Retail is an amazing segment, so many types of outlets, all have different segments, a different type of customer and different types of strategies to get sales.It’s also one of the oldest forms of business as well.
All this make this space colorful and amazingly complex for any solution providers. That’s why all technology companies in the world are attracted towards it.
The segment it touches is Point of Sale, a machine, a system which helps retailers to connect with out going successful sales. This is the place which enables retailers to get paid, to earn values from customers in terms of satisfaction as well as monetarily. Hence POS is the first and foremost requirements of any business.
Now once the customer is out, he/she bought some goods from outlets which other customers may also want. The items in the stores may get end up or inventory may get very low. Here come the requirements of Inventory Solution. A good inventory is which can alert retailers much before the inventory ends up in the outlet.
A great solution can also predict increase the in sales using predictive analysis.
Customer billing and inventory are completed, then now comes the requirements to make sure customer should transact again and again.
Here comes CRM, customers should be lured to come to the store by offers and discounts, should get sticky by loyalty reward points. This is to make sure customer should visit again and again and transact more and more.
CRM system allows retailers to reconnect and engage retailers so that they reconnect with his brand and transact in future. There are various techniques like:
- Rewards points
- Loyalty Points
- Offers and Discounts
- End of Season sale and others.
- Now here comes the new world i.e internet. Customers want to engage or transact but may not be coming to stores. The Older from eCommerce website or mobile apps is convenient options. Order delivery time has been reduced using technical inventions also.
In stores applications enable users to get knowledge about products/services provided by stores. If some items are not there in the store, customers can also buy from applications installed in the store. In someway it will be also possible to detect what the items which are touched by customers but have not been bought etc. This will bring more knowledge, more analytic to store managers providing ever lasting unified experience.
Ideally, today’s retailers should be having such solution in place which should be connected, unified and provide convenience to retailers.end users and some great insights to owners/store managers.
Using more advanced technologies like Big Data, Analytic solutions system can become more futuristic and more adaptable for today’s requirements.
We at Micra Systems are developing few of such functionalities and looking for partners who can sell or implement such solutions.
Even big retailers which have all such systems, many times we have surveyed that their systems are not connected.
CRM is altogether different and disconnected with inventory and customer DB and eCommerce is not synchronizing with inventory solutions which create problems in execution day to day activities.
Accenture, IBM has been developing such solutions but those technologies are accessible to only some premium retailers.
Micra Systems envision to bring such technology to common retailers.
To discuss, feedback or other concerns please comment.