Best Retail Management Software
Looking for a tech solution for running your retail business?
Find the best tool at GoodFirms' list of best retail management software to aid your needs. RMS software is an all-in-one tool that provides overall retail management system solutions; that include a range of operations such as accounting, point-of-sale, CRM, inventory management, e-commerce integrations, and much more. With the help of this retail management system or online retail software, retailers can generate and use real-time reporting to be updated with business dynamics and make smart decisions.
What is a Retail Management Software?
Retail management software is a set of application tools that assists retailers in managing, optimizing, and streamlining their in-store operations and related workflows. The software makes retailers digitally competent, drives more business, and mitigates all challenges that retailers face in their business. The retail management system comes with features such as customer segmentation and history, product, and sales management, marketing, supply chain management, checkout management, POS integration, employee management, and reporting and analytics.
How To Select the Best Retail Management Software for Your Business?
Recent technological developments have eased customer journeys and have created new online venues for customers to buy products. It has become crucial for traditional brick n mortar retail stores to adopt technologies that keep them relevant, competitive, attractive, and profitable. However, selecting the best retail management solution on your own can be a bit overwhelming. This is where GoodFirms helps retail businesses in making smart purchasing decisions. GoodFirms is a leading software research company that connects B2B buyers with innovative software solutions providers. Thousands of businesses rely on GoodFirms’ researched insights and updated lists of software products and services to make informed business decisions. Check the list of the best retail management software compiled by GoodFirm’s research team and use advanced filters, read user reviews, and check features and pricing plans of the top retail management software solutions before you make a purchase.
List of Retail Management System | Best RMS Software
RetailGraph is a leading, next-generation retail chain and wholesale-based business management software. It is useful to track business inventory and manage sales, purchases, accounting, taxes, and invoicing with easy-to-use handy features. Its seamless customer support service and limitless customization capability make it different. Besides this, it offers POS system benefits, promotional activi ... read more about RetailGraphContact vendorMore than 30 days100% in Retail Management Software
Use Retail365Cloud for Easy Billing Software to quicken the process and improve customer satisfactio
Retail365cloud is the specialty retail management software system that integrates the front and back offices seamlessly, enabling you to grow your business. Its innovative modular design allows users to easily manage all areas of operation, including the POS, Inventory, Staff and Accounting. ... read more about Retail365cloudContact vendorN/A100% in Retail Management Software
Shopify POS system is an iPad and iPhone-based point of sale service from Shopify. The application allows you to manage your entire online and physical store business using a unified platform. Shopify POS software is part of the Shopify eCommerce suite, enabling you to take your business and manage it from everywhere. ... read more about Shopify POS$29.00 Per Month14 Days50% in Retail Management Software
Square is a point-of-sale application designed to provide businesses with a reliable and fast POS software system. It enables you to take payments using your iOS or Android devices and can be implemented on the counter or on-the-go. The POS system comes with a free downloadable point of sale software plus a Square magstripe reader, allowing payments via debit and credit cards. It also comes with ... read more about SquareFree versionAvailable30% in Retail Management Software
Brightpearl is the industry-leading operating system for retailers. It is the only one you will need to streamline, simplify and automate your whole business, including inventory management, order management, warehousing, fulfillment, shipping, purchasing, accounting, retail BI, and more. It automates laborious tasks across all your sales channels – from complex order fulfillment and multi-locat ... read more about BrightpearlContact vendor30 Days25% in Retail Management Software
Cin7 is the automated inventory management system for brands that sell or distribute products. It synchronizes stock with sales and orders across every physical and online sales channel and automates order processes for greater efficiency. Omnichannel retailers and wholesalers use Cin7 to keep costs down, margins and cash flow high and stock at the right level as they grow revenue over $500,000. C ... read more about Cin7$299 Per Month14 Days10% in Retail Management Software
Your Clover POS system makes running your business a breeze. Take orders and accept payments. Organize inventory and manage your team. Grow your customer base. All at the tips of your fingers. A retail point of sale system gives you the power to run your entire shop on a single smart platform. Manage inventory and keep track of stock. Accept payments at the touch of a button. Handle returns and ex ... read more about CloverContact vendorN/A25% in Retail Management Software
The one-stop commerce platform for retail, hospitality and golf merchants around the world.
