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 includes 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 SoftwareFilter
NetSuite SuiteCommerce was built with the idea that eCommerce is no longer a stand-alone channel but a core business component. SuiteCommerce enables businesses to move from siloed online, in-store and phone shopping channels to an integrated commerce solution that seamlessly connects eCommerce and in-store POS to order management, inventory, merchandising, marketing, financials and customer servi... read more about NetSuite SuiteCommerce
RetailGraph is basically known as complete wholesale & retail management software that has specifically been designed for small and mid-sized retailers & wholesalers to help them with a complete Point-of-sale (POS) solution. Businesses can use this solution to meet unique retail requirements. This future-ready Point of Sale software for retail/wholesale stores comes equipped with advanced features... read more about RetailGraph
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 Retail365cloud
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
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 Square
Vend is the leading POS software for retail, trusted by over 20,000 small business retailers worldwide. Sell, manage, report and scale with Vend Point of sale software. Vend is the retail management software that’s taken retail to the cloud. Vend point of sale software is legit, here are some big numbers to prove it. And we do it all because we love to help retailers grow.... read more about Vend
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
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 ShopKeep
Lightspeed Retail Point of Sale software is the industry-leading easy to use cloud-based POS solution for retailers. Lightspeed Retail simplifies the way you serve customers and manage all your store locations. Lightspeed POS software to manage your inventory, keep tabs on your sales, manage your employees, process payments and create unforgettable shopping experiences that keep customers coming b... read more about Lightspeed POS
Springboard Retail is a purpose-built cloud Point of sale and retail management system designed for retailers, by retailers. Built with multi-site, multi-channel brands & retailers requirements in mind, the Springboard POS software platform allows them to deliver seamless service to every customer the same way, no matter where or how they choose to shop. Get the powerful retail management function... read more about Springboard Retail
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 POS
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-effect... read more about Tillpoint
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 Counterpoint
Brightpearl’s integrated accounting is built specifically for retail and wholesale businesses, providing real-time insight into sales performance, profitability and costs across all your channels, all from the same system you use to manage sales, purchasing, inventory, customers and suppliers. Make the right decisions for your business in order to manage cost, reduce risk and remain agile in an ... read more about Brightpearl Retail Accounting
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 FusionRetail
IT Retail is an affordable cloud-based POS that is built specifically for small grocery stores and convenience stores. We offer powerful analytics and custom tools that give grocers the power to make changes and view sales from anywhere. Get a demo of IT Retail today to understand why hundreds of grocers are upgrading their stores. ... read more about IT Retail
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 AmberPOS
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. ... read more about Epicor Eagle
GiftLogic is a non-cloud point-of-sale and retail management platform for brick and mortar retailers. Accept payments, track customer, manage inventory, and run analytics for insights into business performance. GiftLogic is you easy to use solution to keep you organized and driving your retail business. Enjoy GiftLogic 2019 Pro for only $1295. Get started now! ... read more about GiftLogic
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
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
Feature rich HDPOS smart and its variants appeal to all small and mid-sized businesses. It is the perfect solution for business owners who are looking for a single solution to manage their entire business. Our products also provide very high end features of analytical reports, business intelligence. And as if that was not enough, business owners can also create complex customized reports and data ... read more about HDPOS Smart
iVend POS powers brick-and-mortar stores as a full service point of sale. Available on terminal and mobile devices, its multi-store, multi-user, eCommerce integrated, loyalty-ready capabilities make it easy to sell to your customers, and more importantly, keep them coming back. Customizable UI empowers you to reflect your retail brand consistently across all shopping channels. ... read more about iVend POS
GOFRUGAL offers end-to-end software solutions for a wide range of retail, restaurant and distribution businesses. Easy-to-use, intuitive solutions to manage all business operations and have complete control over any business, from single outlet to multiple. Mobile applications that make business management easier than ever before! With GOFRUGAL software and mobile applications, manage billing, or... read more about GOFRUGAL POS
RetailbeanLite is simple and yet very powerful Omni Channel Retail Solution designed specifically for Small and Medium Retailers. Experience the power of cloud technology and improve your retail profitability by multi fold.... read more about Retailbean Lite
ePaisa - Point of Sale (POS) and Payments. OmniChannel Point of Sale ecosystem. OmniPayment acceptance for businesses of all size. Inventory, VAS, Loyalty, Marketing, Analytics & AI, Blockchain & more. ePaisa combines sophisticated machine learning with robust cloud computing to deliver the most user-friendly Point of Sale experience for multiple business types. ... read more about ePaisa POS
Till POS an easy cloud based software can be accessed anywhere anytime for your restaurant business. It can be accessed in Windows,Android,IPAD,Tablet, IOS and Mobile(works Offline too). Till Dashboard is a powerful back office management console which let you setup your account, Menu, inventory, customers, reports,Staffs. A POS App where you can manage your daily operations like Table Order manag... read more about TILL POS
Cozy POS is excellent POS software applicable for retail industry. Point of Sale Software is well designed to manage the business more efficiently. Some of the key modules in the Point of Sale Software are Billing, Table Ordering, Take Away, Delivery ordering, Delivery tracking, Customer management, taking & managing orders as per order types, flexible menu management, Multiple Menu, Customizable ... read more about Cozy POS
