THE SPECTRUM OF RETAIL SOFTWARE: FINDING THE PERFECT MATCH FOR RETAILERS
CONT‌ The retail industry has long been a leader in embracing innovation and change. From the introduction of mail-order retail with the Sears, Roebuck catalog in the early 1900s to the showroom business model, and even online shopping, the industry has reinvented ways to sell retail items to their customers. Now, however, the massive migration of consumers to online shopping has left retailers at a crossroads where only innovative, technical solutions can help excel the industry further. Retail software has long been a part of the industry, and there are certainly a myriad of programs out there today currently assisting the large enterprises, as well as the mom-and-pop ventures manage their businesses. However, with so many products out there and technology advancing all the time, it may be overwhelming to understand just what retail software options there are. This article is aimed to offer a quick overview of the latest in retail software features and how they can benefit the modern retailer.
E-COMMERCE SOFTWARE E-commerce software is one of the most common types of solutions when it comes to the retail industry. E-commerce software is incredibly useful as it bridges both online and offline consuming, and is one of the more cost-effective solutions compared to other software. E-commerce allows retailers to not only showcase their products on a much larger scale, but also provide quality customer service to their customers that caters to their busy, on-the-go schedules. Some of the key features of e-commerce platforms include the digital product catalog, product search options, online ordering system, personalized digital shopping cart, inventory management, customer management, and payment processing, as well as integration with other legacy programs that retailers are already using.
CONT‌ The digital product catalog is useful for displaying the various types of product that is available in at both local stores, where customers pick up the product themselves, or from retailer product hubs around the world. The intuitive nature of modern e-commerce platforms makes it easy for retailers to add and adjust the price, description, and other features of the product, while customers are able to learn more about their potential purchase and make the best buying decision. The search feature remains one of the most valuable tools in e-commerce as it allows for customers to find exactly what they are looking for instantly, but also allows retailers to show similar or complimentary items that open up more of the inventory to potential buyers. Search algorithms are constantly refined by developers to offer the most intuitive and useful experience, and integrated filters allow guest to narrow down their search to the exact model of a product they want, allowing for greater guest satisfaction.
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Ultimately, the end of the e-commerce funnel is the most important part: the payment processing software. The electronic transfer of payment is the very foundation of e-commerce and has drastically redefined the retail industry. Retailers can now make sales at all times of the day, from any location on earth, eliminating anytime that assets are not being used. This software, while simple in concept, is anything but, as it has to not only process the payment, but also must secure all information to ensure that customer’s vital credit card, PayPal, or banking information is not accessible to parties not involved in the transaction. The latest developments in payment processing allow retailers to confidently process sensitive information, and integrate with other programs to automate much of their sales and inventory process.
INVENTORY CONTROL SOFTWARE Speaking of inventory, inventory management has been a pain point for retailers for ages. Space is a valuable commodity and quickly knowing what products are where, how much storage real estate it is using, and how far along in the shipping process they are, is crucial to streamlining and optimizing business activity. The latest in inventory software leverages everything from AI and predicative analytics, to internet of things (IoT) and RFID tracking to give retailers a complete understanding of what their product supply and flow look like. One specific industry that leverages time-sensitive inventory control are convenience stores and groceries, which deal with perishable product that is constantly rotating. Inventory software allows both of these types of retailers to orchestrate their inventory flow with specific time variables to ensure that food is always fresh for their customers.
POINT OF SALE SOFTWARE •
A staple in the retail industry is the point of sale (POS) software. It has automated and modernized the standard record keeping and payment process to allow for greater accuracy, faster payments, and provide real-time information on how well specific items are selling. Many software companies, such as BigCommerce, provide SaaS-based POS solutions for ecommerce, while others still assist with on-premise terminals.
RETAIL MANAGEMENT SOFTWARE A category all on its own, retail management software can make the whole process of transactions smoother and easier as it bridges the various software systems to allow for businesses to understand the whole nature of their business from production to sale.
FUTURE OF THE RETAIL INDUSTRY AND THE ROLE OF RETAIL SOFTWARE IN IT •
Technology is changing the world every day, and retail is certainly no exception. Yes, ecommerce is altering the retail landscape and moving away from traditional brick and mortars, but with modern retail software small businesses and retail owners are able to scale their own business and compete in the new, larger market. Data will play an even larger role in the growth of the industry with zero-party data becoming incredibly useful to retailers and brands that are looking to foster more engagement with their customers.
CONT‌ • Additionally, algorithms and AI would have a big impact on the future of the retail industry as more and more aspects of the business are automated to ensure streamlined activity and better service for customers. Lastly, customizable software solutions and integration will become more and more vital to company success. Companies, like Chetu, which offer custom retail software solutions services, are the key to creating fullyintegrated systems that will advance small, medium and enterprise-level retailers.