We might not agree if retail is entering a new era or is already in this new era. But we can definitely agree on the fact that retail is changing so fast and has been heavily impacted by customers behavioral changes and technology.
As your retail business grows and evolves, it’s important to have a retail management solution that can keep up with your needs. While it can be difficult to admit that your current solution is no longer working, there are several signs that it’s time to consider an upgrade.
Our team listed five signs that you’ve outgrown your current retail management solution and need a new one.
1. Lack of Flexibility:
If your current solution isn’t able to adapt to your changing business needs, it may be time to look for a more flexible option. A retail management solution that can be customized to your specific requirements and can grow with your business is essential for success.
For example, if you want to add a new field to your product information “sheet” or a new tier in your loyalty program, your solution should allow these updates seamlessly.
According to a survey conducted by Retail Systems Research, 76% of retailers believe that flexibility in retail management software is critical for their business success.
2. Poor Reporting:
If you’re struggling to get accurate, timely, and relevant information from your current system, it’s time to consider a new solution. A retail management solution with robust reporting capabilities can provide you with real-time insights into your business performance and help you make informed decisions.
For example, if you want to deep dive in sales reports (per store, per product, per category…etc), your system should be able to pull data from multiples sources and show insightful dashboards.
A study by Aberdeen Group found that companies with real-time reporting capabilities experienced a 79% increase in operating margin year over year.
3. Inefficient Operations:
If your current solution is causing inefficiencies in your day-to-day operations, it’s time for an upgrade. A new solution can help streamline your workflows, reduce errors, and improve productivity.
For example, if running a stock count takes your team hours and is prone to errors and multiple back-and forth, you should opt for a retail management solution that enables inventory tracking in few clicks.
According to a report by McKinsey, companies that implement effective workflow automation can reduce operational costs by up to 30%.
4. Limited Integrations:
If your current solution is unable to integrate with other systems or applications, it may be holding your business back. A modern retail management solution should be able to seamlessly integrate with other tools and software to help you streamline your operations.
For example, connecting your physical stores with your e-commerce website for real-time stock accuracy is not a shiny option anymore. Implementing an “open” retail management solution will create synergy and endless opportunities.
In January 2020 the share of contactless transactions in the UAE was 1%. Today it is 95% (RetailME). Integrations with payment gateways is another example that puts integration at the heart of the equation.
5. Poor User Experience:
If your staff is experiencing issues using your current solution, it’s time to consider a new one. A retail management solution should be easy to navigate and operate and empowers your employees to provide a better customer experience.
For example, a complex checkout interface will create frustration among cashiers resulting in long queues and decrease customer satisfaction.
According to a study conducted by the National Retail Federation (NRF), 40% of retailers reported that inefficient or complex point-of-sale (POS) systems negatively impacted their customer service and checkout experience.
If you’re experiencing any of these five signs, it’s time to start looking for a new retail management solution. Investing in a more capable and efficient system can help you streamline your operations and improve customer satisfaction. We believe that the key to retail excellence lies in embracing the right retail management solution that empowers your business to adapt, grow, and thrive in this ever-changing industry.
Vndit, our cloud-based all-in-one retail management software was designed and built small and medium-sized retailers reach retail excellence. Vndit took into consideration retail trends and common challenges faced by industry players to provide the solution that best fits retailers needs. Checkout www.vndit.io for more details.
