What The Blueprint looks for in a great retail management software
We look at three main factors when evaluating retail software: its features, customer support options, and its pricing.
Retail management systems are more than just inflated POS systems for retail stores. These solutions should come with enough comprehensive features that allow you to run the bulk of your business operations from one platform.
POS features make up the core of retail management solutions, and almost all come with them as standard. Other important features of retail store management software include:
Not all solutions will offer every feature we mention here, but at the very least, a good retail management solution will offer inventory, customer and employee management, reporting, and a decent POS dashboard.
It’s important that retailers receive a good level of customer support from their vendor. Issues with your retail software platform can disrupt business and halt sales. We like to see vendors offer at least one 24/7 customer support option, and a range of other less time-critical support options, too.
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 bigger picture — how much of a learning curve is associated with the product, how quickly users can be onboarded, and how much ongoing support or training is needed for users to use the software to its fullest potential.
How your business can benefit from using retail management software
Retail management solutions offer a range of benefits for businesses. Aside from POS capabilities, let’s take a look at what other advantages the use of a retail management tool can bring businesses both large and small.
Better inventory management
Unless you’re running a retail business with minimal stock, you’ll need sophisticated retail inventory management software to help you track, control, and optimize inventory decisions.
Retail store inventory software helps you keep inventory costs down and customers happy by:
- Automatically updating stock levels when items are sold, returned, or inventory is received
- Giving users alerts when stock levels are low (some systems even automatically reorder stock based on minimal levels you set)
- Monitoring costs and profit margins of items so that you can make informed inventory decisions
Retail management platform-reporting features help retailers turn their sales, customer, and employee data into valuable insights that can help you better understand them.
For example, POS reports can show you:
- Your best and worst selling products and product categories, which in turn influence inventory decisions
- The days, months, and times of day you make most sales, which will help you make staffing decisions
- How your employees or sales team are performing, which in turn helps you redirect training resources
Support for multichannel and multilocation businesses
Most retail management software supports users’ multilocation businesses, and multichannel mediums, meaning there’s no need for disparate and siloed systems to support each.
All inventory, customer, employee, and sales data is synced to one centralized system, and is updated and available across all devices, stores, and channels.
View more information: https://www.fool.com/the-blueprint/retail-management-software/