3 Technologies That are Transforming Retail
Every business owner ought to be familiar with what people are looking for in today's market. Despite the consumer’s emphasis on the level of service offered, many companies remain idle on the sidelines of business IT development, forsaking the performance and ease of use available, so long as enough people are using their service or product.
This can be a costly mistake in the modern market, where hungry competitors vie for your business around seemingly every corner. The constant digitalization and modernization of today's retail environment continues to bring important developing technologies to the forefront of a decision-maker’s considerations. Those who refuse to adapt, improve, and modernize will quickly find themselves falling behind.
Speed, agility, and operational effectiveness aren’t bonus points to be scored; they are critical to maintaining a competitive advantage. These traits can be achieved through streamlined processes, reduced manual effort, improved organizational visibility, and more efficient point of purchase capabilities, all of which can be achieved through the implementation of a system that supports the processes.
CRM Front End Management
With the onus on retailers to establish better, more direct relationships with their customers, many have implemented customer relationship management systems to improve their sales team’s ability to engage with customers, returning or otherwise.
Up until this increased rate of adoption, retailers had little means of tracking the relationships they were fostering with regular customers, but many considered it a non-issue. It has since become evident that engaging customers with loyalty programs and more targeted marketing based on collected data allows business to outperform those companies who chose to ignore the benefits as hearsay.
POS System at the Point of Purchase
Today, even something as small as a cash register has developed into an internet enabled powerhouse of functionality. Far from their origins as locked draws with spots for money, the cash registers of today are more than the sum of their parts, often integrating with business computers through software systems, known as ‘point of sale’ (POS) systems. Because they are often equipped with barcode scanners and integrated with other business systems, the POS system can collect important real-time data pertaining to inventory, the rate of sale, consumer trends and more.
Beyond inventory and consumer trends, POS systems benefit your company’s customer management capabilities by helping business owners understand who their best customers are and what products they purchase. Because customer purchase histories are readily available, recommendations for further purchases can easily be continued at the point of sale.
An ERP Back-End System
These two systems bring us to the third, which encompasses both the customer relationship and point of sales systems. By combining those two elements with back-end management capabilities like inventory and finance management, your company gains access to rich features, functionality, and accurate data. These, in turn, have a positive impact on the company, improving organizational efficiency and decision making effectiveness. With an ERP system for your retail store, you can strengthen your capabilities and improve the business workflow, organization wide.
With this comprehensive and efficient approach to business software, an ERP system managing your back-end systems can provide your business with must have traits. These traits include improved flexibility through cloud implementation, inventory management for more effective fulfilment, finance controls for more accurate billing, and easy access to purchase orders, sales orders, and more. Because the system also integrates with your other key systems at the front end and point of sale, an ERP system for your retail business can provide team members and previously disparate departments with a greater sense of unity.