In the modern era, digitization has invaded numerous areas, and this is for a good reason. More and more businesses are embarking on a digitization journey to accelerate their processes and enhance their businesses. Among these businesses are retailer. The retail industry has changed, and retailers are adapting new techniques and strategies to accelerate their development and enhance their services. These practices include implementing adequate and automated Retail IT solutions. These solutions enable faster delivery for retailer as well as multiple other benefits. However, what features should businesses look for when implementing retail IT solutions?
IT Retail Solutions Features and Capabilities
Like all digital solutions, retail IT solutions vary and include different capabilities. There are different types of retail solutions and some general capabilities are required in order to benefit from an efficient retail solution. These are the common types of retail solutions and their features.
E-Commerce Platforms: With ever-changing customer preferences and the growing popularity of online shopping, e-commerce platforms have known a considerable growth. Key features of e-commerce platforms include:
- Product catalog
- Email marketing
- Inventory management
- Search Engine Optimization or SEO functionalities
- Shopping cart
- Payment gateway
- Multi-channel marketing
- Reorder management
- Customer management
Payment Processing Software: This digital retail solution basically connects retailers to various payment systems for secure and seamless transactions. Some key features of the Payment Processing Software include:
- Online payments
- Auto-generated reports
- Card payments
- Mobile wallets
- Customizable invoice templates
- Bank reconciliation
Retail Inventory Management Software: Warehouse management systems provide real-time insights into inventory levels and movements. This software also integrates with tracking technology, barcode scanners and Radio-frequency identification technology or RFID tags to streamline inventory.
- Synchronization of stock with orders
- Automated invoicing
- Reports
- Product identification
- Stock Keeping Unit or SKU management
- Expiry tracking
- Reorder management
Social Media Marketing Systems: retailers use this tool to manage social media posts and online marketing campaigns. They can also track analytics on social media platforms such as Facebook, Instagram, YouTube and more platforms. Some key features of social Media Marketing Systems include:
- Customer targeting
- Content management
- Conversion tracking
- Scheduling & publishing
Point of Sale Software: Retail point-of-sale systems, typically used in physical stores, help process onsite payments. These systems also integrate stock keeping unit modules, inventory tracking, compensation program management, returns management and more. Some key features include:
- Desktop Point of Sale system for in-store payment processing
- Mobile Point of Sale system for on-the-go transactions
- Self-service Point of Sale systems for cashier-less stores
Retail Enterprise resource planning or ERP Systems: Enterprise resource planning software provides a comprehensive suite of features to control different aspects of the retail industry. You can integrate with third-party systems or develop custom modules based on your business needs. Features of this system include:
- Supply chain management
- Customer management module
- Financial resource management
- Staff management module
- End-to-end product management
Customer Relationship Management solutions: A comprehensive Customer Relationship Management system makes it easy to manage inventory, sales, marketing, and customer support from a single interface. This allows retailers to personalize their customer interactions and create a competitive advantage within the industry. Common CRM features include:
- Workflow automation
- Invoicing
- Third-party integration
- Social media monitoring
- Customer service
- Lead management
- Sales forecasting
- Analytics & reporting
- Customizable email templates
