When it comes to finding the best Business Management Software for retail stores the choices can be overwhelming. Many retail businesses will make the mistake of starting their research without first understanding or identifying why their business needs to upgrade their retail business management software. What are the business objectives you are trying to achieve? Some of the reasons may include the list below but prioritising these in order of importance for your business will help to steer conversations with software providers and find the right retail business management software for your business. Some of the top reasons why businesses seek to upgrade their software solution include:
- managing stock complexity
- integrating multiple store locations
- managing multiple cost centres
- streamlining a complex sales process
From here, once you’ve firmly identified the “why”, start your research and consider the “whats”. This is two-fold. Firstly, look at the “whats” in relation to the service provider. For each provider that you’re researching consider whether they are able to offer the below. Do they offer these at a fixed price or as add-ons which can blow your budget?
- Customisation
- Software customised to precisely fit your business needs
- Consultation
- A review of your business to provide a customised solution that caters for your present and future needs
- Implementation
- Hands-on help and support during the implementation of software to ensure that you get all the help you need and a smooth transition
- Training
- On-site training to both front of house and back office staff
- Technical support
- Support beyond implementation, every step of the way from a support person
Secondly, look at the specific features of the retail business management software that you are researching. That is, what features of the software available will help solve the challenges that you’re currently experiencing (the reason that you’re looking for new software in the first place)? The following features are a good starting point (or checklist) as you research retail business management software.
- Point of sale (POS) system
- A front-end interface that is easy to use, so that training is minimal and your implementation runs smoothly and runs on all types of devices
- Customer management
- A module that provides an integrated and holistic view of your customers to improve customer service
- Loyalty and rewards program
- A program that allows you to tailor rewards and promotions based on segmenting your customer database
- Product management
- Some product management features include product categorisation, product hierarchy and product master data management
- Stock (or inventory) management
- Inventory tracking software as part of your overall solution will enable you to optimise your stock levels, manage stock movement, reduce wastage and more
- Store and warehouse structuring
- The capability to link multiple stores and warehousing for full integration across your retail business
- Pricing and discounts management
- Automate pricing to eliminate errors and improve productivity and customer satisfaction
- Sales reporting and analytics
- Provide essential insights to inform business decisions such as purchasing and pricing, in real-time
- Purchase and supplier management
- The ability to manage suppliers through centralised procurement
- Employee management
- Functionality to manage shift scheduling and timesheets, that is the hours that employees are working
Some of these features may not seem as obvious but are crucial for business success. For example, sales reporting and analytics in conjunction with stock (or inventory) management will provide essential insights such as your best selling products and how quickly products move through your business to reach your end-customer.
So when researching the best retail business management software for your business, consider the “why” and the “whats” and have the necessary conversations with a shortlist of providers.
For further information on Foresiight’s retail business management software.