ShopKeep POS software puts your cash register on an iPad. It’s intuitive and easy to use. We were founded by a merchant, so we know simple, powerful solutions beat complicated bells and whistles every time. With ShopKeep, you can accept any form of payment and you get essential features like automatic inventory tracking, employee management and real-time sales reporting anytime, anyplace. ... read more about Lightspeed POSContact vendorN/A50% in Retail Management Software
Inventory, customer loyalty and point-of-sale software for iPad, Android, Mac & PC. Instant setup, grow and manage your business in the cloud. From a single location, to many. Thrive with omnichannel selling options, multi-location inventory management, and a versatile POS solution that meets your business needs, and more. ... read more about Epos Now$39 Per Month30 Days40% in Retail Management Software
Vend is the leading POS software for retail, trusted by over 20,000 small business retailers worldwide. Vend is the leading POS software for retail. At Vend by Lightspeed, we believe in making things easier. Easier for you, easier for your staff to sell and connect with customers, and ultimately, easier for your retail business to get ahead. Optimize your retail operations with our easy-to-use sof ... read more about Vend$99 Per Year30 Days30% in Retail Management Software
DEAR Systems is the one-stop shop giving you more functionality, fewer logins, and lower operating costs. DEAR inventory management software to take your business to the next level. Don’t let tech logistics limit your growth. Evolve, manage, analyze and automate every aspect of your business with a centralized online platform and enterprise-level tools. Leverage the power of multi-module DEAR in ... read more about DEAR Systems$325 Per Month30 Days25% in Retail Management Software
Erply is a cloud POS system for retailers of any size. We offer comprehensive inventory management, a suite of detailed reports, and multi-store functionality. Erply is fast and flexible, making us a long-time partner of several highly successful brands like Sony, Disney, Garmin GPS, Elizabeth Arden, Athlete's Foot, Carat, Rapid Refill, Viasat, UNICEF, United Nations and United States Olympic Comm ... read more about Erply$99.00 Per Month14 Days50% in Retail Management Software
KORONA POS all-in-one point of sale software offers powerful retail, eCommerce, ticketing, and QSR solutions along with extensive hardware integrations. KORONA POS is a scalable cloud-based system. There are no contracts, credit card processing agreements, or fees, only a flat, monthly subscription payment. All set-up, training, and 24/7 support are included in your subscription. KORONA point of s ... read more about KORONA POS$49 Per MonthMore than 30 days25% in Retail Management Software
Retail Pro International (RPI) is a global leader in retail management software that is recognized world-wide for rich functionality, multi-national capabilities, and unparalleled flexibility. For over 25 years, RPI has innovated retail software solutions to help retailers optimize business operations and have more time to focus on what really matters - cultivating customer engagement and capitali ... read more about Retail ProContact vendorN/A50% in Retail Management Software
RetailOps is the culmination of more than a decade of hard work. Prior to RetailOps, our co-founders dealt with the uniquely painful operational challenges of retail first hand, in executive roles that ranged from building and scaling eCommerce technology to driving digital marketing and revenue growth. During that time, we searched high and low for a retail operations platform (commonly referred ... read more about RetailOpsContact vendorN/A40% in Retail Management Software
QueueBuste is a powerful Mobile POS Solution for all kinds of businesses. From large format retail stores to small carts and kiosks, QueueBuster™ has all that you need to run your business like a breeze. Manage your Products, Inventory, Loyalty and CRM from a single location, anytime anywhere! ... read more about QueueBusterContact vendor14 Days20% in Retail Management Software
Meet the leading retail POS software. Built for retailers, by retailers.
The same cloud POS you know and love, servicing start-up to enterprise-grade retail businesses. We're more than just a payments processing software—we get you and grow with you! Propel into the next era of retail with the Heartland family by your side. Heartland, part of Global Payments Inc. (NYSE: GPN), is one of the largest payment processors in the United States, delivering credit/debit/prepa ... read more about Heartland Retail$80.00 Per Month7 Days50% in Retail Management Software
Bindo is a cloud-based iPad POS software system with a vertically integrated eCommerce marketplace. It offers a point of sale software solutions to retail management and restaurant businesses by deploying smart inventory management tools to help in effective tracking of inventory in real-time. ... read more about Bindo POSFree versionAvailable50% in Retail Management Software
Point of Sale & Management Software for Every Part of Your Retail or Restaurant Business
Tillpoint is the multi-award-winning POS & Business Management System capable of running your entire operation. Its innovative modular design allows users to easily manage all areas of operation, including the POS, Inventory, Staff and Accounting. Tillpoint currently has over 25 modules, all of which are included in the subscription plans, resulting in a complete, centralized, and cost-effective ... read more about Tillpoint$29 Per Month7 Days25% in Retail Management Software
Cegid is a robust point of sales software and stores management software for retail businesses. It’s a POS software & reliable management system that also integrates the capabilities of inventory management and customer relationship management applications. The program combines all customer touch points across different platforms to deliver centralized store management and staff monitoring exper ... read more about CegidContact vendorN/A50% in Retail Management Software
NCR Counterpoint is the specialty retail management software system that integrates the front and back offices seamlessly, enabling you to grow your business. Our comprehensive and flexible retail management system solution will manage your business's details so you can focus on what truly matters: your customers. ... read more about NCR CounterpointContact vendorN/A50% in Retail Management Software
Point of Sale Software and Retail Management Solutions for retailers in Canada and the United States. Best for retailers looking for a fully functional Point of Sale solution which includes Inventory Management, Customer/Vendor Management, Reports, eCommerce Integration and Multi-Store Capabilities. ... read more about AmberPOSContact vendorN/A30% in Retail Management Software
