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Another key challenge for Hot Topic’s inventorymanagement system is ensuring its BOPIS options run smoothly even as it fulfills orders across multiple channels.
Features like booking an in-store pickup online or returning online purchases in person are now viewed less as perks and more as baseline expectations. Cross-Channel Returns and Exchanges Returns and exchanges can be a significant sticking point, particularly when orders are made through one channel and returned through another.
A frictionless return experience is critical. The survey found that returning an item ranked as the No. However, 60% of retailers surveyed do not allow shoppers to return or exchange an item during checkout, adding an unnecessary obstacle to flipping the return interaction from a loss to a profit.
But a legacy point-of-sale (POS) system that lacked any kind of mobile functionality tied too many associates to cash wrap workstations — a major source of inefficiency during ongoing labor shortages in retail.
Rather than having fragmented or isolated data across different stores, warehouses, or sales channels, a centralized database ensures that every bit of information—such as inventory, sales data, customer details, and vendor records—is stored in one unified system. Key Benefits of a Centralized Database for Retailers 1.
Retail is still in the post-pandemic shake-down, with some shoppers loving the return to stores, but others now entrenched with ecommerce as their ‘normal’; inflation is still impacting shoppers’ discretionary spend and the cost of living crisis is making many think twice about purchases they would have made without a care a few short years ago.
Unified commerce is the new holy grail for retailers, promising previously unheard-of levels of customer insights and control over all elements of sales and inventorymanagement. Buy online, return in-store. They should be in all retailers’ playbooks. For the customer, this is convenient and saves time.
Smart stores are still viable tactics in retailers’ broader business strategies, but recent news has proven that retail leaders must think ahead of the curve when it comes to their smart store implementations if they hope to see a return on their digital investments. Shoppers also highly value convenience.
For instance, while most regular ERP systems usually offer only third-party support for point-of-sale (POS) functionality, retail ERP systems often include a POS module as standard. This focused approach results in retail ERP systems being far lighter and easier to implement and manage. That is not all.
Read more Challenges Online/offline – Online research and sales account for an ever increasing share of the market. Consumers may do their research online, come into the store to see and try the goods, and either buy in store or return to their screen for the final purchase. Electronics is a highly specialized form of retail.
The Evolving Threat Landscape Retailers increasingly rely on digital platforms for sales, inventorymanagement and customer engagement. A network outage can mean lost sales in the short term, as shoppers simply move to another brand for that purchase, or losses in the long term if that customer does not return.
If youre an ambitious mid-sized retailer, youre probably aware of retail management software, and understand that it can be a powerful tool to help you automate and streamline your operations. You know that its more than simply a point of sale, and that it offers a comprehensive platform for managing the entire retail operation.
iVend Retail Management Suite iVend’s retail technology helps retailers in returnsmanagement. Check out our flexible POS, loyalty program and inventory visibility systems. Learn more After the crazy busyness of the holiday shopping season comes…the crazy busyness of the returns season.
The holiday season is a time for shopping and gift giving – and the New Year is the time for…returns and product returnmanagement for retail businesses. Shoppers return goods all year of course, but the post-holiday weeks see an increase in items coming back to stores.
Many mobile point of sale solutions are compatible with existing mobile devices, which reduces the need for additional hardware purchases and lowers initial setup costs. Seamless integration reduces errors and facilitates a smooth workflow across all systems. Ready to Transform Your Retail Operations?
Inventorymanagement – ‘the right goods, in the right place, at the right time’ sums up the core of retail. So inventorymanagement is essential. Retail technology can streamline inventorymanagement by enabling retailers to accurately track goods from delivery to sale through to returns.
You need inventorymanagement, a loyalty program, and the ability to send out promotions and gift cards, for example. iVend provides retail management software, not just POS. The software at the checkout stores sits on the point of sale device and is not dependent on the network. Many of them do it very well.
They might be able to see in-store stock levels online, order online for pick-up in-store or have flexibility with returns. While youve improved CX overall, you still have a problem if data is managed differently across channels, and even synced at different rates. This is critical to achieving real-time visibility.
Using your point of sale system to track performance, across every element of the retail operation, has never been more important. Inventorymanagement – metrics such as stock turnover levels, and days of inventory remaining can be used to accurately plan purchasing and replenishment strategies and minimise the chance of stock outs.
One of the rising trends in the retail industry today is the changing nature of retail stores and inventorymanagement. Of the use cases of 5G that these retail leaders would find valuable and likely to be deployed within the next two years, inventorymanagement ranked highest. 5G as an Efficiency Driver.
An integrated point of sale captures key customer and sales data, which can be analysed to uncover additional ways to engage customers or increase your wine and liquor store efficiency. Inventorymanagement – Managinginventory in wine and liquor retail can prove to be a big headache.
Inventorymanagement – changed shopping patterns, with purchases spread more evenly over a longer time period mean that retailers must have flawless inventorymanagement to ensure they have the right stock in the right place at the right time, minimising out-of-stocks and overstocks.
