How Retail Software Solutions Help You Gain A Competitive Advantage
The retail industry has witnessed a tremendous transformation over the past few years. Innovative retail technologies have made the sector fast-paced and highly competitive. The advent of cloud technology has also disrupted the retail industry from the ground up. These technology changes accelerate the need for advanced and bespoke retail software solutions that can effectively automate most routine store operations.
Why should you adopt custom retail software solutions?
Fingent helps you develop custom retail software solutions that help you:
- Automate everyday retail store operations,
- Switch to e-commerce quickly,
- Enhance inventory management,
- Streamline payments and invoices tracking,
- Improve order fulfillment, and
- Serve your customers better and faster.
As several countries continue with lockdown measures, the digital shopping trend and the shift in consumer behavior are here to stay. Retailers are forced to address the rising consumer expectations with limited resources like transport restrictions, shortage of labor, out-of-stock scenarios, and so on. Contactless shopping has found a better place in today’s business landscape, and retailers need to adopt personalized retail software solutions to stay relevant and competent in the market.
A few stats that underscore the significance of custom retail software solutions
The following figures suggest why brick-and-mortar stores must adopt retail software solutions and digital transformation to stay ahead of competitors and attract loyal clients.
- 30% of consumers do not wait for more than two minutes to determine if the product they want to buy is in stock.
- 78% of the customers would not use a retailer again after three late or incomplete deliveries.
- 87% of buyers leave the store if the product they are looking for is unavailable and there is no assistant nearby.
Our custom retail software solutions are perfect for companies of different sizes. We help you build and integrate software tailored to your retail business. We create personalized retail software solutions that are scalable and meet the growing needs of a single shop or even a vast retail chain consisting of several Points of Sale (POS).
Benefits of custom retail software solutions
The most significant features and capabilities of retail software solutions include:
- Managing orders, products, and inventory,
- Handling financial transactions,
- Streamlining the supply chain,
- Helping human resources and marketing campaigns, and
- Managing customer relations.
Here are the benefits of custom retail software solutions.
1. Offers real-time visibility
Retail software solutions allow you to control warehouses and shop floors in online mode and identify if certain products are in or out of stock. Also, it helps you send instant alerts if something is out of order and thus avoid lengthy downtimes.
2. Automates in-store processes
Retail software solutions help automate all major store tasks such as billing, price regulation, inventory auditing, reporting, payroll records, returns processing, and more.
3. Improves customer service
As retail software solutions help automate most store processes, your employees can spend more time engaging with the customers and promoting your new products and latest arrivals. Customer reps will have the historical data in hand while attending a customer service call. This helps them save time, effort, and money, reduce returns and refunds, and direct customers to the optimal solution. Embedded analytics in the software allows your marketing team to send personalized recommendations to your customers based on their shopping history and online behavior.
Different types of retail software solutions
1. Point of Sales (POS) software
The software for shop management, implemented in brick-and-mortar stores, facilitates seamless transactions between customers and the store on the spot. The POS market is projected to grow at an annual rate of 14% from 2016 to 2024. Fingent helps you develop custom Point of Sales software that enables you to manage sales, inventory, and employees with ease. We build custom POS software for your single store or a retail network. It helps boost your customer engagement and revenue.
2. Inventory management software
We help you develop custom inventory management software for tracking, managing, and organizing product sales, material purchases, and other production processes. Typically, the inventory management software works with wireless tracking, barcodes, and radio-frequency identification to support inventory tracking and control.
3. Payment processing software
Payment processing software is a secure program that connects eCommerce sites via virtual terminals to other payment systems that acknowledge credit cards and other online payment methods. Payment processing software allows users to add their card or bank details and notifies financial institutions that approve or reject payments. We help integrate payment processing software into your retail software solutions.
4. Retail ERP systems
Enterprise resource planning (ERP) systems integrate modules for controlling all stages of business. An ERP system is a perfect software for shop management. ERPs are customizable and support integration with third-party systems. ERPs like Odoo and SAP allow developing specific modules to suit your business needs. For instance, SAP FICO (Finance and Cost controlling module in SAP) and SAP Ariba (sourcing, procurement, and financial supply chain solutions).
We are an Official Partner of Odoo as well as a Silver Partner of SAP. We are well placed to offer the best ERP consulting, implementation, and maintenance services for your business across these two platforms.
5. e-Commerce software
The COVID-19 pandemic has increased the adoption of eCommerce among retailers. That said, retail software platforms are a must today. The software enables online store owners to add and remove products, process payments, fulfill orders, etc. Fingent helps leverage numerous eCommerce development frameworks such as Magento, Odoo, etc., to build B2B and B2C e-commerce software for your business.
You can deploy retail software solutions either in the cloud or on-premise according to your specific requirements:
- On-premise retail software solutions: An on-premise retail application is installed on your local computers or local servers. However, you may need the expertise of an IT specialist like Fingent to maintain the system and handle updates or fix issues.
- Cloud-based retail software solutions: Cloud-based retail software solutions do not require to be installed on your hardware. If you have a stable and reliable internet connection, you can deploy the retail software as a SaaS solution, which is managed by the providers automatically.
