Today’s retail environment, revolutionized by mobile shopping, appears incredibly different and highly competitive than it was a decade ago. Customers have various shopping options available online as brick-and-mortar retailers have also forayed into eCommerce and mCommerce for leveraging benefits of thriving technology. Therefore, it is necessary for the retailers like you to strive for balancing the demand and supply while dealing with an intensifying competition. Customized retail software solutions can assist in your endeavor through handling all complex business operations including Point-of-Sale (POS) transactions.
Comprehensive retail software solutions can integrate every facet of your business ranging from ordering and inventory to buying and searching habits of customers.
Here is your checklist that can remain handy while you opt for tailored retail software:
Well, the first and foremost feature of your retail software is an accurate retail accounting that can reduce human errors while saving a lot of time and money. An integrated solution that covers sales, purchasing, and inventory management along with traditional accounting features like bookkeeping, classifying, etc. The software should enable you to import and store transaction data and to create auditable purchase records. Retail accounting feature also allows you to see a real-time gross profit through documenting assets, liabilities, expenses, and revenues.
Customer Relationship Management (CRM)
CRM is not just a phonebook; it assists you to understand your customers regarding their buying habits and preferred communication methods. The feature is integrated with your retail software, and you can readily connect all the online transactions with your broad marketing and sales strategies.
Supply Chain Management (SCM)
Order management, warehouse management, order fulfillment, returns, and other related functions are effectively handled by supply chain management tools. Here you have got two choices: either go for an all-in-one suite or select a couple of standalone solutions as per your business model. In-built SCM features facilitate supply processes by enabling you to identify when products are low. You can easily manage orders with the help of SCM features.
As a retailer, you know the pain of oversupply and undersupply. Both can hurt your online business badly, and therefore, inventory tracking is necessary. If you want to increase profitability through cutting overhead costs, you need an accounting solution with an inventory tracking feature. The feature enables you to keep a record of products kept in your one store or multiple locations, and you can get rid of an embarrassing ‘out of stock’ situation!
You cannot deny omnipresence in the current era of high competition. Your retail software should be capable of updating each sales channel with real-time information about product availability. If you have an eCommerce website or a combination of physical and virtual locations, then multichannel selling feature can play a vital role in mitigating the risk of selling the same product to more than one customer.
Point of Sale (POS)
POS software can offer not only smooth purchasing experience to your customers but also can give the necessary information to the sales associates. Payment processing, special orders, returns, and barcode scanning are some of the must-have POS features in a modern retail solution. POS features can assist you to locate a product or a previous transaction while offering several options to address your customer’s requirements.
That’s not all. Your retail software solutions should also include reporting feature that can give valuable insights for taking critical business decisions.
You can always bank on IndiaNIC for having custom retail software solutions in easy-to-use and easy-to-learn format. We assist your business to stand out in the crowd through offering a pleasant shopping experience to your customers.