Retail Software: Take Your Business Further

Between managing inventory, providing an outstanding customer experience, and supporting your team, there’s a lot to get right for busy retailers, along with the challenge of keeping up with daily responsibilities.

When you handle all of your core business tasks manually, it’s easy for things to become disconnected and disrupted. This can lead to miscommunications and missed opportunities.

Retail software offers a way of unifying all of these touchpoints into one seamless platform.

For instance, when a customer buys a product, retail systems can update your inventory automatically and store the customer data so it’s ready for the next interaction. All of this saves you time and money while helping you build stronger customer relationships.

This guide will explore how retail software works and how you can leverage it to take your retail business further.

Retail software bridges the gap between sales, the customer experience, and business data with a suite of tools designed to help with every aspect of running a retail store. This includes handling transactions, managing inventory levels, leveraging customer data, and much more.

Not too long ago, all of these touchpoints were disconnected, with different specialists handling each task manually. Now, retail software allows businesses to combine all of these touchpoints under one roof, improving productivity while reducing manual errors.

There are dozens of retail system types and variations, ranging from inventory management solutions to point-of-sale (POS) systems. Let’s take a look at the different options available to you, and explore how top retail management software solutions can provide the whole package.

The line between different types of retail solutions isn’t as clear-cut as you might think. In reality, the best retail software will combine most, if not all, of the variations below into a single, all-encompassing platform.

For example, Salesforce Retail Cloud incorporates POS functionalities with seamless data analytics, inventory management, payment processing, and much more to make running retail businesses simpler.

However, let’s talk through some of the different options available to you so you can get an idea of what retail software is capable of.

Inventory management software helps businesses track their sales and the impact this has on stock levels. When a customer makes a purchase, the inventory software will update in real-time to reflect the change.

This helps avoid inventory shrinkage and stockouts while also allowing businesses to schedule reorder points based on reliable data, saving time and money.

Retail point of sale (POS) systems handle customer payments online and in-store.

As you’d anticipate, they will cover all the basics, such as calculations and receipt generation. However, great retail POS systems can also offer automated inventory tracking and tools to collect and leverage customer data.

With Retail Cloud, for instance, you can unify every customer, purchase, and transaction in one centralised system. Beyond tracking every sale, our solution will also offer insights into customer preferences, purchase history, real-time inventory, and more, giving you everything you need to deliver superior customer experiences.

Payment processing software handles all of your retail transactions, with support for various in-person and online payment methods, like debit card transactions, mobile wallets, and PayPal.

You’ll usually find these payment processing solutions integrated into your POS system. For instance, Salesforce Payments integrates with platforms like Commerce Cloud and Retail Cloud, and allows you to build high-converting checkout experiences for your customers.

Vendor management platforms use data to make it easier for you to manage your suppliers, see how they’re performing, and keep your inventory organised. This is essential for understanding where your products are coming from and keeping your supply chain efficient.

Digital transformation is a top priority in retail at the moment, with businesses increasingly relying on ecommerce software to establish their presence online. These solutions come with a suite of tools such as the ability to build websites, design payment gateways, automate content creation and - of course - collect customer data to inform sales and marketing strategies.

As an example, Salesforce Commerce Cloud will help you manage all of your commerce channels, unify your customer data, build custom AI models, fulfil and track orders, and even design your own digital storefront.

Retail enterprise resource planning (ERP) business software combines several retail tools into one package, including accounting software, supply chain management, business intelligence, HR, and retail CRM. Ultimately, the goal is to provide companies with more visibility and control over every aspect of their retail operations.

Analytics software collects data on customer behaviour, sales, market trends, and business performance and collates it in one place. It’ll then help you leverage this information to optimise your operations and make smarter business decisions.

The beauty of this kind of software is that it will unite all of your data, no matter where it lies. Many analytics solutions also leverage machine learning and AI to make predictions and provide suggestions based on the information you possess.

CRM solutions collect data on customers and then use this information to create better customer interactions and experiences.

For instance, you could track a customer’s preferred channels and past purchases, using this data to send automated email marketing recommendations. In doing so, you’ll find new opportunities to connect with and engage your customers, driving retention and loyalty.

As you might expect, marketing automation software automates your marketing efforts. It can support things like customer segmentation, content creation, and personalisation to help businesses connect with their audience and foster customer loyalty.

By now, you may have already gathered why retail software is so powerful. To bring the point home, let’s recap five benefits that apply to everyone from local retailers to commerce giants.

• More efficiency: Retail software can automate tedious tasks and enhance staff productivity by centralising all of your data, saving you time while boosting business efficiency.
• Better decision making: As retail software provides you with a 360-degree view of every customer, you can use this to make smarter decisions, whether that’s using sales trends for targeted marketing or tailoring interactions to match customer preferences.
• Significant cost savings: A great retail solution will combine various tools to support your business. This can be significantly more affordable than hiring specialists to manage individual tasks.
• Greater accuracy: Retail software removes the potential for human error by automating things like inventory management and data analytics. This gives you more reliable data to leverage for growth.
• Superior customer experiences: With a unified view of every customer, your sales associates will have everything they need to provide outstanding experiences tailored to the needs of each potential buyer.

