The 9 Retail Technologies That Will Propel Your Small Business
Forward
Here are 9 retail technologies that I believe will give
retailers the biggest benefit and maximum return on their
technology investments. Your small retail operation can be just
like the Big Box stores when it comes to being efficient and
productive. Every retail operation must have technology in place
to manage it s pricing, sales and inventory.
1) Point of Sale (POS) and Inventory Control Software A POS /
Retail Management System are mandatory. A good POS system will
track all your sales. It replaces your cash register and allows
a multitude of features that will save you time and help you
manage your inventory. Immediate benefits include:
Simplify and improve inventory management. Improve the
effectiveness of your marketing efforts. Show where
you're making and losing money so you can make adjustments and
increase profits.
2) Customer Relationship Management (CRM) Software Building a
successful retail business is to build relationships with your
customers. CRM software is a critical tool for the retail
business. A CRM system will help you improve your customer
loyalty it will help you market to potential prospects and
generate new business. CRM software allows you to track your
customers, identify market segments and then easily communicate
with them via email, telephone, and direct mail. It can also
track your customer buying patterns and manage information.
CRM software can also be integrated within a contact centre
system or your POS system.
3) Bar Code Scanning and UPC Codes Bar Code and UPC Code
scanning allows you to check products at the point of sale much
faster and more accurately than can be done on the keyboard. It
can also maintain your inventory system to be up to date.
The technology is very robust and can easily be implemented
using hand held scanner devices.
4) Electronic Data Interchange (EDI) EDI technology allows you
to send purchase orders, created in your POS software (based on
order levels and sales history) to your suppliers electronically
via the internet. This can ensure your inventory is never
oversold and there is ample stock for your customers to
purchase. No stock on fast moving items means lost sales.
5) Retail Accounting Software Accounting software can be
purchased stand alone or can be integrated with your POS
software. This allows a small business owner to manage their
accounting in a very timely manner. This is not to replace your
Accountant but to provide reports in between your meetings with
your accountant. The most important modules are the Accounts
Receivable, Inventory and Cash Flow Analysis.
6) Store Traffic Counters These valuable devices will help you
improve sales ratios, tally store traffic, and manage your
advertising campaigns. You need an accurate measure of your
store traffic so you can better schedule your sales staff
because they identify actual foot traffic in your store during
certain time periods. You can also determine if traffic goes up
or down during marketing promotions so you can figure out what
works the best.
7) Web Presence Websites can be powerful tools to promote your
retail business. For example, you could link to your website
from business cards and newspaper ads. This gives you an
opportunity to tell your story, show what you sell, and convince
them to stop by your store. Many Bricks and Mortars operation
use web presence to either advertise their business or generate
traffic to their physical store.
You can also utilize a website shopping cart so customers can
place orders and pay you right from the website.
8) Portable Data Terminals and Hand Held Computers Portable data
terminals are great tools that allow you to quickly count your
inventory and easily update your POS system. You can simply
carry around this portable terminal, scan your merchandise, and
then enter your quantities. This allows you to more easily and
accurately count your inventory. They are also invaluable as
price checkers.
Hand held computers have become very popular and cost effective.
They allow you to create orders and complete various tasks on a
computer that fits in the palm of your hand. They can perform
various tasks especially if linked to your POS system using WiFi
or be used as a way to manage customer contacts and selling
information.
9) Digital Video Recorders Digital Video recorders have become
the tool for loss prevention. Video cameras capture activity in
real time and can record to a digital device for storage and
later recall. They can integrate with POS systems and can
include powerful tracking software. Simple installations can be
a few cameras with a monitor and DVR to large installations that
include traffic counters and 2 way audio.