Retail Management Software Types for Seamless Retail Operations
Digitization of the retail industry is no longer a choice. Most businesses deal with multiple sales channels, making it difficult to streamline operations manually. Also, owing to the fast-paced service the consumer today demands, a lot of retailers are undergoing digitization.
The market is set to grow from an already massive USD 0.85 trillion in 2024 to a whopping USD 2.05 trillion by 2029. This means the experts are predicting a phenomenal CAGR of 19.30%.
Given that most retail franchises or even single-store ventures are engaged in e-commerce, the people running the show have a plateful to handle. A retailer today tackles procurement from multiple vendors while also managing the stocks at multiple warehouses. At the same time, the store front business needs to be running smoothly, maintaining a balance with e-commerce order. The challenge of retailers doesn’t end there. Billing and sales records must be maintained, GST calculated, and promotions, loyalty programs, coupons, etc., issued and redeemed.
Apart from service speed and convenience, the scale of modern businesses also demands digitization to ensure accuracy. Imagine the challenge a business is likely to face if the billing is inaccurate, leading to faulty revenue calculation and incorrect compliance. Similarly, if the sales, billing, procurement, and orders are not in sync, business may run into logistical troubles.
Here are some popular technology solutions for retail businesses that you need to implement in your business to maintain a competitive edge:
- Point of Sales Software (POS) with Inventory Management
- ERP or Accounting Software
- Warehouse Management System (WMS) for warehouse inventory control
- Order Management System (OMS) for ecommerce inventory management and order fulfilment
- Business Intelligence Tool (BI) for analytics across various software
- Replenishment Planning System for auto-stock replenishment
- Supply Chain Management (SCM) System along with Inventory Planning System
- GST Software for GST compliance
- Customer Relationship Management software (CRM) for customer analytics
- Loyalty Program Management software (for tracking loyalty points earned and burned)
- Production Management Software (for retail businesses that are also manufacturing the goods)
- Returns Tracking Software (for tracking reverse logistics from online shoppers)
- Barcoding Software (for generating barcodes)
- Logistics Software (for courier and shiping management)
- CCTV Feed Manager (for checking on the stores)
In this blog, we will discuss how these tools help businesses run smoothly and how comprehensive retail management solution providers such as Ginesys One are useful. Let’s dive in.
Leveraging POS for Enhanced Retail Management
When it comes to point of sales, retailers need more than a run-of-the-mill billing software. First, billing and tax calculation accuracy are non-negotiable. The system must be compatible with various payment methods. In terms of billing, POS software serves customers seeking to redeem coupons or loyalty points. The solution also disseminates personalized promotions for better CX. As soon as the billing is done, a good POS will update the sale in a centralized retail management system. This ensures that proper stock management is done. As a POS combines these complex functions into one, it is a must-have tool for efficient retail management.
Are you looking to implement a POS solution in your business?
Notable among the retail solutions in the market, Ginesys One has 2 versions of POS: a cloud based POS – Zwing, that works as MPOS or web POS, and Ginesys POS, that is a desktop point of sales software. Ginesys POS ensures accurate billing and seamless storage of transaction history. We also understand that for boosting CX, retailers need to leverage loyalty points, coupons, and personalized promotions which our software facilitates. Moreover, the transactions recorded by the POS are tallied instantaneously with the Ginesys One ERP if the user subscribes to the Ginesys One suite.
Discover Retail Management POS
Overcome Multichannel and Omnichannel Retail Challenges with ERP
Baffled by the challenges surrounding retail management? This is where a robust ERP (Enterprise Resource Planning) solution saves the day.
An ERP is required to define product masters, categorize and update B2B customer information, supplier information, taxes, warehouse locations and much more. Beyond this, almost all the transactions happening in the business must be recorded in the ERP to be tracked, audited and accounted for as an ERP or an accounting system is eventually what the accountants and auditors refer to. The eventual goal of an ERP is consistent and accurate record-keeping of inventory, sales and financial transactions along with order to generate great reports on the business and generate financial statements like trial balance, cash flow analysis, profit and loss analysis and more.
If you are looking for an ERP solution, Ginesys One ERP is one of the most sought-after options. We offer businesses a real-time, comprehensive yet detailed idea of their different operations. Much like POS, our ERP solution is always in sync with our WMS solution.
In the next section of our blog, we will look at the need for a WMS in the retail business.
Streamline Retail Management with ERP
Seamlessly Manage Warehouses with WMS
Over the years Warehouse Management Systems (WMS), have become essential to the retail environment. Here is a typical warehouse management scenario that makes the need for WMS self-explanatory:
In a thriving retail store or franchise, a business must procure, reserve, and ship orders at a breakneck speed. The bigger the scale of the enterprise, the greater the number of warehouses it must deal with to match the order volume. Warehouse management becomes more complex when e-commerce orders come into the picture. This is because the products are usually ordered in small quantities and must be first in a big warehouse with multiple bins. Only then can the product be reserved against the customer’s order. In other words, the retailer needs bin-level knowledge for quick order fulfillment. Also, regular stock audits are necessary, ensuring no revenue leakage has occurred during planning the next rounds of procurement.