In a nutshell, retail software will give you access to all of your data in real-time, letting you drive efficiency, make better decisions, save money, and, at the end of it all, provide a reliably excellent service to your customers.

Let’s get into some examples that demonstrate why retail software is so impactful.

One of Australia’s most iconic luxury footwear brands since 1932, R.M.Williams has long had a foothold in the retail space. But to keep pace with emerging ecommerce businesses, the brand needed to digitise to build even stronger customer relationships online.

R.M.Williams now works with Salesforce, leveraging Commerce Cloud, Marketing Cloud, and Service Cloud to deliver personalised experiences across every touchpoint. Customer data and Salesforce AI power tailored interactions and product recommendations, while Service Cloud provides all of the information business reps need to respond faster to queries.

The brand also rebuilt its ecommerce site using Commerce Cloud’s Digital Storefronts, helping to improve the mobile shopping experience. To complement this, they integrated Salesforce’s POS system to provide a seamless experience across all sales channels.

All in all, the data provided by our retail software enabled R.M.Williams to provide personalised experiences to customers with less manual effort, leading to a 34% increase in online revenue.

Barbeques Galore has fuelled Australia’s love for the BBQ since 1977. With more than 90 stores country-wide, the company realised that they needed to invest in their digital presence to uphold their commitment to providing unbeatable customer experiences.

To keep pace, Barbeques Galore used Commerce Cloud to unify customer data, improve their search features, keep track of stock through real-time inventory features, and build a personalised recommendations system with Salesforce AI.

With this solution in place, customers can visit the website, instantly find what they are looking for, choose click and collect, and have their product ready in 30 minutes. It’s created a customer experience that is fast, responsive, and scalable. All of this has helped Barbeques Galore increase customer satisfaction and double their volume of online sales.

With so many options, software types, and features to choose from, how do you narrow down what you’re looking for?

As mentioned, great retail software should cover everything, from inventory management and customer service to marketing. From there, though, it’s all about looking for details and advanced features when deciding which solution is the right fit. Here are some things to look for:

• Integration: You’ll want your software to easily integrate with your existing systems. For instance, if you already have a CRM solution, you’ll need to make sure you can link it with your POS system to keep your data centralised. If possible, find a solution that can handle every component of retail business management so you can avoid the hassle of unifying multiple platforms and apps.
• Real-time data: Make sure your chosen software updates automatically in real-time, such as when a customer makes a purchase. This helps with agile decision-making while avoiding error-prone manual data entry.
• Automation: These days, any great retail software should be packed with automation features to take the busy-work out of things like content creation, order processing, predictive analytics, and customer support.
• Reporting and analytics: Make sure your chosen solution has built-in solutions for analytics. You’ll want total visibility into trends and customer behaviour, as well as AI recommendations to identify opportunities for growth.
• Scalability: Can your software scale alongside you? As your business grows, you’ll need your solution to do the same. Pick a platform that can scale to increasing transaction volumes and market expansion without requiring a total overhaul. Cloud-based systems are the best way to guarantee straightforward scalability.
• Budget: Does your retail software align with your budget? While cost is obviously a factor, it’s helpful to remember that retail software is an investment. While the upfront price may seem like a commitment, consider the long-term ROI you can achieve when you can deliver efficient, superior customer experiences.
• User friendliness: Test out your retail software candidates to check that they’re easy to operate. Where possible, take a free trial to make sure a solution is the right fit for your business.

Ultimately, the right choice for you will depend on your business needs. Take the time to evaluate the options available to you and find the right fit.

You’ve chosen your retail software of choice, but what now? Implementation does have its challenges but, with the right approach, the transition can be quite straightforward. Here are some tips to make your integration smoother.

• Map out the process: Create a roadmap for each phase of the transition. This should include your plan for data migration and staff training, as well as your goals for post launch. The more you can identify and address roadblocks, the easier it is to make sure everyone is aligned on your strategy.
• Data migration: Before you can get the most out of your retail software, you need to populate it with clean, portable data. Create backups and migrate in phases, starting with essential information such as customer accounts and inventory. Better yet, use a solution that can support the extract, transform, load (ETL) process to make migration simpler.
• Train your team: Your teams need to be the first to know whenever you implement a new technology. Run training sessions and create a knowledge base to ensure they feel confident navigating your system.
• Test functionalities: Assess the capabilities of your new system as you go. You’ll want to test each of the major features and gather feedback so you can make adjustments before you go live.

Looking to make the integration as seamless as possible? Cloud solutions like Salesforce are built for flexibility and scalability, making it far easier to integrate your existing systems and migrate your data.

The retail industry is never straightforward. That’s true whether you’re selling online or running a local convenience store. The key to success is improving efficiency while putting shoppers at the core of every experience. To strike that balance, you’ll need the right tools for support.

Retail software will help you save money, save time, boost your productivity, and deliver experiences that keep your customers coming back.

With Commerce Cloud, you can design outstanding customer experiences across your entire digital shopping ecosystem, whether that’s building a personalised recommendation system for your online store or creating a digital concierge to help customers with order status updates, cancellations, and payments. Watch the demo today to see what’s possible.