Retail Management Systems Boost Efficiency to Increase Revenue

An increase in the efficiency of the various aspects incorporated in retail industry through the use of retail management software boosts the efficiency of retail companies to increase revenues. This is simply because these systems have the capacity to reduce the costs, create extra revenue and to streamline as well as optimizing business processes. These systems also offer lots of solutions from POS to logistics, Loyalty to ecommerce, customer services and much more.

Importance of integrated retail systems

An ‘Integrated’ Retail management software offers a number of benefits to you and your retail business. These benefits include:

• Saving time and money- when you choose to use retail management software to manage your retail stores, manage your warehouses as well as your business sites, you will save both time and money. This is simply because these systems are fast and also reduce costs to be incurred.
• Reports- the systems are able to reflect your entire business history through the use of reporting and management tools which are very accurate.
• Auto-update data of in-stock and out-of-stock quantities are adjusted automatically whenever you transfer inventory.
• Purchasing decisions- Better inventory planning and forecasting methods for optimal inventory replenishment methodologies. You can make your business purchasing decisions across your retail chain including your online sales.
• Customer experience- you can automatically set up your customers’ accounts online and give them an extra way to shop with you. Loyalty customers can view their accounts online. You can also be in a position to keep in touch with your customers by the use of integrated marketing tools such as emails newsletters and promotional discounts. If customers account history is essential, the use of retail management software can make it possible for them to view their entire history online including their online and non-online purchases.
• Integrated ERP – Choose a retail software that allows you to integrated with vast range of ERPs available in market for an effective enterprise accounting management. For example, start with an SME ERP like SAP Business One and migrate easily to SAP Retail/ All-in-One/ R3 easily without changing your retail systems.

Shopper engagement at POS

There are a number of options that you can use to enhance shopper engagement at POS when using retail management software. These include:

• Loyalty- you can deliver genuine rewards to your customers by running a customer loyalty programme. You can further build shopper satisfaction rapidly by focusing on quick access rewards.
• Appreciation- you can keep track of your shoppers and what they buy and latter show an appreciation through a text, email or even a letter. This will greatly help them appreciate your business.
• Promoting at touch points- continuous promotions on customer receipts, customers’ accounts and point of purchase customer displays will lead to growth of your business.

Effective loyalty systems

Applications such as iVend Suite of Retail applications includes an enterprise grade Loyalty System that can enhance your customer engagement and provide greater customer satisfaction. The applications are designed with specifications that allows them to integrate with other applications by use of universal and neutral web services based APIs. This can greatly increase your customer retentions by bringing them again and again.

Multi-channel retailing

You can easily increase your customers’ satisfaction as well as your profitability by use of multi-channel retailing software. This is because you will have increased your customers’ interactions and retailing services and hence enhances your customers’ loyalty as well as the number of times they come shopping at your retail. You can also use this software to link your touch-points with your customers, through buying opportunities like catalogues, ecommerce platform, phones and multi-stores. You can also personalize customer’s contacts thus making each customer feel valued.