Epicor Eagle N Series retail management software delivers power and simplicity to your retail operations. Thousands of small to midsize businesses rely on Epicor solutions to improve efficiencies and grow revenue and profits. We’re here for the hard-working businesses that keep the world turning. They’re the companies who make, move, and sell the things we all need. They trust Epicor to help t ... read more about Epicor EagleContact vendorN/A70% in Retail Management Software
MicroBiz is easy-to-use retail automation software designed to automate manual tasks that can consume operations at independent retailers. Runs on iPads, Macs and PCs. Access your store system any time, any place. Updates included for free with subscription. ... read more about MicroBiz$55 Per MonthAvailable50% in Retail Management Software
PosBytz is your comprehensive platform to manage your Point of Sales. We offer a complete package to manage your business from setting your inventory to accounting & reports. PosBytz supports launching your POS using your Android Tablets and we also provide customized solution with Cash regsiter, printers,scanners and Cash drawers. ... read more about POSBytzContact vendorN/A30% in Retail Management Software
Turn your Retail Small Business into a Customer Focused, Profit Generating Machine
PHP Point Of Sale is originally created for a small tennis pro shop in order to help keep track of sales. Based on the success and feedback from the creation of a system for them, php point of sale continued to grow. It is used throughout the world in many countries and small businesses. We thank all our customers and the open source community for helping this small project become so successful. ... read more about PHP Point of Sale$28 Per Year14 Days40% in Retail Management Software
LivePOS is an Enterprise cloud and chain & franchise cloud POS solution. Ideal for Integrating with Major Enterprise SaaS Platforms. LivePOS harnesses the power of the cloud to give you a powerful, yet a simple-to-use system that is anything short of amazing, just ask anyone of our thousands of customers! Manage inventory, customers, employees, and much more across multiple outlets with a simple c ... read more about LivePOS$89 Per MonthN/A50% in Retail Management Software
BooksPOS makes complex retail simple with all-in-one cloud inventory, POS, Accounting, and eCommerce. BooksPOS allows you to manage all your sales channels, inventory, point of sale and supply chain in one central, cloud-based software. BooksPOS also allows you to run all your franchise network of stores seamlessly from any location. BooksPOS offers a semi-integrated P2PE payment processing ... read more about BooksPOS$29 Per MonthMore than 30 days50% in Retail Management Software
Grow your business with Rain’s all-in-one retail POS system and integrated website. Manage your inventory, customers, and marketing all in one place. Experience the benefits of a retail POS system built to grow your sales, save you time, and future proof your business. The future is bright. ... read more about Rain POSContact vendorN/A50% in Retail Management Software
WooPOS Bundles Together Powerful E-Commerce Tools To Help Customers Manage Their Stores, Transactions And Customers. Our system does it all. Manage inventory, customers, employees and point-of-sale systems across multiple storefronts. You’ll have accurate analytics and over 500 reports to help you improve your business. Easily track inventory and process transactions across multiple storefronts ... read more about WooPOS$99 Per Month30 Days20% in Retail Management Software
Bright Retail PoS Software - retail point of sale software solutions are designed to address the challenges of small & independent aspirants, retailers, and large multi-store retail chains. their sector-specific orientation, built using the latest technologies, assure retailers 'a visible improvement' in customer engagement, by helping them source the right product at right price at the right time ... read more about Bright Retail PoS$215 Per YearN/A100% in Retail Management Software
Ginesys is a comprehensive retail software, running on cloud, It is a one-stop shop that helps grow your business. You can easily manage production, warehouse, retail POS, accounting and Ecommerce fulfilment. If you are caught in the daily grind of making, distributing, selling and wishing for software that just gets it done, Ginesys puts you in the driver's seat and helps you dream bigger. ... read more about GinesysContact vendorN/A100% in Retail Management Software
For a stand-alone retail store or a chain, FusionRetail provides safe & secure retail management system, touch & scan point-of-sale (POS) with billing, barcoding, inventory control, financial accounting & management, chain store management, payroll, customer loyalty program, CRM, MIS and Mobile Reporting. Unlike other retail software, it's simple to setup, use & manage, allowing you to automate ta ... read more about FusionRetailContact vendorAvailable70% in Retail Management Software
Nova is a retail point of sale solution that aids owners and franchisees in managing and improving their business. Founded as a retail consulting company, Nova helps businesses develop and grow their enterprises with a suite of tools and features to help control every aspect of a business, either on-site or remotely. We help retailers grow from one location to dozens and from dozens to hundreds. A ... read more about Nova Point of Sale$89.99 Per MonthAvailable50% in Retail Management Software
Introduction to the Buyer’s Guide for Retail Management Software
Today the idea of a nearby convenience store is not as lucrative as it used to be before the advent of online shopping. The popping up of new competitors from the ecommerce space is making the retail marketplace more challenging and complex day by day. Retailers have to offer an additional quantum of service with advanced technologies to attract buyers into their stores. Successful retail businesses know that -the 'In-store shopping experience' is the only add-on asset they have as an advantage over the online shopping business. For instance, IKEA, the iconic furniture brand, allows customers to see the 3D rendering of its products through augmented reality, and Amazon Go unleashes the checkout-free shopping experience. The French supermarket chain Carrefour uses beacon technology to send in-store routes and promotional messages to customers inside the store. Such success in retail requires businesses to implement an integrated buying experience with software technology and systems that equip them to operate their retail businesses efficiently.