As a Retail Management Solution provider focused on targeting all the pain-points of retailers.. We help in simplifying the retail operations at all levels and bring all areas of the business together to provide a holistic view and strategic business decisions. To cater to the new demand and the challenges in the retail industry we empower the business in an easier way. We at Ari RMS always develo... read more about Ari Retail POS
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 POSBytz
Magestore Native Omnichannel Solution is a retail management system that streamlines separate sales channels to provide seamless shopping experiences anytime, anywhere, even in offline mode. Built native with Magento, our solution ensure a hassle free implementation! We are here to help transform your operations to easily track and manage orders, inventory, suppliers, and customers from a single v... read more about Magento Order mgmt
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 QueueBuster
NextTotal is a comprehensive solution for your retail stores with excellent inventory management. POS system ensures the availability of the right product to the right place at the right time with wastage of time. Now you can connect suppliers, and engage customers with online selling with convenience. Product promotion and price management becomes highly accessible with its streamlined operations... read more about NextTotal
Whether you run a retail store or a restaurant, you should be using a POS system that does more than simply process transactions. Our Mobile App POS systems are specially designed and adapted for today’s independent business owner. Offering features such as a powerful accounting integration, easy ordering, Tracking order, detailed reporting dashboards, advanced purchase ordering... read more about Oversee POS
COMCASH is a complete retail management system ideally suited for multi-channel and multi-location retailers. The software is cloud-based, allowing access to the administrative functions from anywhere on any device. COMCASH offers a true omnichannel experience for the consumer and a unified commerce platform for the retailer. The POS application is Windows-based allowing for great compatibility wi... read more about COMCASH
Openbravo is the global cloud POS and Retail Management software solution vendor for agile retailing. We help midsize and large businesses around the globe successfully manage their retail operations and embrace continuous change and innovation in today's fast-changing business environment.... read more about Openbravo
Retail ViVA is Sathguru’s fully Integrated ERP suite offering, exclusively built for Retail ( B2B & B2C ) domain, built on a modern 3 - tier architecture with proven customer installations across multiple continents. Retail ViVA is bundled with 26 fully integrated modules streamlining In-store, Head office & Back office operations seamless across all Retail channels, further powered by tools lik... read more about Retail ViVA
Openbravo’s culture fosters strong collaboration and intimacy with customers to build long-term beneficial relationships. Our entire staff is dedicated to helping retailers and restaurateurs achieve their business goals.... read more about Openbravo Commerce Cloud
The Company was Founded in 2010 and has since grown dramatically. We primarily assist customers who own small businesses and want the flexibility and cost effectiveness of an online system. We are a small company based in Rochester, NY dedicated to delivering the best point of sale application possible. PHP Point Of Sale was originally created for a small tennis pro shop in order to help kee... read more about PHP Point of Sale
Visual Retail Plus developed and designed a POS system for modern business owners looking for a solution to their many needs. From data and reporting to purchase orders, CRM, time and attendance, and more, you can rely on VRP to provide an all-in-one system. Our customizable software provides a complete Point of Sale and Inventory Management for all business types, both local stores and e-commerce... read more about Visual Retail Plus
The LS Retail consulting service, together with our worldwide partner network, offers tailored services to the retail and hospitality industry around the clock and around the world. Our consultants possess a unique set of skills and a wide range of expertise. Besides proven experience in developing retail ERP solutions and customizing them to match the customer’s processes, we have practical ex... read more about LS Retail
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 Pro
POS Prophet Systems is essentially a “spin-off” company of Club Prophet Systems. With 20 years experience serving the technology needs of the golf industry, Club Prophet Systems has decided to offer similar solutions to retailers outside the golf industry. They did so by starting a new corporation, POS Prophet Systems (PPS), so that Club Prophet Systems could maintain its focus on the golf ind... read more about POSExpress
- Introduction to the Buyer’s Guide for Retail Management Software
- What is retail management?
- What are the various elements of retail management?
- What is Retail Management Software?
- What are the different types of Retail Management Software?
- How can retailers address the key industry challenges with the help of the retail management system?
- What are the benefits of Retail management software?
- Can a robust retail management software contribute to better customer experience?
- How does the retail management system meet the growing demand for business process automation in the retail industry?
- What retail management trends should a retailer be aware of before buying a retail management system?
- Which factors to consider before selecting a suitable retail management software solution?
- What are the features you should look at before buying retail management software?
- What is the average cost of buying retail management software?
- What are the trends that will affect the Retail Management Software industry in the future?
- Why refer to GoodFirms' list of 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 -'In-store shopping experience' is the only addon asset that 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, 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 the store footfalls, customer loyalty, and customer satisfaction. Therefore, this buyer's guide to retail management software is intended to assist buyers in understanding the potentials and limitations of retail management software along with their 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 omnichannel presence, efficient retail management is crucial to capture business both in the online and offline sphere.
Retail management is the process and strategy to run, manage, and optimize the day to day activities of the 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 the inventory, product categories, payments, customer service, retail shelves, promotional activities, and even the employees. The retail management spectrum is so large that it is impractical to take care of each aspect manually. 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), and Point of Sales (POS), etc. to achieve success in the retail business.
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 managing 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 the 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 strong store image is an important 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, a retail management software can assist retailers in having a strong offline and online presence. With features such as managing inventory, sync inventory with POS, automating order of inventory 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.
A 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 in nature. Multi-store retailers seeking to keep their cumulative data from all stores on their own 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, retail 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 any 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. Hosted through a third-party cloud service provider, cloud-based retail management software is a SaaS (Software as a Service) based solution.
The open source retail management software allows retailers to modify programming codes, change default settings, and 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 an 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 physical and digital worlds by 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, whereas modern retailers can create micro-segmentation by using data-analytics of the RMS technology to provide targeted, personalized services to the customers.
Traditional retailers focussed on the in-store experience of the customer, while modern retailers can make the entire 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. Without a centralized data management system, retailers will have to depend on cross-store communication for various needs. 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 no doubt very trustworthy people, but there is no guarantee that they also have robust data protection measures at their end. RMS technology has robust admin controlled 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 allow retailers to provide personalized discounts and real-time deals to the customers who are 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’s 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 to suppliers to give the supplier an accurate estimate about when a refill of a particular item will be required.
The retail management software helps to monitor and control quality in multi-store agreements or in the 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 and thereby increases basket size.
Retailers can ensure a faster checkout during billing with the retail POS system. The modern retail management software is compatible with multiple modes of payments in multiple currency forms.
Retailers need not waste time in 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, customer's most preferred products, highest selling items, frequency of shopping, employee performance, etc. Retail management software is capable of summarizing and analyzing 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 having a clear understanding of the fundamental building blocks of scheduling using Operationalizing ‘lean-retailing innovation’ into store operations using a 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. Leveraging real-time supply data, retailers can make better decisions to achieve maximum efficiency.
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 to create, design, and deliver the best products to their customers. It saves retailers from losing several dollars in revenues if customers leave their store empty-handed due to poor service.
From a multi-store or franchisee model perspective, retail management software helps in monitoring and controlling the quality and alignment of business goals at every store equally.
Customer segmentation analytics is another major area where RMS software has revolutionized the retail field. Earlier retailers could gather limited 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 comprehensive segments for providing personalized services. Tracking 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, features, and finding the list of showrooms where these products are available has become a norm. Handling such techno-savvy and well-informed customers require retailers to focus more on customer service rather than other redundant tasks in the store. Retailers have to consistently eliminate routine activities, and simplify tasks by automating to remain relevant in the dynamic business environments. With a retail management system, retailers can automate the following processes to save time and focus on interaction with the customers.
- 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 the retailers to offer the best customer experiences. Using past data, factual information, machine learning, big data analytics, and AI to predict the future behavior of customers is a popular current 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 in a particular aisle or shelf inside the store. Existing customers who have 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 increase customer experience, satisfaction, and basket size significantly. For instance, a customer who is 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 to provide their customers with unlimited trials of the product without wasting time. With one click, shoppers can envisage and test various products for making purchasing decisions. Virtual trial rooms, 360-degree view of products, virtual try-on of products also helps 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 proving contactless and touchless trials.
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 larger role 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, 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 one day to upto 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 that customers can pick up their orders without even stepping out of their vehicles.
The subscription-based retail model is getting traction for products that customers buy at regular intervals 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 the retail management software integrate with other technologies such as AI, AR/VR, beacon, or not?
- Whether the software provides an encrypted server for all transactions and customer billings or not?
- 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, 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, and multiple currencies, etc.?
- Does the retail management solution ensure regulatory compliance for protecting user data?
- Does it provide all essential features as required for your business?
- Whether customization, training, updates, and upgrades are available easily?
- Does the vendor provide a freemium, free version, or free trial/free demo of its services?
What are the features you should look at before buying retail management software?
Customer Management module keeps a record of the customer data and provides retailers with a holistic view of their customer's choice and preferences. It can tell retailers minute details about their customers, such as their favorite mode of payment, records the modes of payment, frequently purchased items, transaction history, etc. It keeps track of the consumer's purchase history for providing 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, staff schedules are made electronically with minimal effort with a retail management system. It isn't always easy keeping track of the wealth of data that your business produces.
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 items 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 features, types, categories, sale process, price, weight, segment, color, size, expiry dates, season, etc. It also keeps records of 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, discount lists, make real-time pricing updates, provide special offers, buy one get one free offer, etc.
Retailers get information about real-time stock levels and key inventory metrics of all outlets. 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. Based on the POS details and inventory levels, automated orders for inventory refills can be generated. This module also records all previous transactions with suppliers, billing details, invoices, default cases, late supply information, etc.
The employee management module of retail software 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.
A new breed of tech-savvy consumers, disruptive technologies, high-engagement experiences, and consumer's influence on the value chain are the trends shaping the retail industry's future. The retail management software industry will have to meet the demands of the post-pandemic world and align itself with the 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 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 thoroughly researched retail software to find the best suitable ones for themselves.