What is Retail Management Systems Software?
Retail management software manages financial reporting, accounting, and operations of retail stores by integrating core business processes such as point of sale (POS), inventory management, accounting, customer relationship management (CRM), human resources, marketing, and eCommerce.
Retail Management Software Features & Capabilities :
Retail management systems (RMS) provides all of the following features in most of the cases:
● Cloud Point-of-Sale (PoS)
● In-store Point-of-Sale (kiosk, cash register, etc.)
● Mobile PoS (software and/or tablet)
● eCommerce website
● CRM integrates with PoS for customer tracking, remarketing
● Inventory management
● Rental management
● Multichannel order management
● Sales order workflow, purchase order management
● Fulfillment and warehouse management system
● Integration or provided shipping management
● Accounting & financial management
Find the best software list of Top Retail Management Software to aid your needs.
RMS software is an all-in-one tool that provides overall retail management system solutions; that includes a range of operations such as accounting, point-of-sale, CRM and inventory management, e-commerce integrations, and much more.
With the help of this best retail management system software, retailers can generate and use real-time reporting to be updated with business dynamics and make smart decisions.
Finding software can be overwhelming. We’ve helped thousands of retailers choose the right retail management software so that they can collect and analyze sales data and automate transactions.
And here are some of them :
Top 10 Retail Management Softwares For Your Business
Springboard Retail is a purpose-built cloud Point of sale and retail management system designed for retailers and retailers. Built with multi-site as well as many channels, brands & retailers requirements in mind, the Springboard POS software allows platforms to deliver effortless service to every customer in the same way.
Get the powerful retail management functioning powering some of retail’s most disruptive brands and empower your team members to sell more, profitably.
iVend Retail Software
iVend Retail is a retail management software that helps businesses manage various aspects of various businesses. It covers from point-of-sale (POS) to the back office to head office operations; everything.
iVend Retail comprises iVend Mobile POS plus an integrated customer loyalty portal plus e-commerce, retail analytics, and digital passes. It also ensures a seamless customer experience across all the channels. It offers features to create multi-channel loyalty programs for all customers.
Lightspeed Retail Point of Sale software is the industry-leading easy to use cloud-based POS solution for the budding retailers. Lightspeed Retail makes it easy for the way you serve customers and manage all your store locations.
Lightspeed is one of the POS and inventory management software. It keeps tabs on all your sales, manages your employees, processes payments, and creates an unforgettable shopping experience that keeps customers coming back.
Erply is a cloud POS system for retailers of all sizes. It offers comprehensive inventory management, a suite of detailed reports, and multi-store functionality.
Erply is fast and easy to use, making it a long-time partner of many highly successful brands like Sony, Disney, Carat, Rapid Refill, Viasat, UNICEF, United Nations, and United States Olympic Committee.
Square is a point-of-sale software designed to provide businesses with a reliable and fast POS software system. It enables you to take payments using your iOS or Android devices and can be implemented on the counter or even on-the-go.
The POS system comes with a free downloadable point of sale software plus a Square magstripe reader, that allows payments via debit and credit cards. It also comes with real-time sales and an inventory tracker as well as an item management platform.
FusionRetail provides a safe & secure retail management system, touch & scan point-of-sale (POS) with billing and barcoding. Also inventory control, chain store management, salaries, financial accounting & management, customer loyalty program, and Mobile Reporting.
Unlike other retail software, it’s easy to set up, use & manage, allows you to automate tasks, reduce operational costs, increases efficiency, make profits faster & reach break-even sooner.
Ordorite offers a full end-to-end management software solution for furniture, bedding, and a lot of retailers. The system can manage every aspect of your business right from point of sale, inventory control, warehouse management, delivery and logistics, customer service, marketing, mobile solutions to even business analytics and so much more.
Whether you have one store or multiple stores, Ordorite can manage your entire inventory in a single efficient system.
NetSuite SuiteCommerce was built with the idea that eCommerce is no longer a stand-alone channel but a very core business component.
NetSuiteCommerce enables businesses to move from online, in-store, and phone shopping channels to an integrated commerce solution. This helps effortlessly connect eCommerce and even in-store Point Of Sales and inventory management, merchandising, marketing, financials, and customer service.
Nova is a retail point of sale solution that helps owners and franchisees in managing and improving their business. Founded as a retail consulting company, Nova helps businesses develop and grow their enterprises with several tools and features to help control every aspect of a business.
It helps retailers grow from one location to dozens and from dozens to hundreds. At the end of the day, Nova is an advanced technology solution for the retail industry.
Feature-rich HDPOS smart and its variants appeal to all businesses. It is the number one solution for business owners who are looking for a single solution to manage their entire business.
Their products also provide very high-end features of analytical reports, business intelligence. And if that’s not enough, business owners can also create complex customized reports and data views to match their needs.
Advantages of Using Retail Management Software:
Bringing a User-Friendly Interface
By far the largest challenge heard from buyers is that their existing system is non-intuitive; they are looking for a new system and their primary requirement is easy to use the software.
Then a good solution must be designed so that employees can learn POS procedures in less time with built-in applications and an intuitive user interface.
