Cloud-driven industries have boosted growth up to 380% in the past decade. Considering that up to 90% of the world’s data was generated between 2011 and 2012, we need more space for data storage. There is plenty of cloud-based Retail Management Software available in the market however, it is recommended to pick a unified secured commerce solution to save time, money and cut complications with all real time data visibility, security & reliability.
There are many challenges that non-cloud retail management systems face. In this blog, we will discuss such challenges and how Cloud-Based ERP for Retailers can combat them.
A Comparison Between Non-Cloud and Secured Cloud Services
Some retailers prefer the Cloud whereas some prefer a non-cloud approach, let us see which one more growth is friendly.
Data Security
Data is as important as profit for a business, everything in retail runs on data. Be it inventory data, customer data, balance sheet and so. Such data needs to be preserved specifically otherwise losing them can cause some serious business losses. Non-cloud approaches are prone to such issues.
As compared to on-premises storage, cloud data storage is always more effective as it prevents the loss of enormous amounts of data; it is easily accessible and recoverable. Upgrading to the cloud you are promised data security and data protection strategies. Since retail businesses deal with a great deal of confidential data, it is recommended to upgrade to a highly secured data security plan to prevent unauthorized penetration.
Inventory Management
Non-Cloud businesses face some factual issues in this area since Customers these days are becoming very impatient. They do not care how you manage your inventory. If they do not find what they need right away, they leave your store quickly and find it in another store.
You can access supply chain visibility with a cloud-based POS (point of sale) and allows you to actively manage stock anytime anywhere. As Retail Management Software, they can check up on their inventory anytime virtually. Also, they can access the status of their fresh inventory shipments. This way the retailers can ensure the availability of stock all the time.
Customer Experience
Once the customer finds what they need, waiting in a long check-out queue is certainly not in their mind. A quick and seamless check-out experience can impact your customer count significantly.
The secret to any business growth is delighted customers. An ideal unified solution that offers retail CRM (Customer Relationship Manager) software can benefit your business’s customer service. It helps retain and draw more customers, generates deals, offers, discounts, and other loyalty programs. Customers tend to avoid services that do take customer services seriously. Thus, it is a must-have feature every retail business should take care of.
Business Insight
One of the greatest challenges of all time is maintaining profit inflow in this cutthroat competitive era. You need better business insight to cut unnecessary costs and increase profit margin. Also, you need to make new strategies to retain existing customers and draw new ones.
a cloud-based approach enhances profitability as such business solutions are ideal for rapidly growing businesses that go through fluctuations. Cloud ERP for Retail Industry helps to scale your business with the least or no adjustments. Having a unified software solution helps you minimize wastage and cut costs, you do not have to spend extra money on different software’s which you can get under a unified platform.
Cost Cutting
Many retailers do not realize how their traditional business operating methods are causing them vague expenses, for example sticking excel sheets to manage finances is prone to more harm than good. Not having real-time data can shake you as soon as there is a sudden trend change. This is not likely to happen with cloud-based software solutions.
One of the top benefits of upgrading to the cloud is its low-cost implementation. On-premises, systems can eat up a lot of your funds. Kicking off with getting it, implementing hardware, and ongoing management. However, with cloud-based Retail Management Software, you can get all the IT functionalities with no added costs. Plus, you can stay connected with market trend shifts and customer demands accordingly.
Business Expansion
- Most businesses need to wish to expand their businesses and spread their chain to various locations. However, the greatest concern, in this case, is data synchronization which is extremely hard to maintain in a non-cloud-based approach.
- On the other hand, having Retail Management Software can reap tremendous benefits. Primarily, you can centrally manage your business and data synchronization is a thing from the past. Have real-time data at hand and use it to make necessary modifications, cut unnecessary expenses, create strategies to draw more customers, and much more.
Point of Sale
- Traditional point of sale is an on-premises system that stores data on a local server. Traditionally used printing KOTs and restaurant billing processing. These systems are prone to the risk of data loss, data security breach, great up-front costs, data accessibility issues and need ongoing upgrades.
- Besides, cloud POS systems help to pull sales reports and transactional details in the blink of an eye. Having your sales, customer data, and inventory within a unified cloud solution, you can manage your business operations more smoothly. Unlike the traditional POS method, you can have an upper hand on effortless business operations maintenance.
Why Does Your Retail Business Need Cloud-Based Retail Management Software?
Managing, storing, and computing data is an exhaustive job. Therefore, businesses are shifting their approaches from non-cloud-based technology to cloud-based. To beat this nip and tuck competition, retailers need to extend their resources via various stores and more efficient supply chain management.
Levels Up Inventory Management
Managing, maintaining, and tracking inventory has been one of the most daunting challenges in the retail industry. Real-time data can help you evacuate erroneous information to influence your business. You can trace your stocks, manage your warehouse, integrate the supply chain to the cloud, and get real-time POS updates. Avoid overstocking or understocking and eliminate similar budget-killing errors. Get access to the offsite inventory locations, volume, delivery center locations, and live inventory. We can conclude that automatic Retail Management Software can minimize complications, ensure seamless inventory management, requisitions, and order placements.
Boost Profitability
The retail industry struggles with maintaining profit and needs to cut certain costs like operations, infrastructure, software, and licensing fees. Cloud-oriented Retail Management Software can cut down IT infrastructure costs such as software expenses, infrastructure, and licensing fees. Shifting to a cloud-based approach saves retailers on their capital and server maintenance costs.
Increases the Customer Base
Cloud-based upgrades can help to track customer behavior which can later be used to create deals, unique plans, offers, discounts, and other loyalty programs. Therefore, your retail business requires an effective loyalty program. Researchers have proven that more than 45% of customers who sign up for loyalty programs are more likely to hop back to your services. Also, over 80% of your business is run by only 20% of your customers.
However, sending a thank you email is not enough once they give you sales. Utilize loyalty programs to access the principal factors driving customer loyalty.
Enhances Front Office Operational Quality
Your front operational quality can make or break your reputation before your customers. However, you can encounter grave stress during peak time. Having a cloud-based POS helps smoothen up such tasks. Even if you do not have internet access you can still carry on the basic tasks such as taking payments, placing orders, and sales data analysis. As soon as you reach internet access again, everything will automatically be synchronized to the cloud. One of the greatest benefits of a cloud POS is its technical compatibility; it can integrate with various tools like employee scheduling software, delivery apps, marketing programs, and accounting tools.
Generates a Goodwill and Helps Your Business Expand
Integrating your technology to the cloud opens colossal opportunities to expand your business and generate Goodwill. Seamless POS services, strategies to hook existing and new customers, and seamless customer services contribute to a goodwill generation. Track customer spending patterns and upgrade as per their expectations. When a customer is satisfied with your services, they tend to stick around for a long time, returning you to your hoisted reputation in their eyes. If the customers are pleased enough, they might also make referrals to their family and friends. Therefore, generating a deliberate referral system that foregrounds goodwill can be a blast to promote customer loyalty.
Allows More Data-Driven Decisions
Cloud integration and data analysis allow retailers to form more data-driven decisions and create innovative marketing strategies. such platforms compile data from various sources and turn them into a compressed datasheet. This allows them to plan centered marketing campaigns and create unique offerings which eventually help them boost their business.
Final Words
There are multiple benefits of upgrading your business to the cloud. However, be careful with who you hire for cloud service assistance, make sure the company has relevant experience and partnership/ certifications, such as Trident Information System, a Microsoft Gold partner since 2004, has served numerous brands so far. We provide excellent Retail Management Software. For further inquiry or a demonstration, contact us.
