Modern consumers expect transparency, personalization, and ultimate convenience at both physical and digital stores where they interact and shop with their favorite brands. Various retailers implement merchandising strategies to be at par with the customers’ expectations and this is essential to maximize retail success. However, there is intense competition among retailers, wholesalers, fast fashion manufacturers, distributors, e-commerce platforms, and marketplace shakers and these strategies really don’t help them. There are too many merchandising products, styles, sizes, collections, and brands so it is impossible for retailers to assess, compare, select, and dispose of merchandise effectively.
Therefore, retailers need merchandising software solutions to help enhance the performance as well as maximize retail success. It helps you attract new customers and keep the existing ones happy as you will be able to offer them a better shopping experience and excellent services. Merchandising helps reach more than what sales alone cannot achieve.
However, when using merchandising software solutions, you need to have a few features that can help you succeed. Let us look at them.
Must-Have Features of Merchandising Software
Operations management allows you to oversee and control core retail activities, compiling all relevant merchandising information and processes into a single streamlined and efficient solution. This centralization of data and processes optimize the reliability of your store’s merchandising data as well as provide more accurate and extensive visibility of your current inventory, allowing for better-informed decisions across your core retail business.
Price management helps assist your merchants and buyers to make important product pricing decisions and developing and testing multiple pricing strategies to reach predictable and more profitable outcomes. With the ability to localize pricing and analyze the impacts at different locations and times, you can quickly determine the impact that price changes have on shoppers and margins. With merchandising software solution price management system, you can automate processes and price guides to establish effective pricing structures and strategies, maximizing merchandise sales and optimizing productivity.
One of the most time-consuming aspects of retail is the management of purchase orders, receipts, and invoices. This is important to do as it ensures each vendor receives accurate product payments without incurring penalties. Suppliers often send combined or partial shipments, returns-to-vendor credit notes, and customer drop shipment purchase orders, creating complicated scenarios for the day-to-day operations for retail accounting teams.
Due to this level of complexity, retail invoice matching and approval system feature in the merchandising software solutions is essential. It can offer advanced multi-dimensional matching capabilities that exceed the standard for most general accounting systems. Whenever any discrepancies occur, you receive an alert notification so as you can take timely steps to amend them.
Allocation of Product Inventory
The multi-channel merchandising is a complex landscape and one of the greatest challenges retailers face is maintaining efficient and accurate allocation of product inventory. With the product inventory feature, you can give your shoppers access to their preferred items on appropriate channels, thus offer a better customer experience and play a pivotal role in maximizing retail success. This is essential because modern consumers do not wait for a desired retail product to come back into stock and do business with your competitors.
These are a few features that you should look for in the merchandising software solutions before you implement them in your store. However, if you are ready to implement it, then Engear can help you out. Through the tireless pursuit of innovation and exceptional client results, Engear work order management software can connect your store with an intelligent, cost-effective merchandising solution that positions your brand for greater retail success. Unlock your retail’s maximum potential through accurate core retail functions that drive ROI and profitability.