Technology adoption in retail and its benefits to SMEs & LS Retail Suite a probable solution
The Retail Market is in an exceedingly state of explosive growth. One needs to see the mushrooming of malls and searching complexes in the metros and little cities in India to understand the enormity of this growth. For several years the retail industry in India has been disorganized and consisted mostly of single- store retailers, some retail chains and a massive variety of the friendly-neighborhood "Kirana" shops. These retailers had pre-historic supply chains, inefficient inventory management, very few were client focused and most were in the little to medium category. The sudden spurt in demand and a bigger awareness amongst patrons for quality merchandise and services, created a vacuum that might solely be met by an organized retail sector, with fine-tuned offer chains, economical inventory management and a totally customer centered view that was alien to India.
One amongst the key factors in achieving an organised and economical retail operation is the use of technology as an enabler. IT is the key enabler to improving client satisfaction, operational efficiencies and by extension profitability. A typical pan-national retail operation would have multiple regional warehouses, offices and retail outlets. In such an operation how will the headquarters recognize the daily turnover at each of its outlets, how will it recognize which merchandise are selling the foremost in which region at that outlet, how does one store grasp if a stock-out item in its own inventory is obtainable at another store location for whom it is slow moving item. Most of those problems can be solved by the appropriate use of technology. The power to own current data on a true time basis and analyzing that information for better forecasting are some of the payback provided by technology.
Retailers all across the country believe that shrinkage thanks to inventory recording, handling and administrative errors costs retailer's millions. In an intensely competitive, price-aware industry, applicable IT and telecommunications infrastructure can create a vast distinction, and will result in improved productivity and major price savings through a lot of correct offer chain forecasting and better inventory management.
For instance, given a situation where a retailer needs to extend its loyalty client base, an organization with relevant IT systems in place, includes a prepared customer database updated at every purchase, that will be used to send mailers or promotional catalogues. Another example where IT will be beneficial is a store management system that alerts out-of-place or stock-out items. An in-store system that uses magnetic strips or barcodes or RFID to observe actual versus meant product location on the floor or within the stockroom. By using RFID-encoded shelf edge labels with embedded shelf readers, a grid might be founded for verifying planogram compliance for customary shelving and promotional displays, with a corresponding alert for misplaced items sent to store personnel. Huge payoffs might be realized for frequently moved and misplaced items, like attire, shoes, CDs and DVDs.
Acceptable investment in technology will impact the business positively through improved operational efficiencies, increased profitability, happier customers and providing a competitive advantage.
LS Retail is an finish-to-finish retail answer that covers everything from POS to back office and head office. The setup will vary from a single store with one POS to a advanced, multi-store environment that integrates together with your overall business operation.
Landsteiner Strengur is one of the principal firms developing retail and hospitality solutions in the international arena with over 10,500 stores in one hundred thirty countries, translated into thirty languages, and is utilized by customers like IKEA, Adidas, NAAFI, Debenhams, Pizza Hut and Booths Supermarket. An internationally proven retail software answer like LS Retail can offer:
Increased store potency
Improved Data Integrity
Streamlined inventory control
Reduced shrinkage, pilferage and losses
Comprehensive business analytics
Reduced paperwork
POS for Multi-tier Retail
Complete integration with backend systems
Author Resource:
William Evan has been writing articles online for nearly 2 years now. Not only does this author specialize in Retail, you can also check out his latest website about:
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