Retail management systems are an integral part of store operations. Inventory management and point of sale (POS) systems allow stores to determine how much of a given item is in stock and complete sales, ultimately resulting in happier customers. However, businesses must periodically review their retail management system to ensure it is up-to-date so that the brand can continue to compete and serve the evolving expectations of its customer base.
Downtime, lack of security, a failure to meet customer expectations, lack of operational flexibility, and lack of data are just five of many potential signs that it’s time to implement a new retail management system.
Technology Upgrades to Meet Scale
For a growing business, an existing retail management system may be too simplistic to handle new needs. Systems that can not handle tracking inventory and customer data across multiple store locations could be problematic for businesses that use a combination of a web store, warehouse, and brick-and-mortar store locations. Organizations that have an expansive omnichannel operation for inventory, shipping, and sales need a more robust retail management solution that meets their goals.
Avoid System Downtime
Nothing is more frustrating to a customer than a system that does not record their order, especially when it happens all too often. This can occur when too many orders are placed at once, there is an inaccuracy in inventory count, declined transactions, and more. System downtime affects both in-store and online experiences in different ways.
In-store, sales associates and store managers rely on their inventory management and POS systems to facilitate the purchase process. However, system downtime can cause long lines at checkout, inability to process payments, and lost receipts. Additionally, downtime affects multi-location retailers significantly in terms of not being able to check inventory in other stores to save or upgrade a sale.
Online, system downtime prevents transactions from being completed. Unhappy customers may then purchase a competitor’s similar product, ultimately hurting your bottom line while bolstering that of your competition.
Modernize with eReceipts and Mobile Payment Options
For many of today’s customers, convenience is their first priority, whether it’s placing an online order and having it delivered or being able to pay with a mobile device. In-store mobile payment is becoming increasingly popular, as it is a strong driver for customer loyalty. Upon payment, a customer can opt to have an e-receipt delivered to their email inbox. Customers prefer eReceipts to keep records of their purchases and stay organized, as opposed to traditional paper receipts. Additionally, eReceipts enable the retailer to share colorful, branded marketing messages with social links that build awareness and even upsell.
Now returns don’t have to be a hassle. Instead of fumbling for the paper receipt for a purchase they made weeks ago, customers can simply access the eReceipt that was produced by the retail management system.
Improve Security Measures and Compliance
Older POS system features may not be sufficient for today’s retail environment. Retail management systems today must protect against credit card fraud and data breaches. Chip-based credit cards which use point-to-point encryption (P2PE) and tokenization help cut down on card fraud, leading to major cost savings for retailers.
Customers are becoming much more savvy about credit card security and may be less inclined to shop where they see outdated credit card processing equipment without chip readers, mobile options, or where they are required to hand their card to the salesperson.
Embed Sales Tax Automation
Multi-store retailers and those that ship between states must be aware of different sales tax rules and rates. Without the right technology, this can be a tedious process, especially when there are tax rate changes. Avalara’s AvaTax is included with every Runit subscription at no additional cost to automate sales tax calculations and streamline reporting on all transactions in the AvaTax reporting portal. Using this solution, retailers don’t have to worry about tax holidays, changes, or rule variations when shipping across state lines.
AvaTax is a cloud-based solution that uses geospatial location information to produce on-demand sales tax information in real time. Additionally, the platform allows retailers to quickly export transaction data for tax filing purposes or it can handle filing for you if you choose.
Runit offers a cloud-based POS and inventory management system for effective retail management. The system’s broad range of capabilities includes marketing-style eReceipts, cutting-edge encryption, biometric security options, sales tax automation, and more. If you feel it’s time to upgrade your retail management system, schedule a call with a member of our team today.