Definition:
Retail is a process where marketing efforts are directed towards satisfying consumers with the sale of goods and services of a business, through multiple channels of distribution.
Omnichannel: A sales approach that provides customers with an integrated customer experience through the internet, telephone, or a brick-and-mortar store.
Multichannel: This is a model where a company provides numerous ways for customers to purchase goods and services. This marketing strategy could include selling through traditional outlets such as catalogs, brick-and-mortar stores, mail, and telephone.
Retail Applications:
Here are a few types of retail applications that can help provide a seamless and consistent customer shopping experience.
E-commerce: Also known as electronic commerce, this model enables businesses to sell their products and services through the internet using digital as well as non-digital payment options to execute a transaction. Business owners can simply use the internet to add and remove products from their e-commerce websites, fulfill orders, process payments among other things with a lot of ease. Over the years, e-commerce has evolved immensely and helped businesses grow with the advent of new technologies and is today considered a global market providing quality customer service.
E-commerce Features: Product catalog, Search, Ordering system, Shopping cart, Inventory management, Customer management, Payment processing, Integrations.
Inventory Management:
This is a systematic approach to handle all aspects of inventory management like tracking & organizing product sales, purchasing material and other production processes. Inventory management software, that function with the use of bar codes, radio-frequency identification (RFID) and wireless tracking technology, are often used to support inventory tracking and control.
Inventory Management Features : inventory control, order management, sales reports, barcode inventory management, batch & expiry tracking, inventory reports, price lists.
Payment Processing:
Payment processing software connects e-commerce sites via a virtual terminal with other payment systems that accept credit cards and alternate payment methods. It then provides a secure gateway to enable users to add their card and bank details in a safe manner and communicates with the financial institutions to approve or reject transactions.
Retail ERP Software:
Enterprise Resource Planning software is a business management tool that integrates all data and related processes across an organization. An ERP system allows users to collect, store, manage and interpret data from different business activities and departments in one place. ERP software can optimize business profitability and workflow while maintaining a database with all documents and customer information.
Retail CRM:
Customer Relationship Management (CRM) software allows companies to manage their interactions with current and potential customers. A CRM system analyzes the history of customer data to improve business relationships with existing as well as new customers by focusing on retention and driving sales growth.
Point of Sale (POS) software:
A POS system is a combination of software and hardware that allows merchants to make transactions and simplify key day-to-day business operations.
POS peripherals includes:
