How Retail Management Software is Powering the Retail Segment in India

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Prashant Lohia, Founder and CEO of Ginesys, discusses the importance of a comprehensive cloud-based retail management software suite for all retail businesses and why it will be a game-changer for India’s retail sector. retail.

Please give us an overview of the company and its specialization.

Ginesys is a fast growing comprehensive retail technology company working with over 1200 customers and over 30,000 users with a wide reach across India. We are a technology solutions provider for retail businesses and have been supporting retail businesses from start-up to IPO for over a decade now. We have established ourselves as a leading ‘Made in India’ solution for ERP and POS, catering to the needs of small and medium sized businesses. Now we have a complete CX suite for Omni Retail – Ginesys One. It runs the gamut from marketing to retention and supply chain to point-of-sale and e-commerce integrations, including GST compliance.

How does Ginesys bridge the gap between retail and technology and what do you understand about retail management software?

Retail management software is a very loose but widely used term in the industry. It covers everything from basic point of sale invoicing and accounting settlement to specific and dedicated retail products.

Ginesys bridges the gap between requirements and technology that a typical retailer faces by meeting all requirements with a complete solution for online and offline retail. Additionally, we offer all of our products (the full suite) as ready-to-use products and easy subscriptions. This is also a very unique game as most retailers have a very short time to go live, but competing solutions usually take several months to implement.

What do you think of brands that save the sale with endless in-store aisles?

The pandemic has completely changed the way most industries operate, including retail. Having a robust omnichannel network can effectively bridge the gap between an online store and the physical experience offered by offline stores. Retailers should look for technologies that can integrate in-store and online merchandise to become a more connected business and deliver seamless customer service. This is where ‘Endless Alley’ appears in the picture. Endless aisles provide many alternatives for in-store shoppers to order products that have been out of reach, either because they are out of stock or not generally available in offline stores. In-store shoppers can access it personally either by direct delivery to their home or through a nearby store. Essentially, an endless aisle works like an in-store kiosk that allows shoppers to explore and order items that aren’t readily available in the store. The sale can be assisted – usually referred to as “Save the Sale” or unassisted – “Endless Aisle”.

How are AI, ML, and the Cloud evolving in the retail industry as a whole today?

Technology has played a central role in retail for decades, from early inventions such as barcode scanning and digital point-of-sale devices to the global horizon of modern planning. In the era of digitalization, technologies based on artificial intelligence (AI) and machine learning (ML) in the retail sector enable automation of brands at scale through the power of the cloud computing. The basic requirements being that the data is available in a scalable cloud computing environment.

The main areas of application of AI and ML are optimization that could be better achieved with AI in play: Inventory management – what to store where for the highest “sales rate” . This is quite a complex problem, especially for fashion brands as they don’t follow standard consumer patterns in all of their stores. Other optimizations could be bin suggestions for pick and put away, order sequencing, order routing to optimal store/warehouse locations, and COD optimizations.

The other big application is of course marketing where AI is used to deliver the right offers to the right buyers. Messages are delivered via AI-driven automation to thousands of buyers through various platforms such as Email, WhatsApp, SMS, etc.

Finally, data analysis of large volumes of data itself requires AI to find information and “display” it for retail users. This makes the task of analyzing daily reports much easier for retail staff.

Ginesys One has all of these capabilities and more in the area of ​​AI, as we strive to integrate the best of technologies into our system.

What are some of the challenges facing the retail industry today?

The digitization of purchasing journeys is one of the fundamental concerns of merchants. At present, almost all shopping journeys are multi-channel as they interact with brands across multiple channels like social media, WhatsApp, email, offline, app, web store, SMS, etc. But for the brand to be able to follow the journeys, it is necessary to integrate all the views on all the customer interaction platforms. While it might seem obvious, true integration would take years and would always be susceptible to breaking down due to constant innovation across all of these channels. The Ginesys One suite solves this problem by bringing all channels together and providing a single customer view of interactions across all platforms.

This single view further enables personalized shopping journey and messaging customizations at scale. This increases the ROI of marketing spend. Marketing spend is now a hot topic for both online and offline retailers and therefore any technology that improves marketing results is welcome.

Retailers also constantly struggle with ever-changing GST rules and regulations. It also complicates things, but TPS providers like EaseMyGST help by sorting out the regulations and making their filing software as easy to use as possible.

What are the top trends driving the growth of the retail technology industry and do you see a major shift in the retail sector post-pandemic?

We are seeing a surge in video selling, especially in luxury goods marketplaces, both online and in-store to attract new customers and sell to existing shoppers. Video can give shoppers a real feel for the actual product as it looks in real life and it really shows in the number of product review videos on Youtube.

Apart from this, coupons which can be generated in real time for potential customers is a big trend which promises to solve the challenge of attracting impulse buyers.

Finally, outsourced warehousing is another trend that is starting to emerge but whether it will be a lasting success remains to be seen.

What is the Ginesys solution for retail tech in 2022?

Ginesys encourages retail to create a more thoughtful omnichannel experience for offline commerce. Providing shoppers with a seamless and connected experience across all channels has become crucial. This is where ERP, e-commerce order management, and e-catalogs all come into the picture. When working together, the point of sale and order management system has an accurate picture of global catalogs and is available to promise inventory. They also allow alternatives for backorders. This scenario is fully digitally enabled by the Ginesys One digital retail suite.

Do you think Metaverse and NFT will be effective or effectively used in the retail technology industry given their authenticity?

Yes, the use of NFTs can improve brand awareness, enhance brand recognition and enrich brand identity. From a marketing perspective, NFTs operate inside metaverses, where companies can position signs, offer customer service or experiential games, and provide avatars with designer clothing and accessories. The global metaverse market is expected to reach $1.5 trillion in 2030, up from $45.4 billion in 2019 according to PwC. With companies analyzing interactive and immersive brand familiarities and engagement within this new ecosystem, the metaverse opportunity could be in the trillions.

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