Successful retail requires operational efficiency – the more streamlined the business processes the greater the potential for reduced costs and increased business growth. So retailers are looking for ways to optimize retail operations, across every process – and retail technology is a powerful enabler.
Retail operations are built on a number of interlocking processes, each of which feeds into, or from the others. Here we take a look at how retail technology can help to streamline the top 10 key retail processes, and how a unified retail POS pulls them all together into a single, highly optimized retail operations platform.
A single stock pool gives a clear view of every item of stock, no matter where it sits, to ensure that retailers can get it to where the customer wants to buy. Effective inventory management leads to lower overall inventory costs, fewer lost sales due to stock-outs, and greater customer satisfaction – and ultimately more profit. *
Retailers are always striving for efficiency, across all of their key processes. Retail technology offers an opportunity to streamline those processes, drive efficiency and maximise business growth.
Why do we need a unified retail POS platform?
Retail operations are built on the above top ten processes. Each one can be optimised using retail technology, but the power of that optimization is significantly increased if the data and systems for all processes are integrated into a single platform. That means that there’s no ‘band-aid’ joining disparate technologies together, all can share and pass data, automatically and efficiently within the same system. With no manual integrations, no loss of data, and no incompatible formats, streamlining is maximised.
What should I look for in a unified retail POS platform?
The key things to look for are breadth of functionality within the platform: along with the core POS, does it include, for example, full loyalty, promotions, mobile POS, inventory management and online store capability. Will it work seamlessly with your financial systems and ERP. Is it delivered via the cloud, to minimise your in-house IT infrastructure and support, but with the ability to run offline if needed. When you’re looking at a unified retail POS platform, these are the boxed you need to tick.
References:-
*https://www.forbes.com/advisor/business/retail-inventory-management/#:~:text=Incorporating%20retail%20inventory%20management%20into,improving%20profitability%20as%20a%20result.
**https://www.cipd.org/uk/knowledge/factsheets/engagement-factsheet/#what-are-the-benefits-of-employee-engagement
***https://peoplemanagingpeople.com/culture/employee-engagement-statistics/#:~:text=Engaged%20business%20units%20are%20more,are%20less%20likely%20to%20leave.
+https://cmg-change.com/reduce-shrinkage-and-increase-profit-with-a-loss-prevention-strategy/
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