RETAIL INDUSTRYJune 12, 2015
India retail industry is mix of roadside shop to the modern retail store contributing to a strong and consistent growth. In coming days, the penetration of the Modern retail is going to be double by growing at a rate of more than 20%. The major contributor to this growth will be:
- Middle Class Income Growth
- Attitudinal shift of Indian consumer
- Modernization of local retailers
With sudden growth there are challenges which will come on this path of the growth. These challenges can be identified with the systematic analysis of the data generated by the retail management software. The new age retail management software is flexible when it comes to the functionality but supports a rigid control across the value chain. The challenges addressed by the new age retail software are:
- Automation of the billing cycle
- Automation of the price management, scheme management
- Location control
- Shelf life control for the perishable items
- Inventory control across value chain from warehouse to the point of sales
These kind of operational challenges are supported very well by the Retail Management Software however apart from this, the data generated by these software helps in managerial decision support system. These systems pull data to represent the intelligence such as:
- Cash flow analysis
- Store wise profitability/expense analysis
- Sales person wise performance
- Counter wise optimization of the store layout etc
In order to implement the software for the retail management, you need not to be a large chain of retail stores. You need to have a vision to create a chain of stores. Once software is implemented, it will be a matter of hours to roll out another store. Expansions will be cake walk for you. So whether you are a large chain of restaurants, Single Brand Retail store, multi brand retail store or large warehouses: you should implement effective software which supports end to end value chain.
Sunibm Digitech Successful Implementation in retail area :
Customer Relationship Management
Retail ERP Development
Intelligent Inventory Planning and Management System
Lead Management System
Retail Loyalty Program
Vendor Management System
Supply Chain Management
Secondary Sales Management System
Expense Management System
POS Development & Implementation
In order to streamline the retail industry, we have implemented and integrated with leading retail and e-commerce applications for our clients. Our company is capable providing 100% data & IP protection to our clients. We have years of experience of providing IT solutions for Retail Sector. Digitech also offer 24 x 7 technical support and maintenance, and 100% transparency, through-out project to each client we serve.
Sunibm consulting services assist retailers to showcase their business plans and strategies, select the right technology platform and re-engineer their business strategies as per the requirement. Being a top notch technology solution provider company, we can offer our clients a great value for their businesses & automate their IT systems to ensure the best ROI. Each service we offer is analyzed by seniors to ensure 100% customer satisfaction.
The Value of RMS Technology
Technology enforces the ability to add customer value – the holy grail of profitability for retailers. Traditionally, retailers add value by:
Providing an assortment of products and services
*Source: Retailing Management, (7th edition) by Michael Levy and Barton Weitz
According to Reshaping Retail, retail technology underpins the ability of retailers to create value, scale their business, and operate quickly. Leveraging RMS technology promotes greater customer value and sales by empowering retail management functions (for example, analyzing purchase data to gain a better understanding of the goods and services in demand). The telecommunications, POS platforms, and databases used have a relatively fixed cost for retailers compared to other industries. This technology is valuable for retail management growth strategies that involve adding more physical locations or e-commerce operations. A sound retail management strategy for an omnichannel retailer depends on RMS technology. The benefits of RMS often cited by vendors are:
Actionable customer data
Increased efficiency at the point of sale
Enhanced inventory and merchandise management
Superior financial transparency
In Reshaping Retail, the authors present four ways that modern retailers add value with technology:
Preselection: Two types of preselection activity create customer value: “editorial direction” and “editorial choice.” Retailers use the knowledge of their target customer(s) to stock certain goods at a certain price and make creative choices between competitive alternatives. For example, “It is one thing to decide to offer fresh cheese, and another to decide which varieties to sell.” Preselection offers value to customers, as well as the suppliers, agencies, and third-party retail consultants who purchase the transactional data generated by RMS technology from retailers.
Demand Aggregation: The traditional retail model accomplished demand aggregation by anticipation. The cost of carrying merchandise in anticipation of customer demand has consequences. Regardless of the number of retail locations, the ability to gather enough customers at a “point of sale” – and therefore lower prices – is valuable. Advances in RMS technology for sales support, pricing, and inventory management provides small independent stores with the power that large retail chains leverage to scale demand successfully — relying on data instead of speculation.
Sales Advice: The retail store is the most effective and convenient location for customers to receive valuable sales advice. Manufacturers may have more knowledge than retailers, but retailers know how and what to sell to customers. RMS technology empowers retail sales associates with real-time research capabilities on wireless mobile devices. These Internet-connected devices provide a platform for in-store training on new products.
Physical Movement of Stock: Retailers of all sizes have the technological capacity to coordinate the flow of inventory with RMS technology. This adds value to customers, who can buy an item online and pick it up in the store with real-time alerts on availability. Alerts are a value-added service to suppliers as well, who traditionally controlled the flow of inventory through networks of warehouses and transportation companies and shared the responsibility of delivering on time with each party involved.