What The Ascent Looks For In Great Retail Management Software
We look at three main factors when evaluating retail software: its features, customer support options, and price.
Retail management systems are more than just bloated point-of-sale systems for retail stores. These solutions should be feature-rich enough to allow you to run most of your business operations from a single platform.
POS functionality forms the core of retail management solutions and almost all comes standard. Other important features of retail store management software include:
Not all solutions will offer all of the features we mention here, but at the very least a good retail management solution will offer inventory, customer and employee management, reporting and a dashboard decent point of sale.
It is important that retailers receive a good level of customer support from their supplier. Problems with your retail software platform can disrupt business and halt sales. We like to see vendors offer at least a 24/7 customer support option, as well as a range of other less urgent support options.
Ease of use
With so many features housed in one system, retail management systems need to be user-friendly and functional.
Modern interfaces are nice to have, but we look at the big picture: what is the learning curve associated with the product, how quickly users can be onboarded, and the level of ongoing support or training needed for users use the software. to its full potential.
How Your Business Can Benefit From Using Retail Management Software
Retail management solutions offer a range of benefits for businesses. Besides the POS features, let’s look at the other benefits that using a retail management tool can bring to businesses large and small.
Better inventory management
Unless you’re running a retail business with minimal inventory, you’ll need sophisticated retail inventory management software to help you track, control, and optimize inventory decisions.
Retail store inventory software helps you reduce inventory costs and keep customers happy by:
- Automatically update stock levels when items are sold, returned, or inventory is received
- Give users alerts when inventory levels are low (some systems even automatically reorder inventory based on minimum levels you set)
- Monitor item costs and profit margins so you can make informed inventory decisions
Improved decision making
The Retail Management Platform’s reporting features help retailers turn their sales, customer, and employee data into valuable insights that can help you understand them better.
For example, point of sale reports can show you:
- Your top and bottom selling products and product categories, which in turn influence inventory decisions
- The days, months, and times of day when you make the most sales, which will help you make staffing decisions
- The performance of your employees or sales team, which helps you redirect training resources
Support for multi-channel and multi-site companies
Most retail management software supports multi-site user businesses and multi-channel media, which means there is no need for disparate, siled systems to support them.
All inventory, customer, employee and sales data is synchronized with a centralized system, and is updated and available across all devices, stores and channels.