With retail management software, traditional retailers can make fundamental changes to their operating models to provide a robust customer experience that increases store footfalls, customer loyalty, and customer satisfaction. Therefore, this buyer's guide to retail management software is intended to assist buyers in understanding the potential and limitations of retail management software along with its pricing, features, benefits, and usage.
What is retail management?
Today buying online is getting popular with consumers of all age groups and demographics, but there are products and tactile experiences that people can't get online. Even ecommerce companies prefer to have a physical presence to showcase their proprietary products. For companies to gain an omnichannel presence, efficient retail management is crucial to capture online and offline business.
Retail management is the process and strategy to run, manage, and optimize the day-to-day activities of retail stores. Retail management ensures that customers can shop hassle-free for their desired merchandise.
Retail management ensures that even a small detail that increases the overall customer experience is not missed. For example, retail management teaches retailers to pay attention to even minute details about the color schemes of the shelves, eye-catching displays, spaces for signage for customer testimonials, shelf heights, etc. It is the management of various elements together, such as inventory, product categories, payments, customer service, retail shelves, promotional activities, and even the employees. The retail management spectrum is so large that taking care of each aspect manually is impractical. Therefore, retailers use technology to manage their retail outlets efficiently.
What are the various elements of retail management?
Retail management consists of various elements that shape the retail store's activities to provide operational excellence to the retail business. Retailers have to manage all elements, such as visual merchandising, retail marketing and promotion, customer service, Point of Purchase (POP), Point of Sales (POS), etc., to achieve success in the retail business.
The following elements are the essential components of the retail mix that define the retailer's overall management strategy:
- Product: Managing the quality, variance, quantity, and range of products is the foremost requirement of retail management.
- Price: Managing the pricing strategy, costs involved in procuring products, and the factors affecting the prices is a crucial retail management element.
- Place: In the retail context, the place where products are kept and sold is a place of strategic importance. Managing Stores, their timing of operation, their internal layout, etc., is essential to selling products without hassle.
- People: Managing customers, staff, suppliers, and the activities associated with them come under this element of retail management.
- Promotion: Allocating budget and resources for promotional activities, branding, and advertising to prompt customers to flock into the stores and creating a solid store image is an essential element of retail management.
- Process: It involves the management of how everything is done in the store and outside the store. It delineates the entire process of retail business operations, such as: how supplies are procured, how products are delivered, how the staff is recruited, etc.
- Physical Environment: This element takes care of the aesthetics of the retail store to elevate customer experiences. It is the management of the internal design of the store, color schemes, position of the shelves, POS point, interior space, etc. Creating a pleasing environment for shopping is essential for brand image.
What is Retail Management Software?
Characterized by omnichannel operations, retail management software can assist retailers in having a strong offline and online presence. With features such as managing inventory, syncing the inventory with POS, automating order of the list below pre-set levels, inventory forecast, customer shopping cart, retailer-customer relationship management, reporting, branding, staff scheduling, and many more, a retail management system is a complete software solution for retail operations.
Retail software can propel sales and margins, take merchandise planning to the next level, and assist retailers in providing seamless customer experiences.
What are the different types of Retail Management Software?
These types of retail management software are licensed, and retailers can install them within their systems. On-Premise retail management solutions are highly customizable. Multi-store retailers seeking to keep their cumulative data from all stores on their servers can opt for on-premise retail management systems.