Streamlining Transaction Processing
With the right retail management software, sales transactions become faster and easier. Retailers can:
● Accelerate checkouts
● Offer upsells and cross-sells through suggestive selling of linked items
● Implement automatic discounts for frequent shoppers.
● Access customer profiles and handle multiple tenders and payments at checkout
● Immediately access costs, availability, and stock location through the easily user-friendly POS screen
Improving Efficiency and Minimizing Data Collection Errors
Retail management systems allow retailers to capture and store customer information which can be used later for advertising, promotions, etc.
Besides, the software helps retailers organize, simplify, and automate the otherwise tedious daily business operations and transactions. Also, reduce the effort required for repetitive manual activities.
Providing KPIs For the Analysis and Decision-Making Process
Efficient retail software helps executives to access, analyze, and share data across the business. It includes built statistics and KPIs for users which is directly viewable.
Providing the Ability to Control Promotion Programmers
Best-in-class retail management software will help retailers plan promotions, forecast their performance, and also analyze the results. Therefore retailers can offer customers discounts at the point of sale whilst being able to limit the impact of those activities on the product’s profitability.
Better Inventory Management
Retail management software will provide details on current item stock and identify additional stock required to operate the business. Then retailers place purchase orders by avoiding the surplus and minimizing waste.
Integrating Multiple Channels
Many retailers are moving to support multiple channels – retail stores, e-commerce websites, mail-order catalog. As they roll out to new channels they often implement separate, redundant software systems that are one for each channel.
Looking for the best appropriate retail management system is a priority to most retailers now. With the right strategic approach, retailers can “harvest” many benefits from their customer management which becomes their competitive advantage later all.
No More Multi-Headaches
You get to have more time to attend to your business rather than working yourself on management issues and responsibilities. It directly stops the IT maintenance issues and integration and deployability charges.
Everything on One Thing
You will be able to see real-time values of assets, sales, stocks, and many other details from anywhere on a single platform. It helps you in keeping track of what is getting purchased from your business.
Paved and Polished Streamlined Transaction
Immediate access to prices, customer profiles, and discounts create a way to have faster checkouts and proper history of transactions made by the customer to the cashier, decreasing the waiting time of the customer.
Extensive and Expandable
Customized retail POS software is the true nature of all business platforms as software. You can easily install new systems to new locations anywhere inside your shop or shops to be specific. Also, you can add any new application to your system as per your need.
Interconnected Networks and Smooth Operations
Not all departments can have a direct view of what’s the status and can become more cooperative having a harmonized flow of events in your business.
Efficient and Smart
Business is today crucially dependent on data. An integrated platform not only collects accurate data but also manages and filters it to provide anything you need for example reports of sales to inventory while showing the effects of each department on others.
Inventory at its Best
The most important thing a retail shop is valued upon is its inventory. An RMS platform will provide better details about your stock along with suggestions and notifications of what is to be ordered according to the sales being made.
Faster, easy adaptation to advanced payment and streamlined processing of billing will make the one who is the fate of your business, your customer satisfied, and even his experience.
The Ambassador of Promotions
Discounts and gifts specific to the customer based on their profile history, new offers for festivities, promotions, etc. can be pre-planned. Predicted by the software system itself it is based on a variety of reports, analyzed and displayed on a user interface screen with advanced features.
Your World on Your Fingertip
If you are a multi-channel retailer, you can have your website, e-commerce platform, orders, etc on a single application along with providing you with an important component, data of customers. Helpful for analysis of the pros and cons of deployment of changes in your retailing business.
FAQs on RMS Solved!
Is it Affordable?
Arming your business with retail management software is an extremely financially affordable option as it spells success and profits for your business. You can gain insightful forecasts into the future sales and conditions of your business model by carefully reading the detailed auto-generated reports it provides.
It helps you adjust costs accordingly by identifying the items that are profitable and also those that are not. This will help in increasing the stock of profitable items and do away with the ones that are not offering you any value.
What Type of Data can I Track With a Retail POS?
With the efficient and fast retail point of sale system, you can keep track of accuracy issues regarding the data, the number of items sold, the name of goods, also the inventory theft, shrinkage or wastage as well as damage of items.
You can also automatically generate documents such as invoices, account statements and purchase orders, the current stock of items, inventory cost estimations, additional stock required, and more.
Is There a Committed Metric System in Place?
Absolutely. There is a highly accurate metric system in place that offers business owners a very matriculate way to obtain insights into the accounts receivable and the accounts payable and thereby.
This allows them to monitor, calculate, and control the collection and expenditures and measure the daily gross revenue, cost, and profit.
What Success Rate does it Have in Terms of Offering Error-Free Data?
The best retail management software is a technology-based system and therefore leaves no room for error when compared to other manual systems.
Every transaction is automated, organized, and simplified, in an attempt to keep errors away, improve efficiency, and minimize the risk of fraud in retail outlets.
What Benefits can Customers Enjoy?
Customers can enjoy a problem-free and less time-consuming checkout experience. This helps in maximizing the overall customer satisfaction and experience.