Recently, an article featuring Tim Cook- CEO Apple Inc. stated India as one among the fastest growing retail markets in the world. The word retail caught our eyes and we tried to understand what the term really entails. We wondered what customers usually think of when they come across this term. Words like merchandising, products, Shopping, Shelf space, selling and much more similar ones came to mind.
Is That Really What Is All About?
We found those descriptions restrictive. For a customer, retail is just not about selling products/goods through a delivery point called a shop. Retail is the last step in any Supply/Value Chain and includes services too. Doesn't service delivery deserve better and optimal practices? Agility and adaptability is the crux for success today in organisations and the retail sector is no exception. It is not the strongest species that survive, nor the most intelligent, but the ones most responsive to change. We at Excellon swear by the Darwinian Axiom.
Dealer management systems are more than just bundled management information systems created specifically for car dealerships or large equipment manufacturers. Even small firms or sectors that we may not think of as having extensive technical management needs might be able to reap benefits from having a Dealer Management System software in place. One such sector is retail: while most people are only familiar with retail stores based on their product showrooms, these businesses also have files and back office tasks just like any other business. The meticulous and precise management of the business leads to satisfied customers who keep coming back for more.
So let's understand how DMS adds up with retail -
Inventory Management is at the heart of a Dealer Management System. Inventory Management or Merchandise Management includes activities such as stock-tracking, sorting the stock based on prices, schemes and vendors, helps avoid the stock-out situation, etc. Store-level Merchandise Management can be integrated with the existing store software and also can connect with the Central location.
There is a huge number of items to be maintained in an inventory and it is very difficult to keep track of all the items, real time. Quick Item Search helps you to check the inventory details of a particular item. It shows the run time stock details and the purchase price and sale price details of the item for various branches where it is being transacted. This can be used to plan and forecast the requirement for the item.
Supply Chain Planning
Supply chain forms an integral part of Retail operations. The Retailer can track the movement within the entire supply chain starting from the Manufacturer and ending at the Customer. The supply chain in Retail is the exchange of information, finances, and stock as they move from the supplier to the wholesaler to the retailer and finally to the end-user or the Customer. This ensures saving both cost and time and thus catalysing systematic and smooth functioning of the Retail Outlet.
Store Operations Management
The Store Operations Management includes the store specific Sales audit, Order/Purchase Management, Returns Management, Perishables Management and Workforce Management.
Customer Relationship Management
Customer Relationship Management is the backbone of any Retail Operations. Any retail set-up has only one goal: to maximise its revenue and this can be achieved only through Customer satisfaction. Customer Relationship Management combines the best aspects of Lead Management, Activity management, Sales Person diary, Target management, Customer profiling and Rewards and automates the critical aspects of Customer Relations thereby enhancing Customer satisfaction.
Excellon Dealer Management Software solution has enabled Retailers to succeed in their business by providing functionalities including Merchandise Management, CRM, Store Operations Management and Supply Chain Planning.
Excellon DMS solution for Retail stores is equipped to integrate all aspects of Retail business ranging from Head office to back office and In-store operations. The suite of applications provides retailers with a real-time view of their operations with centralised control enabling them to make faster decisions and ultimately keep their customer satisfied.