process payments, leading to enhanced profits.
3. Make sure POS terminal installations are scalable.
58% of consumers revealed that past customer service influenced their decision to purchase in the future. Delays during checkout, waiting in line, and billing errors contribute to customer dissatisfaction. In other words, ensuring a seamless shopping experience at retail stores is essential.
When retailers expand their business and witness a growth in the number of customers and footfalls, the need for additional POS terminals increases, this is especially true during holiday seasons and festivities, when shoppers often swarm stores, leading to congestion at billing counters. If customers wait long at the cash counter, they may abandon the cart and leave before checkout.
Priority Retail’s unified commerce solution has a modular structure that helps you add POS terminals at will. There will be no sales downtime, and it enables your staff to attend to a large number of customers simultaneously. In addition to traditional POS solutions, Priority also offers self-service kiosks, thanks to which customers can check out quickly. This eliminates overcrowding, reduces labor costs, and improves your revenue.
4. Look for robust demand planning & inventory forecasting tools.
Your retail management software should be equipped with a robust demand planning & inventory forecasting tool. Demand planning helps you forecast future customer demand and manage your inventory and production accordingly. This allows you to prepare for your long-term needs accurately.
Important features include:
● Analyzing historical data
● Using machine learning and predictive analysis to make forecasts regarding demand
● Gain insight into market trends and drive bottom-line value
● Take both risks and opportunities into consideration
An inventory forecasting tool helps you understand
● When reorders may occur
● How to avoid overstocking
● How to stabilize your supply chain process.
With clear metrics in hand, you can efficiently liaise with vendors and suppliers to ensure seamless stock replenishment. You can boost your revenues by ensuring that no order is delayed or rejected due to the non-availability of stock and that excess products do not remain in the inventory when there is no demand.
5. Retain high-value customers with loyalty management
82% of companies interviewed in a survey said that retaining existing customers is cheaper than finding new ones. In addition, loyal customers are likely to spend ten times more than their first purchase. Most importantly, reducing your churn rate by even 5% can enhance your profitability by 25 to 125%. These figures prove that retaining high-value customers with loyalty programs that appeal to them is essential. The trick is to find loyalty and reward programs personalized to each customer.
Priority Retail’s customer loyalty platform helps you personalize loyalty programs, assign points, and seamlessly redeem gift cards, even during your store’s most crowded moments. Its sophisticated promotions and gift card management ensure that your customers feel rewarded for continuing to do business with you. The results are reduced churn rate, increased customer spending, and enhanced profitability.
Choose a retail management software that centers revenue generation.
Retail management software is a specialized tool to help retailers manage their sales and inventory and process payments. Although some of its features overlap those of ERP and CRM, it is more targeted toward the daily operations of a retail business. It prioritizes a multichannel shopping experience and ensures business continuity regardless of internet connectivity or electricity availability.
NRF 2023
NRF 2023 takes place from January 15 to 17 at the Javits Center in New York. The show brings together a wealth of retail professionals from all sub-industries to network and explore the latest digital innovations in the industry.
With 800 exhibitors and over 100+ sessions, the NRF 2023 Expo is where the retail community goes to get breakthrough ideas.
The Priority team will be at Booth #1354, showcasing our all-in-one, omnichannel retail management system that helps retailers scale their business, boost productivity, and
accelerate sales to gain a competitive edge.
Book a meeting with Priority at NRF to discuss how we can help you provide your customers with a multichannel shopping experience, manage personalized loyalty and rewards programs, streamline your business operations, and ensure business continuity.
