According to Grant Thorton, e-commerce in India is expected to be worth US$ 188 billion by 2025. Despite having e-commerce contributing to a large part of our economy, there are still masses who prefer to purchase products offline in India. Many seek assistance of ERP Software for Retail from suitable Retail ERP Partner. According to the Economic Times, Nykaa has decided to triple store count in retail expansion. It operates as an e-commerce platform selling everything from global cosmetic brands to jewelry. However, Indian consumers still want to purchase products offline.
Certain issues come along with offline stores.
- Customers might visit the shop and find the item they want missing.
- Managing an offline establishment requires more labor.
- Standing in long queues can infuriate customers.
- Digital disruptions might hamper operations.
- Inability to meet evolving customer expectations.
- Poor internal communication.
Brick and Mortar stores need a lot more labor than e-commerce. Therefore, rapidly expanding businesses need to seek technological assistance. It is recommended to implement a ERP Software for Retail Like LS Retail. It offers a suite of all the tools required to run a retail business. Integrating everything under the same platform boosts synchronicities and a smoother business flow. For instance, integrating your website with CRM (Customer Relationship Manager) can help you understand trends better.
Allow Customers to Check Product Availability Online
Consumers are drawn where convenience is more prominent. Just imagine how frustrated a consumer can get if he drives all the way to a shop and finds the essentials he wants missing? It is important to enabling product information and availability online, so your customers save themselves time and labor. Additionally, retailers may integrate all touchpoints and allow customers to place orders online while collecting the item right on their way.
Enable Contactless Payments
Allow your consumers various payment options like debit, credit, mobile payments, and so on. Enable quicker and easy payment options to shorten queues while making cash handling the lead of their concern while checking out. And such transactions are even safer. Retailers may also enable self-check-out services at the counter and help themselves while freeing store staff. This way customers unburden the staff allowing them to focus on other activities like helping other consumers find a product or guiding them through product instructions or simply greeting them at the entrance.
Personalized Services for Customers
Track each transaction with customers, understand their spending pattern, and create customized services for them. You will need AI-based technology like the one LS Retail ERP Software for Retail offers to extract data from different touchpoints and generate comprehensive and actionable reports. This data is essential for creating personalized offers, deals, and promotions while making it one of the best ways to penetrate customers’ emotions. Delighted customers refer businesses or products to their friends, families, and acquaintances thus driving a robust referral promotion. Word of mouth is the most effective and cost-efficient promotion method; studies have shown that a person is most likely to purchase a product referred to by someone known rather than following an advertisement.
Enable product Information on handhelds
Enabling product information on handheld devices empowers store staff and extracts all their efficiency. They can locate each item anywhere in the store without having to hunt for it. They can organize item placements according to demand, size, and other features. Targeting and discarding expired products becomes a piece of cake. Since the staff is less burdened, they can shift their focus on other prominent tasks such as helping customers out, organizing inventory, and other manual tasks.
Avoid Overstocking / Understocking
Having an integrated system that offers a 360-degree view on inventory in the shape of insightful reports. With ERP Software for Retailers, you can track each item, its durability and easily discard the expired products. Additionally, they may also predict demands and make purchases accordingly. These insights can work wonders for inventory planning.
Adopt a Unified Communication Platform
One thing that bothers them most in multi-chain businesses is communication. LS Retail, ERP Software for Retailers ensures a unified platform that connects all the departments in an organization, such as sales, marketing, and IT, etc. Allowing your employees free flow of communication is not only time-consuming and labor efficient but also saves a lot of confusion in an organization.
Since the competition in the retail industry is cutthroat, retailers have to find a solution that covers all their business needs while optimizing their resources. LS Retail is one of the most prominent B2B ERP Software for Retail having eligible implementation partners such as Trident Information Systems, the Gold Retail ERP Partner of LS Retail. Contact us for further information.
