Retail management is
one of the brightest and most potential industries today, dependent on a
variety of aspects—the nature of retailing, product, business environment, customer
relationships and more. People expect a more proactive and intuitive shopping
experience from retailers, be it online or offline in stores. With online
shopping gaining huge momentum in current market, there is a stiff competition
among retailers worldwide to attract and retain customers by understanding
their varied requirements and personalizing every transaction. Thus increasing
the store revenue by improving their rate of customer attraction, conversion
and retention are critical challenges posed to retailers.
Retail Management
System (RMS) comes as the right solution to retailers that manage both the
front-end customer transactions and back-end store operations of a retail
business. RMS is a highly
sophisticated business management solution for retailers to boost their sales
and take business to subsequent levels.
A basic understanding of the retail business is enough to realize
that supply chain can make or break companies. Retail
management system is a powerful and flexible platform designed for retailers to
effectively manage their day-to-day transactions. It helps straddles the entire
logistics, accounting, marketing, supply chain also enabling inventory planning
at all stocking centers, redistribution centers, vendor sites and points
of sale. This in turn enhances business performance and also helps in providing
essential insights for making accurate demand and replenishment projections; the
net result—more efficient use of resources and higher profitability.
Following are some advanced
features of RMS that will help run business more effectively:
Efficient Inventory Tracking
Retail management system
provides you with an advantage of raising a well-built inventory system, one
that helps you in restocking or dropping critical items as per customer
requirements. The system provides an easy access to goods for customers and
employees and offers the product price, colour, size, brand details. Tailor
made features are available like sale status, pre-labelling status, easy to
import items, backorders and more. Thus RMS helps with an easy to use
application, eliminating manual entry of data into your accounting software and
other applications for report generation and this increases productivity.
Measuring Business Performance
Retail
management system helps to store data and generate reports to analyze the data.
The system provides custom-made reports as per your unique requirements which help
in assessing stock management, business performance, and in business planning. Thus
once you configure custom reporting feature in the system to retrieve personalized
reports, performance of business is analyzed for an improved planning.
Improving Demand Forecast
Retail
businesses run on various promotional offers & trends that vary depending
on different seasons. Accordingly retail inventory system helps in making
decisions along with a little human expertise. They help you in running your business
as per customers’ requirement by predicting accurately the need for various
products as per the season.
Analyzing Shortages of Stocks
A retail
management system keeps an eye on the stock available in store and the status
of shipments to arrive which holds a strong impact on store sales and otherwise
will lead to low sales. If products are not available in store at the right
time or do not meet the customer’s requirement it may lead to poor customer
relationship which affects your customer retention rate. Retail management
system clearly lists out and sends alert message to the concerned supervisor about
stock availability in the store thus helping retailers maintain the stock in
handy.
Distressed Stock in Inventory
Most of
the grocery and edible products in the retail industry come with a limited
period of time to use. RMS will list out exhaustible products in the inventory
that will decompose in nearby expiry date and thus products can be sold soon at
the normal price or with special offers before it expires. This helps retailers
in avoiding loss from distressed stock and thus saves on your store revenue.
Reducing Cost
Retail
management system helps in reducing costs by optimizing order levels, supply
patterns and replenishment cycles. RMS minimizes the labour costs by mapping staff
to focus on managing and selling products more effectively. This helps in the
optimal utilization of resources in store and increasing business productivity
and sales.
eCommerce Integration
Integrating
your retail management system with online store helps your retail business
perform better both online & offline and increase your profits. By
integrating, RMS helps retailers manage their transactions on a centralized
system where they can easily maintain and improve both online and offline functioning
to build strong customer relations.
RMS
software synchronizes the products from RMS to online web store seamlessly. It
is easy to upload product details to your online store and you can download
orders to local system, which in-turn helps you to increase more business with same
products and same resources.