Building software for improved Retail performance
- 22 January 2016
- Posted by: admin
- Category: Business plans, Funding trends
Efficiency in retail operations is now a must for every retail business to make it through this cut-trout competitive retail space. Smart retail owners are embracing ICT and implementing smart digital retail software in order to be efficient and offer a speedy customer service. Paper based recording, hand writing of sales receipts, and use of manual till machines are a thing of the past. At eWorld Technology we have dedicated our software development capabilities in building smart retail software solutions that help retail shops improve their operations. Here is how retail software applications are improving efficiency and performance of retail shops.
- Improved POS experience: Efficiency at the counter as retail software allows a quick scanning of items via barcodes. Item prices, item descriptions are stored in a database and quickly generated when ringing items at the counter.
- Efficient Inventory management – Retail system come with inventory management capabilities enabling retailers to keep track of their entire inventory. Inventory system gives alerts of products that are about to go out of stock, link inventory against revenue thus minimizing risk of inventory mismanagement due to theft.
- Improved financial accounting – The software records all sales revenue, linking sold items with expected revenue collected. Calculates VAT due for tax purposes, assist with price setting, mark-ups. The system also has customers buying on credit, monitors their repayment and issues out statements on credit given to all customers
- Informed reporting and analysis – Finally the systems can quickly generate all management reports and analysis that can be useful to making informed decision. Reports on total daily sales, most selling products, combination of selling items, VAT collected and due for tax, inventory levels, creditors, suppliers and supplier prices.
- Higher business values:
The link between profits and business value means that the moment a corporation creates a new sustainable level of profit, the business value is adjusted accordingly.
- Lower staff turnover:
This, combined with the culture that must exist for innovation and creativity to flourish, means that new employees will be attracted to the organization.