A retail management system is a platform that combines several useful tools to aid in running a retail store or chain, such as inventory management, point of sale, and customer relationship management (CRM).
Retail management systems can help store owners by providing multiple services in one place, streamlining the process of running a store. Everyday tasks such as managing and buying inventory, checking out customers, scheduling employee shifts, and keeping track of finances are easily completed using one solution. Some platforms are even compatible with mobile devices, so these tasks can be done anywhere in the store. By only buying one platform for your business, rather than several, you can ensure that all the systems will both share information and work well together. Some platforms will even have marketing and analytics tools to help you improve your business.
Common components of retail management systems are inventory management, workforce management, point of sale (POS), accounting, customer relationship management (CRM), and analytics. Some products will have marketing or e-commerce tools to help with online business. Some platforms will offer physical hardware such as card readers and cash drawers that interface with the software; however, many will be able to integrate with your existing hardware.
To qualify in the retail management system category, a product must:
- Have multiple functionalities, combining the work of several platforms into one system
- Track sales inventory and manage store functions
- Have some sort of analytics function