5 Types of Software to Improve Your Retail Business

Over the last decade, technology has become very influential in the retail industry and its influence is only expected to keep growing. According to eMarketer, the total retail market will reach nearly $30 trillion by 2020!

So, if your goal is to run a successful retail business, you’ll have to take advantage of tech and choose the best retail software for your company.

Don’t know where to start? Here are the 5 main types of software that can help you provide better customer experience and boost your revenue.

1. ERP software

ERP (Enterprise resource planning) software is a tool that integrates all processes and data across a company. ERP software allows you to collect, manage, store, and analyze data from different activities and company departments in a single centralized location.

The versatile nature of ERP allows companies across a number of industries to implement solutions based on their specific needs. Some of the major industries that use ERP include clothing, construction, distribution, industrial services, healthcare, and, of course, retail. Just imagine how easier it would be if you’d use an apparel manufacturing software to keep track of every single clothing piece, every cost, and every important meeting with potential vendors. It would save you so much time and optimize the whole manufacturing process, allowing you to invest the extra effort in making new creations and new profit.

When it comes to retail ERP software, SYSPRO and Acumatica are two great examples.

Main benefits of ERP systems:

• Optimized workflow and profitability

• Centralized database with all customer information and documents stored in one location

• Increased efficiency and modernized inventory management

• Reduced errors by automating processes.

2. Inventory Control Software

In today’s business environment, even small businesses need to use automated inventory management software. It’s become essential in almost all industries by helping companies track their products and distribute them to customers.

Inventory control software handles all aspects of managing a company’s inventory: tracking, organizing sales, purchasing materials, and other processes with an aim to increase productivity and maintain competitiveness. Logiwa and Zoho Inventory are great examples of inventory control software solutions.

Main benefits of inventory control software:

As the Inventory management system tracks product status and extracts historical information, it allows you to plan ahead, forecasts sales, and prevent delivery delays. In addition, your customers will be able to track their order status, which will increase customer satisfaction.

3. Retail CRM software

CRM (Customer relationship management) software allows your company to manage interactions with both existing and potential customers. CRM software analyzes customer data to help you improve relationships with your customers, focusing on customer retention and boosting sales. SpringBoardRetail and Eposnow are two examples of retail CRM software.

Main benefits of retail CRM software:

• A CRM solution collects data and provides tools to segment that data. It also offers access to data visualization tools, like graphs and charts for further analysis.

• CRM automatically stores all company communications, allowing you to view call details, emails, and calendars in one place. This enables different teams to collaborate more efficiently and improve their productivity.

• CRM provides access to customer interactions and order histories, enabling employees to take a unified approach toward customers and, as a result, improving customer service. In addition, this access to customer data allows your company to build better relationships with clients.

4. E-commerce Software

E-Commerce software will allow your business to sell products/services online. It will enable you to fulfill orders, remove or add new products, process payments, etc. An e-commerce software automates and makes selling processes much simpler, thus saving you money, time, and effort while at the same time providing customers with exceptional service. Some of the most popular e-commerce software examples are Magento, WooCommerce, and Shopify.

Main benefits of e-commerce software:

• Start an online business quickly and easily. Most e-commerce software solutions provide website builders with pre-built templates, which allows anyone to create an online store without help from a professional web developer or web designer. Just put all the store’s elements in place, then add product images, descriptions, and prices, and set up a shopping cart.

• No rent, no fixed working hours. Unlike brick-and-mortar stores, with e-commerce software, you don’t need to rent costly space and employ people to sell your products. You just need to pay a monthly fee for an e-commerce system. In addition, your online store is open 24 hours every day. It is also totally automated, so you don’t need to constantly monitor your store.

• E-commerce software offers an easy, high-quality shopping experience. Customers can easily choose products, place orders, and pay with a convenient online payment system.

• An e-commerce software provides you with a global market for your products. You can reach anyone, anytime, from any location.

5. Payment Processing Software

Payment processing software allows your company to manage expenses, gain insights into customers’ spending habits, offer rewards based on customers’ buying behaviors, and generate digital bills.

Payment processing software connects e-commerce websites with other payment systems via a virtual terminal and provides a secure platform where users can add their bank or card details. Two good examples of payment processing software are Xero and FreshBooks.

Main benefits of payment processing software:

• Improved security and a minimized risk of fraud

• Reduced expenses by cutting on staff in the billing and invoicing department

• Enhanced customer relations as a result of needing less time to fix errors

• Increased cash flow

• Extensive reports about purchases, inventory, and sales to improve decision-making.

Final Thoughts

Are you ready to choose the best software for your retail business?

If your goal is to improve increase your team’s efficiency by automating business processes and customer shopping experience, go through the above-suggested solutions and determine which one best suits your company’s needs.