A retail management system combines the power of a point of sale (POS) system, customer relationship management (CRM), inventory tracking, and other functions so retailers have the solutions they need to power their businesses.
What can a retail management system do for you? Consider the following reasons why you should implement this technology.
1. Real-time visibility into all aspects of your business:A POS system gives you real-time access to sales reports, inventory counts, and labor information from any device with an internet connection, so you have the data you need, whenever you need it. These systems also include a variety of reporting options that give you comprehensive data by the shift, hour, day, week, month or year. Owners of multiple locations can manage all their stores from a single computer or mobile device. Having this information available in a few clicks means employers can leverage analytics to help them make better business decisions.
2. Efficient inventory management:Every transaction affects inventory counts, so it’s important to have real-time data. Inventory turnover reports can reveal important trends that can assist you with sales forecasting, ordering, supply chain management, and promotions. It’s not enough to know what’s in stock — also use inventory data to track how long you’ve had certain items on hand. Products sitting in your stock room are taking up space, and you’re spending time and resources storing and maintaining them.
Real-time inventory data is also critical for customers looking for specific items. By scanning the barcode or looking up the SKU in the computer, you can see whether the item is in stock — there’s no time spent digging around in the stockroom, only to come back empty-handed. A multistore chain can use their retail management system to determine which locations have the item available and arrange shipping, if needed, to save the sale.