From stock reservations to stock audits and order fulfilments, a WMS integrated with ERP does it all.
Streamline Retail Management with WMS
Ginesys One ERP’s Warehouse Management System (WMS) helps enterprises simultaneously deal with numerous warehouses and high-order volumes. This feature of our ERP software provides bin-level visibility. This makes locating the ordered product rather easy in big warehouses. As a result, we ensure swift order fulfillment, as per the demands of today’s competitive e-commerce landscape. Our solution is also equipped to handle efficient stock audits, preventing revenue loss while aiding procurement planning.
Baffled by Ecommerce Channels and their Order fulfilment panels? Leverage OMS
- For running a profitable e-commerce, a retailer needs to do the following:
- Sync inventory to the online marketplaces for real-time sales and stock management
- Select the right warehouse for timely order fulfilment
- Reserve stock against orders placed
- Streamline shipping
It is laborious and time-consuming to operate this workflow manually by checking each seller panel of every ecommerce marketplace and your webstore, as accuracy and timeliness is crucial for the process. This is why digitization is important for order management. Helping retailers manage their orders, an OMS solution automates the entire workflow, improving its efficiency.
A popular OMS solution in the market, Ginesys Order Management System seamlessly connects inventory with online marketplaces. The aim behind this synchronization is quick real-time sales while managing stock efficiently.
Towards quick order fulfillment, Ginesys OMS ensures intelligent warehouse selection while also reserving stock against order placement instantly. Once the order is successfully placed, we also strive to streamline the shipping process through integrations with leading courier aggregators. Also, check out the future of order management system.
Improve Customer Understanding and CX with Customer Relationship Management
In the simplest terms, a CRM helps you keep a tab on the transaction history and needs of your clientele. Also, CRMs are useful in tracking a particular transaction of a client, helping you answer client queries if any.
What makes the software such a sought-after solution in the retail industry is how it enhances client servicing. Studying the transaction patterns, a good CRM gives suggestions for personalizing coupons, promotions, etc. Research has shown that companies personalizing CX can boost their revenue by around 15%.
To understand this, let’s consider a scenario. Suppose a client often buys electronic goods from a retailer. On the arrival of an exciting gadget, the CRM can notify this client with the aim of triggering a quick sale. Such notifications can be sent via multiple promotional channels such as e-mails, SMS, etc. Similarly, personalized coupons for a clearance sale can be sent to the relevant audience, prompting sales.
Want to leverage a robust CRM? The Ginesys One suite has the perfect solution for you. Ginesys POS is integrated with many efficient CRM platforms.
Improve Customer Loyalty with Loyalty Management Software
Customer loyalty in retail is commonly associated with loyalty points. Shoppers are given points for purchases and can redeem the points and reduce their payable for future purchases. It is an effective discounting tool for customer retention.
Given the intense competition in the retail space, there is no doubt that loyalty programs are only set to grow and with that we have the requirement of loyalty management software that can keep track of the points, purchases, analyse customer buying behaviour, inform about points expiry, auto upgrade and downgrade a customer’s loyalty tier based on points and much more.
Thankfully most leading POS systems, including the ones in the Ginesys One suite are integrated with the best loyalty management software. You can rest assured if you pick Ginesys POS or Ginesys Cloud POS that your POS is integrated with the best loyalty management systems.
Intelligent Decision-making with BI
For smart decision-making businesses need to be equipped with data-driven analysis. However, data crunching, especially when it comes to scenarios such as the retail environment, is no easy task. A good analysis must consider several parameters which usually need to be sourced from the multitude of retail software (e.g. ERP, POS, WMS, OMS and more). Thus, Business Intelligence (BI) is an essential retail tool as it collects data from various sources, stores and processes it, and makes complex data intelligible. The tool depicts data with easy-to-understand charts, graphs, etc. As a result, businesses get both a granular as well as a bird’s eye view understanding of their performance. The data surrounding the business performance clearly reveal oversights, areas of improvement, etc.
But is all this enough? The answer is no.
While a BI usually works on the user’s commands, how can a user go above and beyond if they are not too number savvy? This is why the best-in-line BIs have in-built AI capabilities. The AI-powered tool goes beyond the regular business charts. It gives smart suggestions around different kinds of chart one can make, helping businesses forecast growth effectively.
As a well-loved BI solution, Ginesys Cloud BI is tailor-made for the retail sector, offering instant business performance analysis. We help you make better decisions with visually engaging charts and a global view dashboard. The cloud-based solution is complemented by the Ginesys ERP which gives real-time access to centralized data.
Implement Replenishment Planning for Better Growth
For scaling one’s business well, Replenishment Planning is a must. This aspect of retail management focuses on analyzing stocks, their demands, and predicting the volume and frequency of future procurements. In order to meet customer demands effectively, several ventures in the retail sector have begun using Replenishment Planning tools.
Among the several Replenishment Planning tools in the market, Ginesys One ERP’s integration for Replenishment Planning with Supplymint is noteworthy.
How to Implement SCM For Improved Retail Efficiency?
