Key eCommerce & Retail Functions where Employing Smart IT Solutions is a Good Idea for Your Business
The role of technology is getting bigger in the retail and eCommerce segment and it will continue to influence the market in coming days also. From a small little garage start-up in 1999 till today, we have seen a digital transformation in the ecommerce landscape and the situation today is such that it has become an existential threat for brick & mortar retail.
For any successful retail business today, empowering the e-commerce logistics arm is very crucial to grow and make better connections with customers. To achieve this, retail and ecommerce companies will need to automate their routine tasks by integrating various retail and e-commerce software solutions in their organizational workflow.
Today, partnering with an expert retail and eCommerce solution provider is vital for companies to meet the growing customer demands of better products and improved service delivery in the retail & e-commerce landscape.
If you want to run a successful ecommerce business today, you have to integrate right technology in every key retail and ecommerce function as it influences the customer buying journey immensely. Many small and medium scale retailers and ecommerce players today find it difficult to identify the right IT solution for their different retail & eCommerce operations.
Hence, the article will shed light on the key retail and ecommerce areas where employing smart IT solutions can make a real difference for retailers and ecommerce vendors.
Let’s discuss each retail and ecommerce area in detail:
For brick and mortar retail stores having a solid online presence is extremely important today to reach more customers and improve brand visibility. That's why many retail and ecommerce players are trusting e-commerce software to expand their reach and connect with more customers online. As a retailer, you should definitely rely on a quality ecommerce platform to add, remove, display products, fulfil orders, process payments, and so on. You can choose between Drupal vs Magento vs Ecommerce for building your ecommerce website.
When it comes to installation, you can either use an on-premise, custom ecommerce software or SaaS-based platform to manage your retail operations online. Ecommerce software is an excellent choice for retailers, sellers or merchants who want to save their time, money, and effort by selling their product or services online.
Look out for the following features in an eCommerce software/platform, when you are planning to run your business online:
- Product catalogue
- Ordering system
- Shopping cart
- Inventory management
- Customer management
- Payment processing
Inventory Management & Control
An automated inventory management system is becoming a must for wholesale, retail, service delivery, and other industries. Managing a company’s inventory - right from tracking, managing, and organizing product sales, and other production processes can be easily done with the help of Inventory management software.
A variety of other technology or tools like barcodes, radio-frequency identification (RFID), and wireless tracking technology are used along with an inventory or order management system to support inventory tracking and control. Popular examples of inventory management software for ecommerce include Zoho Inventory, Logiwa, etc.
When planning to start your online business, you should definitely partner with an expert retail and ecommerce IT solution provider to build a custom inventory management system as per your business needs.
Essential Features That You Should Check Out in An Inventory Management Software:
- Order management
- Inventory optimization
- Sales reports
- Inventory reports
- Price lists
- Barcode inventory management
- Order fulfilment
- Batch and expiry tracking
Payment processing software uses a virtual terminal to connect ecommerce sites with other payment systems for accepting credit cards and other payment methods. Also, to run finance and operations functions smoothly, payment processing software is vital for online businesses. Such software assists e-retailers in managing their expenses, generating digital bills, receiving in-depth insights about customers’ spending habits, and offering rewards to customers based on their buying behaviours.
Payment processing software also makes ecommerce stores a secure platform where users can add their card or other bank details without any fear. Some popular examples include Venmo, Paypal, EPX, etc.
You can connect with a leading payment processing software development company to build a custom payment processing software for your online business to accept and process payments from customers securely.
Point of Sale Operations
A point of sale software is essential for organizations today to sell their products or services to customers in a faster and improved way. Not only POS solutions are able to process customer purchases or record sales. They also assist retailers and ecommerce operators in making the sales process more efficient and productive.
A point of sale system ensures seamless transaction exchange between customers and a company. Point of sale software also sometimes acts as a cash register, iPad, or another internet-enabled device that retailers or brick and mortar owners use to input product details, tall price and conduct a sale.
If you’re a small retailer, you can easily request for a cloud-based point of sale system from a reputed POS software development company to track & record sales, manage customer information, monitor inventory and much more. For large retail business or ecommerce companies, they can benefit from a custom point of sale software as it works as a large networked system and can combine data from terminals in different store locations.
