Month: November 2021

Retail Management Software: Changing the way to manage your retail store

Retail Store / By
Retail Management Software

Switching to Retail software solutions has become needful in this digital era. Because with the help of the best retail management system, you as a retailer can bridge the gap between eCommerce and traditional retail stores. 

Retail management software can help you in delivering phenomenal customer experiences. And it can compete with your competitors explosively. You can easily manage your store process, automate manual operations and assist with the best services with minimal human interaction. 


Retail Management Software


Some Facts & Figures

Before we start with the benefits of management software, here are some statistics based upon current customer behaviour

  • 87% of Buyers generally leave retail stores if they do not get their desired item or better assistance. 
  • 30% of customers wait less than 120 seconds to decide if their required product is in stock or not. 
  • 78% of purchasers will despise using a retail store if they get three late or incomplete deliveries. 

On that account, a traditional business must undergo a vast technological switch to match the changing pace and reach top-notch higher than competitors. 

See how it can benefit your retail business in so many other ways also. 


Advantage of superior Retail Management Software

Seamless process 

With the best retail software, you can easily access a product’s price, availability, stock location, and more through a customisable POS screen. You can easily access clients’ profiles, manage innumerable tenders and payment systems with a single click. 

Enhance productivity and minimise errors

Retail management software will help you in organising, simplifying and automating complex daily business operations and transactions. It decreases manual activities, which cause fewer human errors. Meanwhile, your talented team can work on other essential tasks that can increase your business’s productivity. 


Manage marketing programmers

Top-class retail management systems assist you in planning promotions, predicting their performance and analysing the results. So that based on reports you can run discounts at the time of sale. By using this data, You can retarget your customer base also via different marketing channels.


Retail Management Software


Types of Retail Management Software

Do you know? As per Statista, retail eCommerce sales will be nearly $5.4 trillion in 2022. 

Popular platforms like Shopify, Big Commerce, WooCommerce etc., are the best examples of retail eCommerce. To manage inventory, customer relationships, and marketing things, they also used retail management software and got success. 

To help you select the most valuable tools for your retail business, here’s what you should know:


Retail Transaction System Software

It automates your payment procedure with financial banks. Its main functions are maintaining online payments, keeping a record of payments, invoice generation, transaction reports and reconciliation with the bank.


Retail POS Software 

Retail point of sale software helps in inventory management, financial processing management, discount management etc. There are two types of POS software: Desktop POS systems and the second is Mobile POS systems. On computers, you can install Desktop points of the sales system. They are more robust and seamless. With mobile POS solutions, you can perform transactions efficiently anytime, anywhere from your smartphone. 

We can take an example on Kiosks. It is the most popular POS solution in the restaurant business. A client can place an order, pay for the same without any involvement of the cashier. Reducing waiting time, decreasing long queues, and enhancing order items are the benefits of using this software. 


Retail inventory management software

Inventory management systems automate the procedure of stocks. With this software you order, inventory updates get synchronised with the system, which supports you in taking well time decisions in your supply chain area. 

You get tracking technologies, barcode scanning, and many more features if you opt for a retail inventory management system. 


Retail Management Software

To be the best retail businessman in the house, you can opt for complete tech-suite management software. It integrates with many elite tools that efficiently manage retail activities—like inventory management, making invoices and bills, customer relationship management, marketing management, generating the report, data analysis, stock verification, and much more. 

 In this way, you will have all data in one place, which will produce transparent and relevant information about customers, products and finance so that you can make the right decision for your business in real-time. 


Retail ERP Software

Various industries, including retail businesses, can use Enterprise resource planning software. This software module grabs customer data like gender, age, location, contact details. With this information, you can make marketing campaigns accordingly and improve your sales. Its supply chain and project management systems help in maintaining warehouses, orders and lifecycle of products. If you opt for this retail solution, you can help third-party systems develop the same modules based on your requirements. 

Moreover, A software development company with great experience creating retail management software can help you build robust retail management software. With a complete tailor-fit platform, Xecute plus can successfully help you with Retail ERP, POS, and management software.


Contact us for more details. 

Top 5 Questions you should ask before opting for a retail store

Retail Store / By
retail store

Choosing a retail store is a daunting task for all entrepreneurs. If you pick the right one, 50% of the store’s success is confirmed. But by picking up the wrong one, you will undoubtedly fail. 

Product quality, management, customer service, delivery time etc., play their parts in retail store start-up. Yet the fact that location is the paramount aspect in your business. The wrong location can single-handedly ruin your retail business. 

So, as a retailer, you should choose your location according to your target market. Take a store where your customers are and grab better chances of finding success. Analyze other factors like cost, space available, transport service, etc., and then decide. 

There are some questions you should ask yourself when you are examining different properties and locations. These questions will help you in making your decision a lot easier. 

retail store

5 Questions To Ask While Evaluating Locations

Is it close to your target audience?

It is essential to select a location where the most number of your target market works or live. Let’s say, if you are selling cosmetic products in an industrial manufacturing zone, will it make sense? Maybe a few girls come there some time, but your business will not get a boost. 

All you need to do is research for your target consumer then search for locations. 

Is the space accessible 

You will need a space with pedestrian and car access and a vast parking lot upfront because other business-related people will also visit your store other than customers.

Since you are opening a retail store, you’ll need inventory from manufacturers and other retailers. And you will get this in large vans and trucks. That is why there should be enough space for these vehicles to park and workers to offload the items. 

Will you be able to shift right away 

You will not believe it, but most entrepreneurs indeed forget to check if they can move in right away or not. They usually forget that they need to renovate and moderate retail stores according to their business requirements. It may be adding or moving some shelves, breaking a wall, replacing fixtures, repainting, reinstalling flooring, and another refinement, which will usually take time. So to start your store at the planned time, it is essential to ask for a shifting date and analyze renovation charges before opting for a retail store. Moreover, if you are renting, you can negotiate with your landlord for the amount you spend on major repairs. 

How much local competition will you face?

Sometimes competition assists similar businesses to prosper. And sometimes it can also. It all depends upon what type of business you are running. For instance, if you are running a clothing store, your store must be in malls or some reputed market area. Where you will find other apparel, jewellery and accessories shops also. In this way, if someone is looking for only one thing, it can be either clothes or jewellery. There are 99 % chances that customers will visit your shop also. In other cases, running a grocery store will be a massive competition in engaging customers because other shop owners can be old players and already have a client base. It will be daunting for your business to survive. That is why we advise you first to check your business type, accordingly check the locality and then opt for a retail store. 

What are the terms and conditions of the contract?

Whether buying a retail store or taking it on rent, make sure that you pay close attention to the lease conditions. 

Especially if you are renting, always check if you are going for a long time or renew it every year. It is essential to know because a long term lease means you will pay a fixed rent amount for a long time, and rent rising will not affect it anytime. A short-term lease is more flexible, but the landowner can change the rent rate anytime if he sees your business growth. 

retail store

Conclusion 

Opening a retail store is difficult, but managing it is more complicated. For that, you should opt for retail store management software from a reputed company. Xecute plus offers you the best ERP solution to manage your retail store easily. We have an innovative approach that enhances efficiency and reduces time and cost with advanced solutions and flexible consulting services. 

Contact us for more details
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