Finally moving from manual bookkeeping to digitized? These are the retail technologies you will need.
Point Of Sale System
This system allows the retailer to keep record of all transactions of sale at the point of sale and also over a period. It enables the retailer to determine if they are progressing or not. A POS system calculates a customer’s bill, issues receipts, calculates taxes, provides your daily sale income and income over a period of time. It totally replaces a cash register and works in a more efficient and computerized way. It can be a very vital technological tool if retailers research and purchase good ones.
Inventory System
The inventory system keeps track of inventory so far as the right data is inputed. It monitors the initial quantity of goods, sold goods and remaining goods. It can inform you on decisions in stocking and inventory theft. Some inventory systems alert retailers when they are running out of stock.
Customer Relation Management Software
This is one of the best ways to manage your past, current and future customers. It collects customer personal data like name, age, gender, contact, address, date of birth, etc. It also keeps the purchase history of every customer so retailers can follow the trends of their customer’s purchases. With all this information at hand, you are able to establish a good relationship with customers through email, texts and calls and also, you are able to make decisions that will satisfy customers. So I guess it is time to move from writing customer details in notebooks and spreadsheets to a more organized system which is a customer relationship management software.
Retail Accounting Software
It manages, monitors and reports on all the financial transactions that go on in your business. It is poised to handle all the functionalities that your outsourced accountant will do. It also generates up to date financial statements using data available which informs you on the financial state of your business. In acquiring bank loans, venture capital and other funds, your business’ financial statement will be required and the retail accounting system will provide that for you. The retail accounting system can be integrated into the POS system or can be a standalone system. Any one that works for you is what you should opt for.
I have only spoken of software so far but the truth is without hardware, these software will be useless. You would need a computer, laptop, tablet or a smartphone, depending on what you find to be convenient to your pocket, as far as acquiring them is concerned, and also the compatibility of the software to the hardware. Barcode readers, receipt printers and scanners are some of the tools you can also use.
You might be wondering, is that all I need? No, there are many other retail technological tools available for you to use but with the above tools, you are good to go.