Some major benefits of point of sale software include improved customer service, increased efficiency, instant checkout, accurate inventory tracking, expanded payment capabilities, smooth billing, and seamless reporting of sales data, etc.
Retail management software is extremely beneficial for ecommerce operators and retailers in terms of steaming transaction processing, capturing accurate customer information, improving inventory management and integrating multiple sales channels into one.
Both retailers and e-commerce players can utilize a quality retail management software that comes integrated with multiple functions like inventory management, customer relationship management and point of sale, etc. to manage their retail operations more efficiently.
Retailers can also request for a custom retail management software with specific functions from a renowned ecommerce software solution provider as per their organizational needs.
Enterprise Resource Planning (ERP)
Enterprise resource planning software is a business management tool that integrates all data and related processes across an organization. An ERP system allows you to collect, store, manage and interpret data from different business activities and departments in one place.
In retail & ecommerce business, it is easy to lose track of your vital business processes due to a myriad of tasks like customer relationship management, inventory control, vendor management, etc. Hence, having ERP software that collects, manages and interprets data from the different business processes at one centralized location can be pretty handy for e-retailers. Popular examples of enterprise Acumatica, SYSPRO, etc.
Companies can also request for a custom ERP software for retail and ecommerce operations for optimizing their workflow. ERP software solutions also assist e-retailers in the generation of extensive reports about sales, purchases and inventory position.
Omnichannel Retail Operations
Retailers, sellers, and merchants who are looking for a streamlined solution with measurable revenue growth for building a satisfied and loyal customer base can utilize an omnichannel retail software solution.
An integrated approach for sales and marketing function is a must for retailers and eCommerce players today to deliver a unified experience to customers across both online and offline channels. Omnichannel software solutions enable customers to shop seamlessly across physical and online channels of a brand.
Such software solutions benefit e-retailers by helping them decrease development costs, increase their speed to market, improve operational efficiency and deliver better customer experience.
Key features of omnichannel retail software
- Purchase management
- Inventory management
- Multi-warehouse inventory management
- Order fulfillment
- A reporting feature
Customer Relationship Management
CRM technology has grown leaps and bounds in the B2C space. This aspect has been well understood by most eCommerce CRM solution providers as they now offer custom CRM software for the retail and ecommerce sector. CRM software is well capable of analyzing the historical customer data to improve business relationship with customers as well as driving sales growth. Popular examples include Salesforce Commerce Cloud, Zoho Online CRM, etc.
CRM software for retail & ecommerce also provides benefits like improved customer experience, better sales & promotion, improved team performance, better inventory planning, superior after-sale services, cost-control and so on.
Key features of retail CRM software
- Customer data management
- Manage vendors and franchise stores/service providers
- Analytics and reporting
- Sales automation
- Employee management
- Loyalty and rewards function
Supply Chain Management
Retail and ecommerce business is not just limited to setting up a website and selling products. E-retailers also have to ensure efficiency at all operational levels. As supply chain is a major part of eCommerce - improving its efficiency is vital to accelerate ecommerce operations for meeting customer expectations. To manage supply chain operations better, SCM software is a must for you, as a retail and ecommerce business owner.
SCM software for retail & ecommerce also helps companies automate and streamline their supply chain activities- right from product procurement, inventory management to product delivery to the customers. Major benefits delivered by supply chain software for retail and eCommerce include faster product delivery, reduced operating expenses, boosted revenue, etc.
After seeing this comprehensive list of powerful IT solutions for the retail and ecommerce industry, you must be ready to integrate a tailormade retail and eCommerce software solution for your business. If yes, we at A3logics, are ready to help!
A3logics is a leading IT consulting and software development company that offers a wide range of retail and eCommerce solutions helping you improve the customer shopping experience and increase operational efficiency by automating the sales process.
No matter whether you are a small vendor or large eCommerce player, we help you stay connected with your buyers, manage your inventory better and sell products faster through our wide range of cutting-edge retail and eCommerce solutions.