Third-party online retail management software providers offer web-based online retail solutions that can be accessed from anywhere with internet accessibility. Retail store owners, managers, and staff can access the service with a secure id and password. Web-based online retail management systems are popular as they don't require hardware installations apart from computers and internet access.
The Cloud-based retail management software is popular with mega-retailers and retail chain owners who require high-speed real-time information, massive data storage capabilities, and high-end security. B cloud-based retail management software is a SaaS (Software as a Service) solution hosted through a third-party cloud service provider.
The open-source retail management software allows retailers to modify programming codes, change default settings, customize features, and integrate external plugins and addons to enhance the functionalities and utility of the retail system. Retailers requiring tailored solutions can opt for open-source retail management software.
How can retailers address the key industry challenges with the help of the retail management system?
Industry 4.0 blurred the lines between the physical and digital worlds with its powerful technology, real-time access to data, and predictive algorithms. Digital disruptions, changing consumer behavior, liquidity issues, and many other challenges are faced by the retail industry. However, technological platforms can help businesses to eradicate many specific industry issues. Let us analyze the same in detail:
Traditional retailers used to create massive demography-based segmentation that couldn’t be used for personalized offerings. In contrast, modern retailers can create micro-segmentation by using data analytics of RMS technology to provide targeted, customized services to customers.
Traditional retailers focus on the in-store experience of the customer. In contrast, modern retailers can make the customer journey pleasant by integrating retail systems with AI, virtual, and augmented reality. For instance, virtual trial rooms, 3D try-on service, etc.
Multiple touchpoints for data can create issues for multi-store retail chains. Retailers must depend on cross-store communication for various needs without a centralized data management system. A retail system can centralize data to mitigate this issue.
Another challenge is to keep data safe when it is exposed and shared with third parties and vendors. Partner vendors are undoubtedly trustworthy, but there is no guarantee that they also have robust data protection measures at their end. RMS technology has admin-controlled solid access to the data vaults. It safeguards data by controlling information access.
Data redundancy is also a concern for retailers. When multi-store retail businesses store data at multiple POS points, then duplication of data can create confusion.
Traditional pricing methods in retail with physical product tags won’t allow retailers to benefit from the demand-supply theme. The electronic shelves edge technology integrated with Retail management software allows retailers to price their products dynamically. Such advanced tools enable retailers to provide personalized discounts and real-time deals to the customers in the store.
Supply chain management
For retailers ensuring an uninterrupted supply chain is crucial for survival in the competitive retail world. With retail management software, continuous automated monitoring of inventory, automated orders for low inventory items, and digitally sync logistics abilities, retailers can gain tremendously from an infallible supply chain. Retailers can also share real-time POS data with suppliers to give the supplier an accurate estimate about when a refill of a particular item will be required.
The retail management software helps monitor and control quality in multi-store agreements or franchisee business models by implementing similar strategies, real-time collaboration, and driving sales without compromising on brand image.
What are the benefits of Retail management software?
Retailers who provide their customers with multiple buying options are the ones who can survive the present economic adversity. The omnichannel approach increases the retailers' ability to upsell and cross-sell, thereby increasing basket size.
Retailers can ensure a faster checkout during billing with the retail POS system. Modern retail management software is compatible with multiple modes of payment in various currency forms.
Retailers need not waste time managing inventory spreadsheets as the inventory management features of retail management software can automatically update products sold, products procured, items ordered, low-running stocks, surplus inventory, etc.
Losses can be evaded, and profitability can be increased by predicting sales, peak times, exact inventory requirements, customers' preferred products, highest-selling items, shopping frequency, employee performance, etc. Retail management software can summarize and analyze financial reports to come up with critical business information. With intelligent business analytics, retailers gain an edge over their competitors.
Efficient employee management
Retailers can better manage staff scheduling by clearly understanding the fundamental building blocks of scheduling. Operationalizing' lean-retailing innovation' into store operations using retail management software can boost productivity and reduce waste time.
Eliminate redundant tasks with process automation
With process automation, retailers can make a meaningful difference in brick-and-mortar economics. Retailers can automate frequent activities and focus on upstream activities that influence the store's profitability, such as customer experience.
Robust supply chain management
Retail management systems can bring a real transition from poorly structured supply chains to digital supply networks. Retailers can make better decisions to achieve maximum efficiency by leveraging real-time supply data.
Can a robust retail management software contribute to better customer experience?
In the retail sphere, by implementing a retail management system, retailers can gather unique data sets about their customers and generate insights that help them create, design, and deliver the best products. It saves retailers from losing several dollars in revenues if customers leave their stores empty-handed due to poor service.
