Guide to Retail Software Solutions: Digital Transformation Strategy

GUIDE TO RETAIL SOFTWARE SOLUTIO NS: DIGITAL TRANSFORMATION STRAT EGY Retail Software: Modern Solutions for Modern Business

What are Retail Software Solutions? â– Retail software solutions help companies stay competitive and help manage the finer points of the retail industry, such as inventory management, e-commerce and payment processing. Retailers leverage all three to ensure that they are not only keep up with business demands, but also expanding their reach and revenues. â– Inventory Management, as the name suggests, allows business to better control and understand their inventory flow. Whether it is to conserve warehouse space, understanding how much product they have left, tracking shipping orders, or ensuring the quality of perishable goods, inventory management automates, forecasts and analyzes these vital industry practices for retailers.

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■ E-commerce, a newer software solution to the retail industry, opens up the market to the digital realm, allowing retailers to promote and sell their products online. Not only does this make shopping easier for consumers, but it also expands the reach of traditional retail outlets to beyond the brick and mortar store fronts.

■ Lastly, payment processing or need point of sales (POS) software is designed to effectively manage payments, secure vital information, allow for a real-time look at what products are moving and keep costs down. POS systems are broken down into two categories, on-premises POS systems and cloud-based POS systems.

Software for Small Business: Why Is It Important? ■Software for retail offers small businesses a cost-efficient means of improving their operations. Retail digital transformation enhances the quality of services, increases profits, and produces long-term customer satisfaction. A recent report by Staticia shows that consumers are becoming more impatient as 87% leave if an item is unavailable, 78% won’t use a retailer after three late or incomplete deliveries, and 30% wait two minutes or less to learn if an item is in stock. Software advancements are imperative if brick and mortar stores want to compete in today’s market.

Basic Software Featuresâ– There are three primary retail software features: automation of store tasks, real time visibility, and improved customer service. Automating tasks allows small businesses to save time on essential chores like bookkeeping, price regulation, and maintaining inventory. Visibility allows owners have complete control over their warehouse and store floors with real-time stock identification and sending automated refill orders.

Less time spent on tedious tasks means more time spent with customers and enhanced customer service.

FIVE STEPS TO CREATE A SOFTWARE FOR RETAIL A successful digital retail transformation strategy is built around five key steps.

Step 1: Choosing the right vendor. â– Small businesses should choose a developer that specializes in retail solutions to reduce misunderstandings. Software companies that work with retailers understand your concerns and cater to your needs. These companies will know whether a small store needs cloud or on-premises hosting based on experience, not budget.

Step 2: Planning â– Consulting vendors on a retail digital transformation strategy can take two to five weeks as you determine what functions your business needs. Careful planning is required to reduce disruptions as time and labor are always of the essence.

Step 3: Implementation â– Depending on the scale of the overhaul, implementation can take between a month and a year. You aren't just upgrading your technology but also overhauling your company culture. Staff will have to be trained on new procedures to best leverage the software.

Step 4: Testing â– Rigorous testing will occur alongside your implementation process. Ensuring a smooth transition requires making adjustments and being prepared to react to unpredictable bugs.

Step 5: Maintenance â– Once your new system is live, your software provider needs to be prepared to offer support and maintenance.

How POS and Retail Solutions are Key to Your Digital Transformation Strategy â– A POS doesn't just provide daily sales transactions, but is rather the frontline between a customer and a sale that allows businesses access to analytics, reporting. Furthermore, the integration of inventory management and e-commerce software allow for more automation and efficiency on the back end as well as embracing omnichannel retail, or tailored channels to target your customers. The modern retailer has to be fast, efficient and sleek, and your software reflect what your company stands for.

Chetu, founded in 2000, is a global provider of customized software development solutions that combine technological expertise, domain experience, and passion for excellence to deliver enterprise-grade software for retail to start-ups, SMBs, and Fortune 5000 companies. The firm provides custom software solutions for CRM (Customer Relationship Management), HCM (Human Capital Management), POS (point-of-sale), billing, and inventory platforms.