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In 2018, retailers need to be prepared for the demands of the smart consumer—one that expects more than just a transaction, and one that is savvy enough to use smartphones to find products in stock and at the best prices. This can certainly complicate a retailer’s already complex operation—particularly a single-store retailer selling to a niche market. That’s why retailers should make 2018 the year of better retail management software. According to Gartner research, 50% of single-store retailers still rely on manual processes and do not have a point of sale system (POS) in place. Here are six features retailers will need from a point of sale system for a prosperous 2018.
1. Omnichannel Capabilities
Merging your brick-and-mortar with e-commerce has become critical to successful operations. To truly master an omnichannel approach, retailers need to provide customers with a seamless shopping experience. But, with so many parts already in motion, how can retailers manage inventory and sales in real-time, for shopping in-store, online, or by phone? Retail management software can help fuse selling activities into a single, cohesive operation and will be critical to mastering the art of selling in 2018.
2. Inventory Management
“No customer left behind or unfilled” should be a retailer’s 2018 resolution. That can be easier said than done, as manual inventory management processes can be arduous and leave retailers shorthanded of popular items. Sophisticated inventory management for your retail management software has become mission critical in 2018. Inventory management tools provide front-line staff a clear and accurate picture of inventory in order to provide recommendations that enhance customer experiences while at the same time bolstering sales through upselling and cross-selling.
3. Mobile Capabilities
Beyond an e-commerce channel, retailers need to make sure the consumer’s online experience is optimized for mobile. According to a Pew Research Center survey, in 2016, 51% of online sales were made using a cellphone. In 2018, when retailer’s think mobile, not only do they need to think about the browsing experience, but payments as well. Consumer trends show an increase among customers using wearable tech and smartphones to securely complete transactions. Additionally, retail management software, should have the capability to arm sales floor staff with mobile POS solutions to checkout customers on demand during peak seasons.
4. Data Analytics and Reporting
From supply chain to post-purchase, data will mark every aspect of a product’s journey. Retailers no longer have time to spend manually sorting data and preparing calculations. Sophisticated data collection, analytics, and reporting is a must for retail management software. At the click of a button, monitor inventory, track profit margins on products and customer buying patterns, control expenses, and minimize waste. By automating data capture and reporting processes, retailers can spend more time making smart business decisions.
5. CRM/Targeted Marketing
In 2018, retailers are looking to attract customers of value. Retail management software with customer relationship management is key to identifying and cultivating a base of ideal shoppers. Data capture and reporting capabilities proactively help retailers identify and increase the number of high-quality customers frequenting their establishment. Having this information at their fingertips allows retailers to craft and deliver targeted messages to the right people at the right time—tools that retailers can use to grow loyalty programs, increase foot traffic, and more.
6. Reliability and Network Tolerant
Retailers have a lot on the line—but network reliability shouldn’t be one of them. Choose retail management software that is network tolerant and has the ability to keep processing transactions and collecting key data to business operations even when there is no internet connection, providing that no customer is left behind or unfilled when they are ready to buy.
Make 2018 the year of better retail management software. TallySoft’s point of sale, TallySales can help retailers, particularly in niche markets master the art of selling, by offering tools to integrate omnichannel sales, streamline workflows and efficiencies, capture and analyze data critical to operations, and grow customer experiences. Contact TallySoft to learn the benefits of offering TallySales as a part of your line card.
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