For most merchants, understanding technology and building an internet business may be a daunting process. Some may lack the essential skills, while others may lack the necessary funding. We've put together this post to help such shops understand the technologies they need to establish or develop their operations for retail store.
First, we'll go over the Need Grid, which categorises various technologies as necessary or optional for brick and store, online-only, or multichannel shops. Then, we'll go through the characteristics of each tool and discuss how they might aid the three types of retail enterprises.
1. Software for administering accounts
Accounting software is simply a more technologically advanced version of a sales ledger. It assists shops in keeping track of incoming and outgoing transactions and generating a financial history. Some retail stores focused accounting solutions also provide payroll services for handling employee payroll, such as producing paychecks, calculating hours worked and automatically deducting required taxes. It also includes reporting and analytics for tracking sales performance and trends to calculate product margins and markups.
Accounting software is required for all merchants who own a retail store. It works in the same way for brick-and-mortar retailers as it does for online-only or multichannel stores. Basic accounting software with essential functions, for example, should be sufficient for brick and mortar companies. However, retailers can also look at small company accounting software or retail accounting software to avoid paying for features that aren't necessary or advanced. In addition to fundamental account management, online-only and multichannel merchants may wish to investigate advanced capabilities such as budgeting, forecasting, payroll services, and reporting and analytics.
2. Customer relationship management (CRM) software
Customer relationship management software is a technology that assists merchants in better managing their customer relationships. While traditional retail firms could keep up with in-person contacts, today's merchants must engage customers through numerous channels such as email, SMS, phone calls, messaging services, and social media. CRM technologies for retail stores enable this outreach and assist in simplifying all incoming communication.
CRM software for retail stores often includes contact management, interaction tracking, lead management, a calendar, and document storage. Customer data management software aids in the creation of a searchable database of customer facts and purchase history for quick reference, cross-selling, and upselling. Demographic data collecting allows one to add demographic data to customer profiles, allowing the store to classify comparable consumers.
3. Software for managing customer experiences
Customer experience software for retail stores aid in the improvement of service, the development of a favourable brand image, and the increase of profitability. Retailers may gather, categorise, and track client feedback so that customer support representatives can close problems and requests more quickly. Feedback management, multichannel data collecting, sentiment analysis, and predictive analysis are shared characteristics of the programme. The sentiment analysis tool assists in assessing cumulative customer input to develop a "sentiment" that provides a basic summary of what consumers think and feel about the business. The predictive analysis function predicts client behaviour based on historical behaviour and trends. This helps understand things like which items will function better, which places have a more robust demand, and which age group shops at which time of day.
4. Ecommerce management software
Ecommerce software for retail stores is a technology that assists merchants in creating a digital storefront and managing online sales. Additionally, the technology aids in shipping processes and enables shops in keeping track of product listings and inventories. This tool often includes website design, product listing, online payment, and sales reporting. Customers may load their digital shopping basket with goods while browsing the digital store using the shopping cart function. Other capabilities, such as order fulfilment, make it easier to estimate shipping and handling expenses for items and include them in invoicing. Also, integration with third-party logistics platforms for product shipment and delivery. Marketplace management allows you to interface with third-party ecommerce systems such as Amazon, Etsy, and Facebook Marketplace.
5. Field service management (FSM) software
Field service management (FSM) software for retail stores assists merchants in managing the delivery of items to customers. It helps businesses organise a mobile workforce of delivery agents in the field and guarantee that employees do not waste time searching for clients' addresses. Typical features include dispatching, work order management, money collecting in the area, and mobile access. For retail users, capabilities such as dispatching might be critical for completing an order to the customer's address. Route planning elements can assist in the creation of a bespoke route for the delivery agent to maximise many deliveries in a given area. Furthermore, the partner administration tool aids in creating profiles for all delivery agents and the management of interactions with them.
6. Software for handling the help desk
Help desk software is a solution for retail stores that turns an in-person help desk into a digital one and automates repetitive operations like answering commonly requested inquiries. As a result, the application enables shops to handle client complaints more effectively and with less human effort. This tool includes capabilities such as a knowledge base, ticketing, issue tracking, and escalation. A knowledge base aids in creating a consolidated knowledge base of commonly asked questions and consumer concerns. This saves time by encouraging clients to examine the knowledge base before contacting an agent. The issue tracking tool allows you to trace the progress of a complaint from start to end until it is resolved. You may also construct predetermined automated responses for some instances, automatically inserting data such as ticket ID and estimated resolution time.
7. Marketing automation software
Marketing automation software for a retail store aids in automating marketing operations such as customer tracking, content authoring, customer segmentation, and marketing analytics. Analytics, campaign management, lead nurturing, segmentation, drip campaigns, and channel management are all elements of automation software. It enables you to design campaigns that target customers based on their activity. For example, if a consumer adds a product to their basket but does not purchase it, an automated email is sent to remind them of the items in their cart. It also allows you to establish consumer pools or segments based on shared characteristics. This will enable you to target all clients in a cohort with similar products/offers simultaneously.