5 ways to propel your Retail business forward

As more and more business owners are recognizing the profitability of online sales, retail business software is becoming increasingly crucial to their revenue. Of course successful online sales require a comprehensive e-business system, but even brick-and-mortar stores today rely on retail business software to stay competitive. Brick-and-mortar stores now must compete not only with one another, but with e-commerce venues and with the online sales of other brick-and-mortar stores.

Retail management software allows for greater efficiency- meaning increased revenues. The right software will not just maintain your current revenue. Your businesses will experience growth both online and off if you take full advantage of the business technology available today.

Using retail business software to build and manage your e-commerce, optimize your POS, offer loyalty incentives, and streamline your sales process pays off not only in the short-term. As your customer base grows alongside the retention rate of your existing customers, this software is key to long-term growth and profitability. Here are five ways you can use business software to propel your company forward:

1. Take advantage of the tools offered by fully integrated retail business software

• Use business software to manage not only retail stores, but warehouses and websites. This will save you both time and money.

• Use the reports generated by retail business software when making business decisions; they provide the most accurate picture of your retail sales.

• Automatically adjust your inventory numbers electronically.

• Enhance your customer experience. By allowing your customers to create online accounts, not only do you gain online sales- you also have increased access to your customers. Many retailers boost sales through online newsletters, exclusive discounts, and loyalty programs.

2. Engage your customers at POS
Make the sales process both easier and more engaging for customers. In addition to streamlining the physical sales process, software management systems gather POS data that’s mutually beneficial to merchants and customers. Customers appreciate access to their purchasing history, and business owners glean invaluable information from POS data collected. This software allows you more touch points at which to further promote sales: on receipts, via email and/or individual customer accounts. Use retail business software to recognize repeat customers so they feel appreciated. And whether you deal in products or services, the POS analytics provided by retail business software gives you the numbers with which to analyze your customer’s buying habits and judge the success of your sales process.

3. Create and maintain effective loyalty systems 
Follow the successful business trend of building loyalty reward programs. Those who buy from you often should be rewarded for doing so. Loyalty programs offer to develop relationships with the customers by offering two benefits, Financial benefits that increase the customer’s satisfaction & Social benefits that increase the retailer’s social experience with the customer. This can be done through loyalty cards, online accounts, clubs, coupons or discount incentives.

4. Become a multi-channel retailer 
In the wake of the economic recession, sales have generally fallen- unless, that is, you’re looking at online sales. Online retailers have actually been enjoying a sales increase since 2008. Although brick-and-mortar stores have not reported much growth at all, companies who sell online are growing at a steady rate. With an average increase in online sales of 19%, multi-channel retailers nationwide now have incentive to reallocate their budget toward e-marketing.

 5. Track the retail moves with Business Intelligence
More and more consumers are using the Internet to investigate products they later purchase at brick-and-mortar stores. Retail analytics in integrated retail software will give you a picture of your consumer base, their purchasing habits, and the overlap between their online activity and their purchases in-store.

By now you have an idea of the importance of fully integrated retail business software revenue-boosting resource. Following these five guidelines will ensure that your business becomes part of the retail sector that’s booming-not declining.