Speed, agility and efficiency are the key elements associated with retail businesses. To satisfy these elements, retailers should invest in an electronic inventory control system, a cloud database, strong sales points and an automated statistical forecasting system.
The above tools, will not only reduce your overheads and improve your planning, but will also give you a competitive edge, to sustain and increase sales in the market.
Following are the ways, technology can improve your retail business.
1) Reduce inventory cost
Primary way for retail management is to reduce inventory cost. It will keep track of your stock – what you physically have on order and the data of sold and purchased stock.
Once this is in place, the system will automatically update your database, when products are sold or delivered from one place to another.
2) Achieve customer satisfaction
Immediate availability of data in hand, when a customer wants to know, if the product required by him, is ailable with you or not, you can on the spot answer customer queries with a click on your computer. If you have multiple stores you, can keep track of the stock available.
3) Inventory control automation
With automated inventory control you can keep track of your sales history to avoid over ordering or under buying. The system takes past sales history such as seasonal variations into account. You can also determine the number of orders, if there is a shortage or increase in sales.
4) Facilitate inventory control
Manual counting of inventory, has its flaws, such as theft or pricing errors or errors in counting. Facilitation of inventory control can speed up accuracy, then manually counting them.
5) Tracking margins
Pricing on your products can be simplified. This your profit margins can be calculated based on the prices you will enter. Gross margins will always be in check.
In the situation of special pricing offers, you will be able to track different prices for different
geographical locations. You can also keep track of your preferred customers Or repeat customers such as bulk buyers.
6) Improve your forecasting
Automated statistical forecasting systems give you accurate and calculated demand forecasting. Sales history, predictions and future orders can be easily tracked. This automated forecasting system, can be delegated to all your line managers bringing accuracy throughout the chain.
7) Imbibe just in time relationships with suppliers
Forecasting tools work at par with the central database, inventory control and Sales Systems to bring you more loser to actual customer demand. Last-minute hitches can be avoided.
This, In stores and on the sales floor, high tech tools help balance inventory assortments, manage ordering and track pricing. Customer tracking tools increase customer satisfaction and promote loyalty by enhancing shoppers’ in-store experience. On the executive level, technology improves planning and decision making. Hence technology and it’s upgradation plays an important role in boosting your retail business performance.