3 Big Gains An Integrated Retail Management Solution Can Deliver Retailers
Under increasing pressure to do more with less, retailers can benefit from an integrated retail management solution. Such a system can provide information to help with decisions regarding inventory management, floor sales and overall workflow.
Here are three specific ways an integrated retail management solution can help retailers make big gains.
More efficient inventory management: Effective use of shelf and storeroom space is crucial in retail, especially since commercial space comes at a premium. This applies to all retailers, whether you’re a grocer placing most of your stock on the store shelves, or a computer store with only a single model on display.
A retail ERP system can improve efficiency by establishing logistics to track inventory as it is transferred from the stockroom to the display area, notifying you when items are sold or you’re low on stock. It can also help you refine your store’s product selection by tracking sales history and reveal slow-moving items that may be taking up too much shelf space.
A retail ERP system is ideal when space is at a premium, allowing for stores to set up model displays that are accompanied by price cards designed to be scanned at checkout. When scanned, these cards alert store associates to retrieve the product from the stockroom. This solution is ideal for big-ticket items such as laptop computers, printers or hard drives.
Automated sales tools: Sales associates on the retail floor share product information, locate items and make product recommendations. An integrated retail management solution can provide sales associates with more information about store products, especially as it pertains to the customer. This can lead to higher conversion rates and more associates meeting their sales quotas.
For instance, customer information can be gathered with a loyalty program, which might include a smartphone app that detects any recent visits by the customer to the store. Store employees can also be outfitted with mobile devices that quickly load product information, enabling them to discuss products in greater detail with interested customers while quickly locating the products on the sales floor.
Improved workflow to reduce labor costs: Instead of having a handful of employees walk down aisles checking display shelves during inventory, an integrated retail management solution can track products electronically, requiring only one employee to check stock. The nature of the inventory, its carrying costs and the logistical workflow of the store will determine whether technology or manual labor is best suited for this task.
You can also save on labor and make the checkout process more efficient by investing in a retail POS solution. This technology can detect items in a shopper’s cart and ring customers up without an employee needing to scan each item. By equipping your store with self-service checkout lanes, you’ll need fewer employees to manage multiple lanes. These technologies give your store an edge by allowing for more efficient checkouts, improving customer satisfaction while providing them with an incentive to return to your store.
Better inventory management, customer-focused sales and improved workflows are just a few of the ways an integrated retail management solution can help retailers improve their operations and protect their profit margins in a “do less with more” business environment.