Improved Promotional Effectiveness: By understanding which execution tactics work best—whether it’s a demo, an endcap display, or a promotion—brands can optimize their promotional strategies across stores, improving their return on investment and increasing in-store sales.
Inventorymanagement – changed shopping patterns, with purchases spread more evenly over a longer time period mean that retailers must have flawless inventorymanagement to ensure they have the right stock in the right place at the right time, minimising out-of-stocks and overstocks.
January is the season of returns – the rate at which shoppers bring back goods in the post-holiday returns period jumps by almost 9% * compared to the rest of the year. iVend helps retailers iVend helps retailers optimise their post-holiday returns processing. Read how the best POS system supports efficient returns handling.
Whether it’s maintaining your point-of-sale (POS) systems, overseeing your inventorymanagement software, or ensuring smooth website functionality for eCommerce operations, having a reliable IT support team ensures everything works seamlessly.
Inventorymanagement – ‘the right goods, in the right place, at the right time’ sums up the core of retail. So inventorymanagement is essential. Retail technology can streamline inventorymanagement by enabling retailers to accurately track goods from delivery to sale through to returns.
Point-of-sale system data integration. Point-of-sale (POS) syste m is relatively new compared to traditional sales methods, but it has become increasingly vital in the retail industry. Retailers can also use purchase history information to create coupons or deals to increase their sales within a given time frame.
They put customer requirements at the heart of store operations – whether that’s merchandise, functionality online store functionality, omnichannel retail transactions, returns policy, payment options, in-store service, or tailored loyalty programs. So the first common feature we see in successful retailers is their customer-centricity.
Retail Management Solution iVend offers a retail management solution for today’s world. Learn more about the best retail point of sale. Integrated platforms – today’s retail management solutions integrate a wide range of functions into a single platform.
When a company has multiple stores, it becomes difficult to manage purchases, sales, purchase returns, and salesreturns. That’s why a retail management solution includes inventorymanagement software. Integrated InventoryManagement Solutions.
A retail point of sale system is an essential in retail. A retail point of sale system is about enabling and recording sales transactions – but it’s also so much more than that. Chosen well, a retail point of sale system can be the enabler that drives business growth and retail success.
A retailer needs inventory tools that luckily, omnichannel POS and retail … Continue reading → The post Simplifying the Customer’s Return Trip first appeared on Retail Pro Blog. It requires understanding who the customer is, what their tastes are and how to serve them: a simple plan, but not easy to execute.
InventoryManagement Issues Inventorymanagement can pose a significant challenge for bars and restaurants. Misjudging the quantities of perishables to stock could lead to an abundance of waste if the goods are not consumed before going bad or missed sales opportunities if you run out.
Retailers overlook that the payment experience can be their last memory of the store and influence their decision to return or not. Take that process through to your point of sale system, your inventorymanagement systems, and all of those things that talk to each other to create the overall customer journey and experience.
iVend Retail InventoryManagement iVend’s integrated connected retail platform helps customers worldwide Find out how it can transform your retail business. Inventory visibility – shoppers want to be able to see what goods are available, online, in their local store or in another store.
The beginning of the year is traditionally a peak period for returns and 2024 has been no exception, with retailers experiencing a surge in unwanted items being sent back. The trend is being driven by several factors, including the cost-of-living crisis, with returns volumes increasing notably.
Happy customers buy more, return more and tell others. Customer facing display – engaging customers at the point of sale , by presenting offers, information or a chance to interact with their loyalty program data. Customer satisfaction and employee satisfaction are the two sides to the thriving retail business coin.
IT systems are essential in any modern retail operation and the two key platforms are point of sale (POS) and Enterprise Resource Planning (ERP). POS’ domain is front of house operations – enabling customer transactions, processing payments, and capturing real-time information about sales, returns and exchanges from multiple channels.
Uncovering Hidden Efficiencies: AI-Driven InventoryManagementInventorymanagement is the backbone of retail, and AI sharpens this critical function. By analyzing sales data patterns, AI forecasts demand with precision, ensuring shelves are stocked with just the right amount of product. The result?
The retail technology evolution Stage 1 – cash register: When technology first appeared in retail, it was in the form of cash registers – relatively simple devices that recorded sales, took payment and issued a customer receipt. The software primarily records transactions and can also functions such as updates to inventorymanagement.
Gift cards: a gift card is an opportunity to gain new customers, so omnichannel retailers need to make the process of spending their card as frictionless as possible, to turn the recipient into a returning customer. Frictionless means the recipient can spend the gift card through any channel or a combination of channels.
AI is a good example, with smart retailers exploring how they can use it to deliver a seamless shopping experience – whether that’s improving stock management, choice of goods offered, delivery times, or returns process. The key is to ensure that you select a cloud-based point of sale platform that also has an offline option.
and “What happens to my margins if Susie Consumer purchases three of the same dresses online and returns two?”. Beyond addressing labor shortages, these autonomous stores provide live inventorymanagement and prevent shrink. Spacee is using computer vision and AI to help retailers handle these basic, repetitive tasks.
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