5 Types of Retail Software Solutions That Changed The Industry

This article is brought to you by Retail Technology Review: 5 Types of Retail Software Solutions That Changed The Industry.

By Sean Turner, freelance writer.

In the modern market, retailers are expected to always provide immaculate service and flawless customer experience. Customers are more conscious than ever and demand high-quality solutions that make shopping simple and convenient, and align with their personal values

However, thanks to specialized software solutions for retailers, retail businesses can optimize their operations for maximum efficiency and automation. Let’s take a closer look at the 5 types of retail software that turned the retail world upside down.

Benefits of retail software solutions

There is no denying that the retail industry went through many major changes over the last decades, with computers and the internet entering everyday life and allowing store managers to take some of the workload off of the staff.
The retail industry is highly competitive - those who don’t adapt and optimize their operations will be left behind by entrepreneurs who seize this opportunity, as customers are becoming more and more impatient with each year.

There are several benefits to implementing software solutions for retail businesses, including:

• Real-time data collection and analysis - allowing retailers to gather, process, and create reports on customer data for establishing bottlenecks and providing helpful insight into optimizing your operations.

• Automation - mundane tasks that take up time can put a strain on your staff and increase your workforce needs, which retail software prevents by introducing automation of many key processes like billing, controlling your prices, managing your stockpile, handling payroll, and more.

• Improved customer experience - quicker and easier checkout, fast and secure payment options, a range of payment options, and many more improvements that benefit your clients directly.

5 types of software solutions for retailers that revolutionized the market

Over the last decades, hundreds of helpful innovations have been introduced to make the life of retailers easier - especially when it comes to software solutions. Let’s examine some of the most notable ones that every retailer should be familiar with.

1. Point of Sale (POS) software

With more and more customers each year choosing e-commerce over a traditional shopping experience, brick-and-mortar stores need to adapt and improve in order to retain customers. Point of Sale software, or POS, includes devices like tablets, cash registers, and scanners, along with the software required to run them - designed to make physical shopping modern and attractive.
Smartphones can be used to offer cart-less shopping to customers, and over the last years we’ve seen a sharp rise in the usage of self-service kiosks and even full self-service stores, which work with no staff assistance.

2. Retail analytics software

Data and analytics can influence online and offline retail operations to a significant degree. The world’s most successful businesses have learned long ago that relying on large amounts of data is the surest way to optimize your operations. With retail analytics software, business owners can track key performance indicators, analyzing all the important metrics and providing a recommendation for improving your results.

3. Inventory management software

Keeping your stock in check is one of the most difficult tasks in retailing - especially as your brand grows and you have to watch over more locations. Inventory management systems are designed to automatically synchronize all of your stock, making it simple to update and check your inventory.
Inventory management software can also aid in setting prices and invoicing, as well as generate real-time reports for optimizing the way you handle your stock.

4. Retail ERP systems

ERP, or Enterprise Resource Planning systems, are complex programs designed for in-depth business management. These systems can include customer data collection and analysis modules, automated marketing solutions, staff management tools, transaction tracking, supply chain management, and more.
An ERP system can connect multiple departments and help in achieving effective communication between all of your staff.

5. Omnichannel retail platforms

Customers are no longer limited to a few methods of shopping - in fact, they often don’t even have to leave their homes, shopping from a range of compatible devices instead. Omnichannel retail platforms are designed for optimizing customer experience for both online and offline clients, creating personalized offers, paperless receipts, and more.

How to find high-quality retail software solutions?

With the retail software market growing rapidly, there are more and more solutions available for businesses each year - many of which might not have been created by dedicated specialists. What’s the best way to make sure you’re using state-of-the-art technology?
Custom software development can be very beneficial for retail businesses, creating tailored solutions to match each business’s specific needs. Don’t let the competition outperform you - consider investing in custom retail software.