From a multi-store or franchisee model perspective, retail management software helps monitor and control the quality and alignment of business goals at every store equally.
Customer segmentation analytics is another central area where RMS software has revolutionized retail. Earlier retailers could gather little details about their customer’s demographics and preferences. With Retail software in place, retailers can identify the complete buying pattern of their customers and can divide customers into more broad segments for providing personalized services. Tracking the social media activities of the customers, such as the posts where users ‘like or dislike’ products and share their ideas, can help retailers to tailor products according to the interests of their customers.
How does the retail management system meet the growing demand for business process automation in the retail industry?
Today customers do preliminary research about the products they want to buy before visiting the stores. Reading online reviews, analyzing prices and features, and finding the list of showrooms where these products are available has become a norm. Handling such techno-savvy and well-informed customers requires retailers to focus more on customer service than other redundant tasks in the store. Retailers must consistently eliminate routine activities and simplify tasks by automating them to remain relevant in dynamic business environments. With a retail management system, retailers can automate the following processes to save time and focus on customer interaction.
- Customer segmentation and positioning
- Pricing of products
- Staff scheduling
- Marketing and communication
- Customer Loyalty programs
- Inventory orders
What retail management trends should a retailer be aware of before buying a retail management system?
Predictive algorithms serve as the recommendation engines to retailers to offer the best customer experiences. Using past data, factual information, machine learning, big data analytics, and AI to predict customers' future behavior is a popular trend in the retail sector. Retailers are leveraging predictive analytics-generated insights to develop marketing campaigns, improve employee training, and offer personalized products and services to their customers. Retailers are designing products that mitigate the risk of being unsold based on the results obtained from predictive analytics.
Beacons transmit Bluetooth signals to nearby smartphones via battery-operated wireless devices. Retailers use beacon technology to transmit messages to shoppers perusing a particular aisle or shelf inside the store. Existing customers with the Bluetooth-enabled application downloaded onto their mobile phones are served with in-app ads for relevant products, discounts, rewards, etc. while shopping. The practical use of beacons can significantly increase customer experience, satisfaction, and basket size. For instance, a customer standing in front of a jeans section gets a push message on his mobile phone informing him that the jeans he is looking at are available at a 20% extra discount- an offer just for him.
Augmented reality assists retailers in providing their customers with unlimited product trials without wasting time. With one click, shoppers can envisage and test various products before purchasing. Virtual trial rooms, 360-degree views of products, and virtual try-on of products also help the retailers to provide the trial of products without actually handing the product to customers. In the post-pandemic era, this technology can prove very useful in providing contactless and touchltestsials.
AI and machine learning
In a recent survey by Gartner, 77% of retailers agreed to a survey plan to implement AI by 2021. 87% of retailers surveyed by Gartner indicated warehouse robotics as the number one use case. AI has a more significant role in functioning as the nervous system for the organization, supporting continuous adaptation. Retailers can deploy AI-enabled self-learning systems and cognitive modeling to receive customer feedback from past experiences and, based on it, can optimize the shopping experience for consumers.
Customer data analytics
Customer data analytics in retail empowers retailers to understand various key facts about their customers' preferences, for example- the products customers buy the most, the most preferred color of apparel, the most preferred time to shop, etc. Using such customer data analytics, retailers can not only personalize the in-store experience for their customers but also reach them at the right time and the right place.
Contactless payments/Automated checkouts
The entry of the e-commerce giant Amazon into the retail brick-and-mortar stores with its Amazon Go Grocery stores, Amazon Pop-up stores, Amazon Book stores, Amazon 4-star stores, Amazon treasure trucks, etc., have proved the importance and relevance of the omnichannel retail approach to serving the end consumers. Amazon Go's automated checkouts without any manual intervention is a revolutionary step in the retail field. A retail management system integrated with Mobile POS, contact sensors, and facial recognition technology can make such checkout-free shopping experiences possible.
Buy Online Pickup In-Store is the evolution of retail to combat the proliferation of ecommerce. It is a competitive differentiator that allows retailers to squeeze more profits by eliminating shipping costs and providing customers with a fast and convenient buying experience. While ecommerce orders can take from a minimum of one day to up to several days for delivery, many BOPIS retailers can expedite delivery by offering products within two hours of order. Many stores provide store-to-car delivery so customers can pick up their orders without stepping out of their vehicles.
The subscription-based retail model is getting traction for products customers regularly buy, such as shaving blades, hair oils, shampoos, sanitary napkins, diapers, beauty products, health products, etc. Discounts are offered for customers who subscribe to the offers. Traditional retailers' foray into digital subscription-based format is a revolutionary trend.
Which factors to consider before selecting a suitable retail management software solution?
