Every single individual on the planet has a different set of ideas, thoughts, and perspectives regarding any specific thing, similarly, every industry in the market has different needs and visions. To fulfill those varying needs and visions, a perfectly tailored solution is required. Retail management solutions are being developed and integrated into various retail businesses at a rapid rate.
While it is trendy for numerous software companies to describe their products as a solution, in reality, they are nothing but a set of tools, and the key to successful implementation and use is to choose the right retail software for your specific requirements. If you develop a custom retail solution that fulfils the varying needs of the business, chances of success improve drastically. Over the years, the need for integrated retail management solution has increased as it delivers feasibility and enhances the cash flow.
What are Retail Solutions?
A software specially designed to manage the retail business process and pump up the sales with its functionality and features is termed as a retail solution. These software solutions can consist of various hardware that helps along the process. It offers various features like inventory management, retail customer relationship management, and much more.
When you get a solution that is specially designed as per your business’s needs, it is termed a custom retail solution. Along with a ton of benefits, it comes with a great set of strategies, reporting, etc., that deliver great insights to the business to plan ahead.
Since the evolution of various technologies such as AI and ML, users have got almost everything at their fingertips, which makes them impatient, and they don’t want to wait in line for anything. A retail business that operates on traditional methods is not liked by these customers. On the other hand, a business with an integrated retail management solution has an automated process, an organized inventory, and a ton of satisfied customers.
The number of integrated solutions for retailers is increasing as there is a surge in demand. List your ideas, research the market, work out a plan, find a development partner, and you will have an integrated retail business solution that will help the business in a number of ways.
Types of Retail Management Solution
These business solutions exist in various forms based on the processes involved in the retail sector. Such solutions deliver feasibility to the overall business by automating or simplifying the operation process. There are some common types of business solutions in the retail sectors, like omnichannel and ERP software, but here are the most in-demand types of retail business solutions.
1. Inventory Management Solutions
Retail order management solutions are the most popular ones in the industry as most of the retail businesses face difficulty in managing their inventory and end up with a bad review from the customers. These solutions are designed to organize the inventory to facilitate a smooth workflow.
2. Point of Sale (POS)
These types of solutions are ideal for physical stores that involve a combination of payment devices, barcode scanners, RFID tags, etc. You can use it to automate the checkout process as the cashier doesn’t have to manually calculate the final price, just scan the barcode, and the software will display the amount to collect.
3. E-commerce
Every store in your vicinity must have a website or a social media page where it sells its product to a wide range of users. In the current times, e-commerce is the trend that facilitates a decent amount of profit along with a wide array of customers. Being on the internet opens up a ton of opportunities for your business. These solutions offer product catalogs, easy search options, easy checkout, payment options, inventory management, marketing management, etc.
Top Benefits of Using a Custom Retail Solution
Any custom solution that belongs to any sector of the market is built by taking the business and its targeted audience into account. This simply means the software will tackle every challenge the business is facing and help them achieve a set of expected results. For instance, a retail order management solution delivers the feasibility to manage the inventory and the order flow, which ultimately enhances revenue generation. Here are some of the top benefits that come with a custom retail solution.
1. Intelligent Stock Management
An integrated retail management solution with a cloud-based module is capable of handling the stock or inventory management with ease. With this solution, you can easily manage the inventory, and the staff of the business can instantly get a number of information about the stock. Inventory is an important part of any retail business, and with smooth inventory management, you can focus on various parameters of the business. A perfect retail order management solution can be beneficial in achieving a smooth workflow along with a decent profit.
2. Smooth Workflow
With a strong retail business solution, product management becomes much smoother. Defining retail prices, costs, discounts, catalog management, along with other important export and import operations, becomes easier if you go with an efficient solution for your retail business. With this system, you can streamline all key business processes and continue a seamless workflow that leads to a profitable business result.
3. Smart and Feasible Payments
As per a study, it has been found that a visitor is more likely to abandon the site at checkout and on the payment page. Following this situation, it is desirable to make the payment procedure more user-friendly. Another aspect of the checkout scenario is smart payment methods that allow users to pay in a few seconds with their cards, phone wallets, etc. The more payment options you can offer, the more convenient it will be for visitors to buy from your website/store. An ideal integrated solution for retailers comes with a number of options that allow the business to configure it as per the needs.
4. Gather Customer Loyalty and Enhance the Client Retention Rate
A retail management solution offers impeccable features that are great sources to get more customers and clients that exceed your imagination. For instance, a simple point of sale would not only improve your business revenue chart but also make customers happier and more satisfied with your great services. Hence, you can easily build unbreakable and strong trust with your customers. The happier the customers are with your services, the more opportunities for the company to grow. With a strong business solution, it is easier to retain invaluable old customers in addition to reaching new customers or customers.
5. Impeccable Data Security
In retail, there is numerous kinds of data that a business has to handle on a daily basis and some of that consists of personal information of the buyers such as card numbers, contact info, address, etc. Hence, as a responsible business, you need to maintain your customer’s records with security. With custom retail software, you can easily maintain the records with an added level of security. However, the level of security can be scaled easily if the business expands further. These smart solutions come with encryption and network segmentation to limit any damages further.
6. Be Available 24×7 for Your Customer
Customers are more loyal to a business that shows a little commitment towards them. For instance, there are store A and store B; store A is available for the customers whenever they have a query regarding their products or services. If not physically, they deliver solutions to the customers with the help of an AI-based chatbot or a virtual assistant.
On the other hand, store B has a time constraint; they only serve for a specific time and solve customer’s queries only during business hours. There’s the difference between being available 24×7.
With an integrated retail management solution, you can ask for a chatbot or a virtual assistant that answers the queries of the customers 24×7.
7. Keep Track of Your Employees
In traditional retail businesses, the employee’s attendance is recorded either on to a register or punch cards, but now with a retail software solution, you can easily track the attendance of an employee. Apart from the attendance, you can easily manage their payments and other factors associated with the compensation. These systems allow you to precisely track every detail related to employee management. With added functionality, you can easily check the performance reports of the employees and easily decide on internal matters such as promotion and more.
8. Own Every Inch of the Software
Many retail businesses find it easy to go with an off-the-shelf solution for their business. Later they end up with a hefty load of fees on their account that must be paid to the company providing that solution. However, with a custom retail solution, you get to own the software without any hassle. You don’t have to pay any fees; you don’t have to worry about restricted access and more. Apart from all these factors, you can customize it further as per the progress of the business.
Ready to Build Your Custom Retail Business Solution?
The number of benefits a custom retail solution can offer you keeps on increasing with technological advancement in the industry. It gets you the feasibility to mold it as per the business’s needs. The current market scenario shows an increase in the demand for such solutions as they have significantly improved the workflow and the cash flow of numerous businesses in the retail sector.
Matellio has developed several excellent custom retail management solutions for businesses. Our team of proficient experts and engineers is equipped with vast professional experience. We deliver extreme custom solutions for business that fits like a puzzle with their professional needs. Our quality of the delivered solutions is the reason we have a high client retention rate in the market. Discuss your idea of a custom retail solution with our experts on a 30-min free consultation call.