Essential to retail management, Supply Chain Management (SCM) tools help you track the flow of goods and services throughout all the processes. These processes range from raw material acquisition to the production of finished goods followed by distribution.
A prime challenge most retailers face, especially when procuring materials, is communicating with vendors and comparing multiple vendor prices. SCM not only keeps a steady note of your vendor network but also automates the prize optimization involved in procurement. Similarly, one of the biggest benefits of an SCM tool is that it helps companies identify the roadblocks in the supply chain. With roadblocks smoothened, SCM’s holistic platform contributes to the efficiency of the company, which in turn impacts profitability.
Looking for an effective SCM tool for your business? Much like Replenishment Planning, Ginesys One ERP’s SCM integration with Supplymint proves to be an effective solution for retailers.
Leverage Retail Management tools
Find out the Need for Production Management Software
Production Management is a complex multi-step process. It involves streamlining sampling and sample-making, raw materials sourcing, managing the production supply chain, shipping, and packing. The task becomes even more challenging when the same process must be repeated for several parts of the item in production. To streamline this process, many companies have implemented Production Management Software. The software gives them an accurate and detailed picture of the production process. It goes without saying that knowing the exact status of the production line can enable effective planning of market deliveries.
Need Production Management Software? Ginesys One ERP comes with Production Management capabilities. The ERP solution streamlines everything in manufacturing ranging from sampling to shipping. The user-friendly software gives accurate real-time status of the supply chain, including an overview of processes that involve the assembly and manufacturing of multiple components.
Leverage Retail Management tools with Integrated Production
Automate GST Compliance Using GST Software
The importance of GST calculations is not confined merely to a compliance necessity. Rather, miscalculation of GST does not reflect the accurate net income of a business. As a result, forecasting revenues and upscaling becomes difficult without proper GST figures. To solve this challenge, retailers use GST software, which automates both the tax calculations as well as filing.
As one of the leading GST filing and E-document generation software, Ginesys One’s EaseMyGST automates GST returns, E-way bill generation, and E-invoicing for businesses. The software integrates easily with different ERP and accounting systems while also offering advanced analytical reports. The agile and user-friendly solution is an all-in-one remedy for all GST-related problems.
Check out GST software for retail!
Better Retail Management with Barcoding Software
Have you ever wondered how retailers managed stocking, billing, and warehousing without barcodes? These tasks seem next to impossible without barcodes if one has an extensive inventory. Barcoding with RFID has been a game-changer in retail since its advent. Gone are the days when one must squint over to see price tags or gather stock for stock audits. Rather, in just a beep, a good barcoding solution reads RFID tags and helps identify the attributes of a product. Barcoding is also needed to prevent shoplifting, a prevalent source of revenue loss.
So, if you are looking to barcode your store’s products, Ginesys One is your answer. Several solutions of the Ginesys One suite, such as the ERP, cloud POS and the OMS solutions have easy barcoding capability.
Improved Order Management with Return Tracking Software
Order returns are an inseparable part of retail management. A return tracking software digitizes the returning process end-to-end. The returning process often includes enabling the customer to initiate return requests, verifying eligibility, and generating shipping labels.
The solution helps enterprises to track parcels in real-time tracking with automated updates of the shipping status. At the same time, the moment the return process is finalized, the software synchronizes the product with the inventory systems. This sync assures that the stock information in the OMS is accurate. The return tracking software also facilitates refund processing and trend analysis, and is compatible with customer support processes, ensuring smooth client servicing.
If you are looking for the best return tracking software, note that Ginesys OMS integrates effective return tracking software, offering a holistic OMS.
Know About Logistics Aggregators
Logistics aggregators are intermediary solutions that connect businesses with shipping services providers. What makes these aggregators so useful in retail is that they enable real-time tracking of parcels, aiding better planning. Also, given that logistic aggregators help you choose from an array of multiple shipment vendors, one can optimize the shipping charges with easy quote comparison. The reviews and ratings posted on the platform also help businesses make informed choices when it comes to choosing the shipping partner.
Seeking to solve your shipping related challenges? Ginesys One OMS (Browntape’s) Logistics Aggregator integrations are your answer. We strive to optimize your shipping process, providing real-time tracking at reasonable costs.
Leverage Better Surveillance with CCTV Feed Manager
A CCTV Feed Manager is vital for keeping a close eye on various business infrastructure, be it the store or warehouse. The device keeps a record of every proceeding in the commercial space, ensuring safety and compliance. It is a safeguard against shoplifting, mismanagement of resources, and other potential wrongdoings. Also, in the event of an audit, the tool can help identify relevant moments. This is why many retailers have turned to a CCTV Feed Manager to collect various video streams from all stores, warehouses and stock rooms and monitor them in a central location. In case of any issues that require to be checked out, earlier streams can be easily retrieved using the feed manager software.
The complex tasks performed by the various tools that we discussed in the blog make a case for the necessity of digitization in retail. In this journey, Ginesys One’s comprehensive suite offers all necessary functionalities, streamlining the diverse aspects of retail management.
Want to know more about our retail management tools? Contact us today!