Retailers should meticulously consider the following factors about the retail management software they are planning to have at their disposal before making an actual purchase:
- Can retail management software integrate with other technologies such as AI, AR/VR, and beacon?
- Does the software provide an encrypted server for all transactions and customer billings?
- Is the system scalable to accommodate features when your retail customer base grows?
- Is the retail technology solution accessible on all devices, such as desktops, laptops, tablets, and mobile phones?
- Can online retail software work smoothly with low bandwidth internet connectivity?
- Is the software user-friendly, sophisticated, and easy to navigate?
- Does the software vendor provide reliable, 24/7 customer support?
- Does it support multiple languages, various currencies, etc.?
- Does the retail management solution ensure regulatory compliance for protecting user data?
- Does it provide all the essential features required for your business?
- Whether customization, training, updates, and upgrades are available easily?
- Does the vendor provide a freemium, free version, or free trial/demo of its services?
What are the features you should look at before buying retail management software?
The customer Management module records customer data and gives retailers a holistic view of their customers' choices and preferences. It can tell retailers minute details about their customers, such as their favorite mode of payment, records the payment methods, frequently purchased items, transaction history, etc. It keeps the consumer's purchase history to provide loyalty points and rewards.
With charts and visual data, an interactive visual dashboard feature of retail management systems software presents you with a snapshot of your business performance, including financial health, retail store activities, customer activity, employee activity, and more.
All manual paper inventory counts, statements, invoices, and staff schedules are made electronically with minimal effort with a retail management system. Keeping track of the wealth of data your business produces isn't always easy.
Track sales and orders:
The POS application of the retail management software tracks the sales data, such as the items selling consistently across your store, peak times, sales gaps, pairs or groups of things that customers buy together, etc. You can glean the insights to seize more sales opportunities. It also manages all orders of the store.
This feature of retail management software organizes and classifies products based on their characteristics, types, categories, sale process, price, weight, segment, color, size, expiry dates, season, etc. It also records each product's manufacturing data, handling information, warranty conditions, etc.
This feature of retail system software enables retailers to manage the price and discounts on their products in all categories. Retailers can create sales price lists and discount lists, make real-time pricing updates, provide special offers, buy one get one free offers, etc.
Retailers get information about all outlets' real-time stock levels and key inventory metrics. This feature of the retail system keeps inventory levels accurate and notifies whenever inventory falls below pre-set limits.
This feature allows suppliers to access the POS and inventory data about the products that they supply to the stores. Automated orders for inventory refills can be generated based on the POS details and inventory levels. This module also records all previous transactions with suppliers, billing details, invoices, default cases, late supply information, etc.
The retail software employee management module keeps track of employee hours, shifts, schedules, leaves, overtime, etc. It can track peak times and forecast labor requirements in stores and warehouses.
Reporting and analytics
With the reporting and analytics function of retail software solutions, retailers can get real-time custom reports of sales, suppliers, inventory, etc.
- POS integration for payment and checkouts
- Business forecasting
- Multi-device capabilities
- Multi-currency support
- Bulk Email support
- Marketing Management
- Exchange and Return Management
What is the average cost of buying retail management software?
The costs of retail management software depend on a large number of factors such as:
- The number of stores you want to monitor and manage
- Features and functions it offers
- Type of deployment service sought: Cloud-based, Web-based, On-premise software, or open-source system.
- Whether it can work on Multiple Devices or not
- Separate mobile application
- Quality of service offered
- Integrations it offers
- User interface and experience
These digital variations and extensions can significantly alter the costs and estimations of the retail software. Moreover, the cost of buying retail software with full-fledged functionalities and robust integrations is significantly higher than the one with limited features and basic functionalities.
The enterprise version of Shopify POS will cost you around $299 a month, while the basic version of Shopify POS is available for $29 only. LightSpeed POS will cost you $229 a month for its Pro version, while its basic version is available for $69 a month. Tillpoint retail software will cost you $229 for its enterprise plan and $99 for the basic plan. Piik will cost you $159 for the pro plan and $69 for the basic plan. Software such as Giftlogic comes with a one-time payment of $1295 for its pro plan. If you need a free and open source retail management software, you can opt for Openbravo. For other online retail management software or free retail software such as NCR Counterpoint, Ginesys, Shopkeep, and Fusion Retail, you need to contact the vendor for detailed pricing. You can get the list and all information from the GoodFirms Retail Management Software Page.
What are the trends that will affect the Retail Management Software industry in the future?