Steps to create custom retail software for your business
1. Choose the right vendor
Selecting the right software provider is crucial as well as challenging. Your choice will determine how positively a future system will impact your business performance.
2. Plan and budget
Create a detailed plan and discuss the key features your system should include. Whether to have an omnichannel solution, what function it should perform, what third-party system it needs to be integrated with, and the software development budget must be considered. You can opt for custom software development. At Fingent, we provide you with out-of-the-box retail software solutions within your budget.
3. Development and implementation
Here are a few best practices to take advantage of custom software development:
- Include an internal team of specialists having the needed expertise and experience to participate in the implementation process.
- Provide your team with adequate training to get started and explain the benefits. Your offshore software development partner can help you with this. At Fingent, we help ease your transition to custom software. We offer training and support and provide post-release maintenance and support to our customers.
- Eliminate inactive accounts and other documents that have not been processed for years to simplify the migration.
The retail software system implementation requires continuous control and testing. Thus, most companies rely on continuous testing to ensure the process will happen simultaneously with the integration.
Additionally, you must be prepared to address several issues. The primary purpose of the final testing is to simulate the lifecycle of your business with go-live processes. Fingent has a dedicated Quality Assurance & Testing team that ensures your application is bug-free, high-performing, and responsive.
After successfully implementing the custom retail software system, it needs support and maintenance that must be provided either by your technical experts or the software provider. As said above, Fingent offers post-launch maintenance support and change enhancement services for the custom software we develop.
With extensive experience in retail software development and eCommerce systems, we can become your reliable partner and make your company a front-runner in the retail industry.
If you are looking for custom software for shop management or tailored retail software solutions, please drop us a message.
The retail market has seen a drastic change from physical stores to online sales platforms. With the advent of the internet and the freedom to access it from anywhere, brick-and-mortar stores have turned into a digital retailer and new breed of e-retailers have arrived. This new e-retailing option provides users access to a virtual mall of sorts, at their fingertips. The rapid digitization is benefiting both retailing sectors to reach out to mass audiences and the customers to get access to products and brands worldwide. Such accessibility enables them to attract customers worldwide and take their game up a notch higher.
Retail sectors have now access to a humungous amount of Big Data that can be further used to reach out to larger audiences. Omnichannel marketing strategies and some new-age technology can work wonders at boosting the customer experience. The adoption of the said technology in the improvement of marketing campaigns and augmenting supply chain operations helps in offering better success rate.
Analytics – The Way Ahead for Retail
There is a fast-paced growth in retail consumption due to urbanization. Customers have better income and access to technology to keep changing their preferences. Big Data and Analytics are helpful when it comes to studying these changing patterns in customer preferences and behaviors. It also helps retailers to change their business model and rethink strategies to stay ahead in the game. The idea is no longer targeting a group of audience but offering personalized solutions for everyone. As per MRC statistics, the global retail analytics market stood at $2.25 billion in 2015 and is likely to skyrocket up to $7.47 billion by 2022 with a CAGR of 18.7%.
Understanding the Customers
Using predictive analytics to understand how the customer’s function, react, and purchase is highly critical for every retailer. Understanding their purchasing pattern and predicting future behavior can help send targeted advertisements and offers to the customers. Such unique targeting provides the opportunity for retailers to better engage with their consumers directly. Using POS systems, social media interactions, and online shopping patterns, retailers can achieve a deeper insight as to what sells. It also helps them understand how to model their stores, add inventory to their warehouse and reach more individuals.
Excellent Customer Experience
Companies that use data analytics can target customers as per their browsing and purchase history. Understanding what exactly your customer requires is a win-win situation for both the parties. These researched targeted products can be sent to users via customized emails and SMS to pique their interest. Targeting marketing provides them with options that predict their purchase intent. It is important that in-store management can provide insight driven shopping experience.
Technologies to be Adopted
Using Big Data and Analytics largely depends on what kind of technology is used by Retailers. Apart from having just POS data analyses to predict customer behavior, data can be even used to make pricing and marketing decisions. Some of the technologies that offer customers a smooth shopping experience while helping the retailers enhance their services are –
1. Radio Frequency Identification (RFID) – Radio Frequency Identification (RFID) is changing the way businesses track inventory and assets. This technology is hired by companies for on-shelf inventory management. But there is more to it than meets the eye. It can be smartly used to place items on the shelves where the consumer is most likely to go. These can be items that are limited to the season or on sale.
2. Wi-Fi Analytics – Here, data patterns are created with respect to real-time customer behavior inside the store. It helps in understanding the clusters of the store where maximum customer time is spent and which zone has the highest purchase. Such intelligent analysis helps in determining what the inventory customers are seeking. The store can change their inventory or position of items accordingly to make the customer’s shopping experience a breeze.
3. Beacon analysis – These low-cost Bluetooth sensors are a must for every retailer. They can be placed strategically inside the store to send proximity marketing based on customer location inside. Customers who are seeking an item can benefit not just from options provided but also avail discounts and coupons offered via it.
Customers love being pampered and the best way to do that is to make their life easy, not just around the store but also via marketing to invite them. Grow your retail firm multifold by seeking our expert advice and IT solutions to make the most out of Big Data and Analytics.