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Guest Article: Benefits for retailers

Vivien Chan | April 11, 2012
Top 10 benefits that Retail Business Applications can bring to your retail business.

7. Efficient Store Management

Retailers are able to enhance profitability through an increase in store efficiency. The store management module provides alert to retailers for any out-of-place or stock-out items. An in-store system uses magnetic strips, barcodes or RFID to monitor actual versus intended product location on the floor or in the stockroom. This greatly enhances the ability to monitor stocks and control wastages. In addition, the module is also able to support increased automation, freeing up sales associates to provide personalised and faster customer service to their customers. Big payoffs could be realised for frequently moved and misplaced items such as apparel, shoes, CDs and DVDs.

Tectura Insights (on points 5, 6 and 7): Tectura's Retail Solutions are available in real-time, allowing users to analyse and respond to changing conditions even as transactions occur and are updated across all the channels, giving an accurate picture of the current inventory position and sales transactions. The real-time update allows for an improved response time for both shipping to a store or direct to the customer. Additionally, this also allows for an improved response time for the changing conditions that may be occurring in stores by streamlining demand forecasting and improving accuracy.

8. Better Understanding of Customer Preferences

 The solution is designed to facilitate a customer-centric shopping experience by enabling real-time insight into customer preferences and enhanced inventory control for maximum product availability. Thus, it helps retailers' gain a better understanding of their customers' purchase patterns, products that sell, promotions which should be run and strong customer loyalty derived from more responsive service. These rich capabilities help in advanced retail planning, customer analytics, and promotions planning, to name a few.

9. Better Insights into Business

Comprehensive and accurate business intelligence facilitates organisations in strategic decision making, improve efficiencies, manage inventory, manage marketing promotions and increase sales, improve end-of-day reporting, view and print journals by batch or receipt number, and run reports by SKU, store, or region. Business analytics also allows users to access dynamic information from multiple business areas simultaneously, with the capability to combine information selectively. Users can access their customised information and analyse them through the interface of their choice, such as Microsoft Excel, over the Web.

Tectura Insights on points 8 and 9: Tectura's Retail Solutions create a single customer for all channels, allowing them to see only a single store. A customer researching products online will be able to see products available in a store location and can either complete an order for an in-store pick up or visit the store itself prior to purchase and still be entitled to the same pricing and promotions as advertised online.  For customer service agents and sales associates, they will see a holistic view of the customer spread out across the channels and the customer's sales history in order to provide higher levels of customer service. For instance, allowing a customer to return an online purchase to a store location not only increases the customer's satisfaction and turns a negative experience into a positive one but also reduces operational costs for return shipping.

 

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