Global retail sales were projected to amount to around 30 trillion U.S. dollars by 2023. But the recent pandemic situation has affected the retail industry massively. According to a recent Forrester report, owing to the COVID-19-led chaos around the world, retail will see a $2.1 trillion loss globally in 2020. Fighting for survival in the pandemic era may compel retailers to adopt stringent measures for cost-cutting, such as understaffing stores. But this isn't a long-term solution. The solution should be unique. Gartner says that the pandemic has caused profound shifts in the retail landscape, and to survive, retailers need to make the right technological investment. Therefore, retailers are turning towards technological upgrades to tackle the current market disruptions. RMS software is bound to benefit from this approach of retailers in the near future.
The trends shaping the retail industry's future are a new breed of tech-savvy consumers, disruptive technologies, high-engagement experiences, and consumer influence on the value chain. The retail management software industry will have to meet the demands of the post-pandemic world and align itself with future trends to provide industry-ready solutions.
Why refer to GoodFirms' list of Retail management software?
Goodfirms is an esteemed IT market research company that provides buying assistance to B2B IT service seekers. With a huge archive of thousands of IT services and products created through extensive research and analysis, GoodFirms provide software aspirants with a one-stop place for all their needs. With an astounding understanding of the IT products and services and a listing of more than 9000 IT products and services with around 15000 customer reviews, GoodFirms provides a requisite understanding of the functions, modules, pricing, type of deployment, and many more aspects of the listed software services. The readers of this buyer's guide for retail management system software are advised to navigate the list of a thoroughly researched retail software to find the best suitable ones for themselves.
Frequently Asked Questions
What is the Best Software For Retail Business?
The best retail management software solutions increase store profitability by unleashing supply chains to shelf automation, optimization of in-store processes, and utilization of analytics and in-store assets to maximize customer satisfaction. It improves back-office productivity, ensures activity-based scheduling and smarter budgets. The best retail software eliminates all mismatches of supply vs. demand, employee strength vs. work requirements, or revenue vs. expenditure with a systematic and equitable approach. Some of the best retail management systems listed by GoodFirms are RetailGraph, Retail365Cloud, ShopifyPOS, NetSuite Suitecommerce, etc. For the complete list of the best rms software, check out our product section on this page.
Why Do You Need Retail Management Software?
The retail industry's traditional profit margins have shrunk due to the recent rise of online eCommerce channels and disruptive changes in consumer behavior. In such scenarios, managing retail operations, meeting heightened consumer expectations, transforming supply chains and procurement, and building new capacities for your retail business requires technological assistance. IT solutions such as retail management systems software provide sophisticated tools to efficiently manage not only your retail store but also related commercial and strategic divisions such as your supply chain, merchandising, customer care, marketing, and branding.
Retail software applications can take care of even the most complex core merchandising activities such as stock assortment, negotiation, retail space planning, dynamic pricing changes, and product alignments. Retail software enables large retail establishments to diversify their employee models, adopt new-age talent practices, and adhere to local labor laws and regulations.
What Software Do Retail Stores Use?
Modern retail stores use retail management software for all types of administrative, operational, and management functions. Retailers can forecast demand, improve distribution, quickly replenish stock, automate checkouts, optimize employee schedules, and provide personalized customer services using retail management software. Retailers also need retail assortment management applications to analyze store-specific needs, plan merchandise, and set financial goals.
Which is the Best Retail Management Software for Small Businesses?
Small retail stores can use retail management software solutions to remain viable, profitable, and competitive in the current marketplace. Small stores can use the best retail management software for small businesses such as Vend, FusionRetail, Epicor Eagle, etc., to improve their store economics. Retail software for small businesses helps small and mid-size businesses to handle small stores or chains of stores to eliminate routine activities by automation and bend the cost curve in their favor. Small Stores can also reduce the cost of handling goods by improving efficiency at five main levels-store operations, merchandising, supply chain, labor, and space management, by deploying the retail business management software.
What Are the Integrations Available With Retail Management Software?
Retail management software powers shopping convenience for your customers by shortening the lengthy checkout lines with smart POS integrations. You can provide tailored promotions, quick replacements, and swift redressals of any customer issues as you have the complete historical data of the customers’ previous transactions and relationship with your store from CRM integrations. Other popular integrations with RMS software include Accounting software, Inventory management software, Ecommerce software, etc.
How Can Retailers Manage the Store Space Using Retail Management Software?
The prices of retail space in commercial markets are sky-rocketing every year. Keeping the profit quotient up for brick-n-mortar shops is becoming harder each year. Retail space management is a critical area where retailers can use technology for efficient space planning to increase revenue per square foot of the retail space. The advanced retail management system software helps retailers in managing the selling space for service categories, product divisions, individual departments, shelf space, furniture, seating layout, staff space, billing space, and more. The intelligent retail space management module of the RMS software uses AR (augmented reality) and VR (Virtual reality) to enhance the store’s spatial effectiveness.