Best Retail Management Software in 2023

What is Retail Management Software?

Retail management software helps retail business owners manage their daily store operations and drive more sales. Software for store management support critical functionalities like point of sale, customer relationship management, inventory management, and accounting. It also helps with staff management along with advanced reporting & analytics features.

Many top retail management system software provides features for merchandise and warehouse management. The increased efficiency in business transactions, stock and sales management results in higher profits.

Who Uses Retail Management Software

Retail management system software is used by retail managers, store owners for managing the point of sale, purchase, inventory, customer relationship, and more. Both small and large retail stores can use retail management system software. Retail management software streamlines all major store operations, reducing the demand for individual solutions.

Common Features of Retail Management Software

• Inventory management: Retail management systems tracks and updates the inventory status after every sale and purchase. The module also helps with trend analysis so that there is no over or under purchase of items.
• Point of Sale (POS): The point-of-sale functionality of store management software ensures quick and error-free transactions. It automates the checkout process with auto assignment of price to every item. POS module also supports secure, online payment.
• Loyalty management: Software for store management helps create unique loyalty programs to allure customers with exciting credits, reward points and vouchers. Customers can be segmented easily with retail system software to assess their eligibility for loyalty points.
• Data analytics: Store inventory management software provides in-depth data analytics to analyse buyers’ preferences, moving and non-moving items and the seasonal spikes in sales.
• Employee management: Retail management software helps with employee management tool features to manage their shift scheduling, leaves and attendance. The software also assists in processing the payroll and sales commission based on their working hours and performance.
• Email marketing: Retail store management software can also be used for creating email campaigns and sending marketing emails for product launch, new collections, discounts and offers.
• CRM: Retail management software helps identify, attract and retain more customers through targeted campaigns and loyalty programs.
• Supplier performance details: Retail manager software with product traceability and batch tracking module ensures that you have all details regarding supplier’s performance. This is critical for selecting the right vendor and getting profitable deals.
• Sales forecasting: Retail and garment store management systems provide analytics related to past trades and sales peaks. Accordingly, store managers can maintain the stock levels and run targeted campaigns.

Benefits of Retail Management Software

• Streamlined transactions: Desktop-based and online retail management systems automate tasks like barcode scanning, receipt printing and digital display of prices and similar items. Streamlined point of sale functions result in higher transactions.
• Efficient retail operations: Store management software solutions help improve the efficiency of daily retail operations like sales, inventory, POS, customer relationship & employee management.
• Better Inventory management: With retail store management software, you can ensure adequate inventory levels at all times. It results in higher transparency and firmer control over the inventory levels.
• Actionable insights for customer relationship management: Retail shop management system helps understand your customers in terms of their past purchases, access to loyalty points and other demographic factors. Accordingly, retail store managers can run personalized campaigns with targeted messages.
• Omnichannel operations: Retail management software is helping businesses manage their offline and online sales through a single platform. Also, inventory across different selling platforms can be tracked and controlled with a unified tool.

How to Choose the Best Retail Management Software

• Retail management software pricing: Retail store management systems are available either on subscription basis or at a payment of one-time license fee. There may also be additional costs related to implementation, technical support, database licenses and hardware. Make sure that you are aware of these costs.
• Scalability of features: A scalable retail shop management system would help manage an increasing number of transactions, sales and customers as your business grows.
• Integration with business solutions: Retail store management software with powerful integration capabilities with CRM, HR, ecommerce solution, and more ensures optimized retail operations.
• Suitability for your business needs: Garment store management system and grocery store management software are some of the popular categories under retail management software. You can select the right type of retail management software based on your business needs.
• User reviews & demos: Customer reviews are one of the best ways to filter the most suitable software for your retail store. You can also ask retail management system software vendors for demo, which includes an in-depth discussion about features and capabilities.

Key Trends Around Retail Management Software

• AI automation for better customer understanding: Retail manager software solutions with AI-based functionalities help understand a customer’s buying behaviour and preferences. Backed by artificial intelligence, retail system software provides smart insights to retain customers and boost the overall revenue and profitability margins.
• IoT based tracking with RFID tags & sensors: IoT (internet of things) application has been helping retailers collect customer data in terms of their purchase date and the date of expiry. Also, the pattern of usage for a specific product can be tracked. IoT backed data helps in better understanding of the experience of your customers with a product.
• Omnichannel support: Omnichannel support is essential for facilitating cross-channel order fulfilment. Retailers can manage both offline and online sales through a single platform. Omnichannel retail management software helps with unified inventory management and order management.

Categories Under Retail Management Software

• Barcode printing software: Barcode printing software provides design tools for printing business labels. The software can also be used for creating shelf tags and signs. Barcode printing software lets you modify and edit the data with functions like conditional printing, text wrapping and auto-fit.
• Distribution management software: Distribution management software provides functionalities for managing logistics and supply chain. The software offers inventory and warehouse management support besides the capabilities for handling finances and sales. Distribution management software is considered critical for reducing order times, improving customer satisfaction and controlling business costs.
• Tailoring software: Tailoring software is used by tailor shops and boutiques for managing production and order deliveries. The software helps with inventory management, order management, order status tracking and customer database management. You also get support for barcode printing, notifications for upcoming order deliveries and POS support.
• Jewellery software: Jewellery software is required for managing the jewellery stock and tracking inventories for different ornament types. The software enables faster tracking of sales returns, transactions and orders. Jewellery software also offers features to manage purchases, customer relations, accounting and GST/taxes.
• Mobile recharge software: Mobile recharge software provides the portal for handling recharges, bill payments, bulk SMS and long codes. Mobile recharge software platforms are used by both mobile recharge store owners and customers for recharges and online bill payment through multiple payment gateways.
• Online barcode generator: Create multiple barcodes at once with online barcode generators. Symbology generated by the software is valuable for businesses to manage inventory, orders and procurement.
• Rack labels solutions: Rack label solutions provide different types of labels like pallet, shelf, rack, location and warehouse aisle for asset tagging and wayfinding signage. Rack label solutions are critical identification systems that offer directional indicators, long-range labels and floor tags. Businesses find these solutions critical for accurate data capturing and increasing business efficiency.

Must-Have Hardware Under Retail Management Systems

• Register screen: Store inventory management systems often include a register screen that you can use for viewing transaction items, product databases, employee clock-ins/clock-outs and reports
• Barcode scanner: Barcode scanner with the retail management system helps with adjusting the stock items as well as automating the checkout process. Barcode scanner can be integrated with inventory management software.
• Credit card readers: Retail management systems can be integrated with credit card readers, having the latest chip cards for secure card payments in seconds.
• Receipt printer: Retail store management system includes receipt printers for viewing bills and taking a snapshot. Best receipt printers support both digital and paper receipts.
• Cash drawer: You can efficiently manage all cash transactions done with the cash drawer system integrated with any retail management system.