The retail industry revolves around 3 things, efficiency, speed and agility. Retailers manage day to day operations as swiftly as possible, which makes their work tedious. In Singapore, retail industries has started to adopt technology into their methods which includes an inventory control system equipped with a database integrated with a point of sale system, providing automatic statistics of goods and other variations.
What’s important to understand regarding Retails businesses is that they are highly complex. There are personnel dealing day to day operations as sales men, inventory main dispatched in real time, and keeping the order for the goods for next day, thus increasing the complications progressively. Making this system digitally not only improve planning strategies but also helps to reduce the overhead costs from the operation. For a thriving market and ever growing needs of market, these digital tools will help to stay ahead of the game and manages a competitive approach when it comes to delivering an overall service to the consumer market.
Below are some advantages you will achieve on adopting technology into the retail business:
Decrease inventory expenses
The inventory system is the central hub of your retail management. Having an electronics inventory control system with integrated database system, helps you to have a check on inventory on hand and on order, also how many merchandize you can sold and received. The automatic system helps you to track your inventory from one location from another, i.e. from warehouse to a store, using barcode tracking mechanism. The inventory system automatically updates your database about status of a product which is interlinked with real time data. Once your store is online, you can keep a regular track with your sales performance, inventory, orders, price, categories and number of other fields of importance in sync providing the retail businesses all the statistics to enhance their productivity and revenues.
Helps to provide better customer satisfaction
Customers are merciless if they caught you roaming around a store finding a product and knowing them that it’s out of stock. It’s a devastating reality for retailers. Through the help of electronics inventory system, you can asset products that are available, or which are currently in order for next shipment, making it all seamless for your customers and business model. Using a mobile app, you can help your customers to provide feedback as well as get reviews integrated through social media about your store, which will enhance your solemnity among your competition.
Automate the inventory management
Making things automate reduce the chances of human error, decrease unnecessary overhead costs and improve productivity. Not only that, it can also provide sales report about your business to check which item is short, or in high demand for a specific duration, all generalized is history. Automated inventory system is smart and persistent. It will help the retailers understand the information in detail regarding customers, product and sales. Everything is provided in a report format, which will assist the policy makers to move their next steps accordingly. Generally speaking, an inventory management system would tell you following information.
– How much a product requires investment during weekly, month and yearly basis.
– How much orders you should make in order to keep your inventory meet the demand requirements without going out of budget and involving too much funds.
– How to streamline the merchandize to flow through the store without much of a hassle.
– Which products are in demand and trendy for a specific season, and which are not, respective of their manufacturer.
– Sort out your best store based on their performances and staff members.
Safekeeping your inventory from internal theft
Retailers are often complaining about internal theft and shopliftings. Using a sophisticated inventory system, you can drastically reduce the internal theft rates. Items when equipped with barcode will track itself from total record for a specific time period. Not only that, manual counting for retail inventory also adds up errors which can asset on misplacement of goods during item counts. Making system dependent on automation will improve efficiency, speed and accuracy than manual counting.
Continuous tracking of your sales
The market is all about flexibility and it’s almost impossible to remember all the products prices by heart. Often it has been observed that products price get a drastic cut off from the manufacturer due to demand shortage or increase. For both the cases, inventory management can keep a track on price fluctuations during a period of time and automatically suggest a feasible margin for your goods that help you to gross out profits even in dire market situations.
Not generally for fixed rates, but for special discounted rates, the inventory system will never lose the track of items sale index. If an item is not sold for over a month, and becomes outcast, you system will suggest reduction in price or add special discounted offer automatically to help you overcome the hurdle of inventory fallout. Setting up pre-defined margins for your sales and mark-downs for end of the season discounts, the system will automatically suggest prices based on your provided data without remembering prices on your own, thus increasing productivity.
Follow closed cyclic relationship with suppliers
The forecasting tools integrated with your inventory system working together with central database, sales systems and customer review can provide up-to-date inventory selection order to your suppliers automatically. This system is also known as just-in-time relationship which works quite well for retail industry.
Retail industry revolves around of continuous check and balance of internal as well as external variables, which adds up the complexity for management. Using inventory system, with digital transformation of Point of Sale (POS) system, client outreach, ecommerce, supplier ordering system, customer reviewing mechanism and sale prediction system will overcome the unnecessary costs and time for management a manual system replacing with more easy to control, automated system which will enhance your capacity to yield better results and sales.
SleekDigital is a Mobile App Development Agency in Singapore that helps businesses transform digitally. We also offer digital transformation consultation and general digital consultation for companies who are looking for suggestions of different systems to be integrated. This is more of companies who lack a digital consultant to propose technologies. Arrange a digital consultation with us today!