While some media outlets have sounded the death knell for retail due to Brexit, we have yet seen a slowdown in consumer demands. Consumers want more from a retail experience than simply walking into a store, picking up a product and buying it. They want to be educated, inspired, appreciated and treated accordingly.
It can be difficult for a retailer to deliver on the expectations of a consumer without the understanding of their behaviours, which can be analysed in the data. This is not just looking at the basic information (e.g. average spends), from the consumer, but slicing and dicing the information in various ways to build a picture of what they are looking for from retailers.
Looking for a ‘Retail Management Information System’ is more than just purchasing the EPOS software, it’s the full solution that will monitor, scale as you grow and provide meaningful reporting information that you, the retailer can use to expand your business.
If the EPOS software is not fully integrated with your financial software for purchases, sales promotions, returns, decision making, credits and vouchers you will not have an accurate picture of costs and margins. Without true margin line item, group, store and region your reports are not giving you the full picture. In today’s competitive retail landscape a percentage point increase is focussed on and cherished. Without interconnected, unified financial and EPOS solutions, growth can not be accurately predicted and the decision-making process is difficult due to the lack of clear vision.
With over 25 years in retail, TRC understands the complexity of retail and provides scalable ‘EPOS as a service’ solutions that are customised to the needs of your business. We offer:
Unification of Systems and Data: Retailers often suffer because they do not have the full picture of what is going on in their business. Our interconnected solutions offer full access to the information that matters, across all your branches and can be customised to the various business functions, e.g. financial management, staffing and customer loyalty. All systems should integrate seamlessly with one another, including mobile.
Increasing Customer Loyalty: Growth plans are based on deep understanding of data at the point of sale. Our systems give retailers the information which assists with better targeting of marketing campaigns. This campaigns connect you to your consumer in a more meaningful way, rather than a ‘scattergun’ approach and also ensures your marketing spend is going where it packs the greatest punch! Whether it’s cross selling or customer loyalty, a connected system, delivering the right information is a first step in the right direction.
Staff Management: Without the proper software in place, data can be easily manipulated to suit certain staff. Implementing a connected system will ensure that there are audit trails (with system controls on all users), it will stop staff cutting corners as data can not be retrospectively amended. Catching the data that falls through the cracks is also vital and can include failure to record additional costs due to delivery or currency changes right through to wastage due to damage in transit.
Robust Financial Controls: Legacy and undocumented processes place too much reliance on staff members and open systems (e.g. Excel), which can be amended or manipulated. Ensuring all data is captured, across all branches in a secure and reliable way, will help the Financial Director with audit trails, cash flow projections and general financial statement preparation. Without this vital information, management are essentially flying blind, making the decision making process very difficult.
Our experienced consultants will work with your team to develop data points that you never thought existed, providing the analysis that your management need to make decision and view the organisation as a whole.
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