Features Contributing to Excellent Retail Management Software

Retail Management Software

Retail management software is based on the fundamental idea that a computerized automated system based on technology. The system helps in managing the retail operation business in a faster, better and smarter manner. The retail management software automates many of the daily tasks associated with a retail management business which were earlier conducted manually by employees. These features will allow your retail management business to expand, which in turn helps you to reach out to a wider range of audience and this is done without paying any additional amount to the staff.

It is important to look at the features of retail management software while you choose one for your business. This plays an important role in facilitating the task that you want to achieve through the retail management software that will become a part of our retail operational business. This rightly calls for knowing the features that should be a part of the software.

Major Modules of Retail Management System

Point of Sale Software (POS)

Back Office Inventory Management System

Offers and Promotions

Customer Loyalty Module

Financial Accounting System

Feature you should look for in your retail management software

Inventory management forms an eminent part of retail management software. The features for managing our inventory in a better way include:

•        Point of Sale Transactions at the check-out-counters
•    Day End and Collection settlement at the Store
•     Maintaining the inventory accuracy which reflects availability at the retail location & warehouse
•          Automatic updating of inventory in real-time to sites along with the third party seller
•          Should have the capability of defining the updated  inventory
•          Tracking orders that are on hold
•          Able to publish replenishment report

The second aspect associated with retail management software would be associated with Smart inventory and the features that should be a part of the software have been mentioned below.

•          Placing order for the supplier or manufacturer
•          Ability to check the status of the purchased orders
•          Ability to track the goods which have been received from the suppliers
•          Ability to track the goods that have been returned to the suppliers
•          Monitoring the transfer of goods and products to the different business locations
•          Ability to track the payment done to the suppliers

The next feature that should form a part of the Retail management software is about maintaining customer loyalty and promotion. The features included under this segment would be as follows.

•         Ability to print loyalty card and encoding the cards
•          Conducting loyalty based programs
•          Providing loyalty coupons and points
•          Ability to conduct a smooth process for points and benefits calculation
•          Facility to redeem the points
•          Facility for customer data analysis
•          A loyalty program that is centralized and can be used at multiple locations
•          Ability to provide gift vouchers to the customers.

The other features of excellent retail management software will be integration of third party seller, integration of vendor inventory, sales management, customer management, customer mailing, price promotion, cross promotion, reward point program, comparison chart and customer product review.

MYCOM is an organization that has excelled in manufacturing products for enhancement of your retail management business. Some of our most famous products include SmartPOS, QuickPOS, and Customer Loyalty promotion, Scale Integration, TouchPOS and many more products.

Deciding on the Best Restaurant Management Software

Managing a restaurant is not an easy career move. It requires lots of patient, knowledge and experience to make the restaurant business successful. The different responsibility that forms a part of the members of the restaurant management team includes designing, maintaining the atmosphere, preparing the menu, conducting the hiring operation and many more things. With so many aspects of the restaurant operation to be handled, the people forming a part of the Restaurant management business will definitely look forward towards technological innovations.

Since technology has invaded every known business on a global basis, so the same expectation for restaurant management business is not something wrong to demand from the companies involved in technological developments. This has got the concept Restaurant management software into the picture. Restaurant management software is a technologically laden tool that facilitates easy management of various operations that form a part of the restaurant business.

Benefit of Restaurant Management Software

There are many benefits associated with the implementation of Restaurant management software. It definitely reduces the amount of work on part of the restaurant business. Restaurants at present are able to deal with larger amount of cash along with credit card transaction which is the result of the online order transactions.  Restaurant management software helps in tracking every single penny spent from the restaurant, along with processing each and every credit card used in purchasing food from the restaurant. Another advantage is the simplification in the process of communication between the restaurant staff and the customers.

It doesn’t matter if you own a fine dining restaurant or a fast food outlet, smooth function of the establishment is what you will desire. For the purpose of accomplishing this desire, the most preferable solution that you could desire is switching to a smart solution that is a fast and formal. This is the solution that is easily adoptable by a casual restaurant enterprise can adopt to and it is a genuine and well customized restaurant management software solution. Majority of the smart restaurant entrepreneurs have chosen the idea of associating their business with the Restaurant Management Software, which is regarded as an avoidable investment. As an entrepreneur you may have certain questions and doubts in regards to choosing the best restaurant management software, we have some smart suggestion for you.

1. Considering the Advantages- When we speak about Restaurant there is a certain difference in each one of them. So rather than searching for software that is best, we can look for software that has the features that will make your restaurant management operation more efficient. By different feature I mean inventory management, POS reporting, Scheduling of labor, office administration, cost cutting and better operaional elements. Majority of the restaurant software soltuion have module & features, that are exclusive or is compatible for the specific restaurant business. Before choosing software gathers information about the module & find features that is best suited for your business.

2. Look at the demo of the Restaurant software- The restaurant software development companies are well versed with the requirement that forms a part of the software. As a restaurant business owner you should insist at looking at the demo. Organization which are genuine and is involved in the development of high end software are well aware of the features that forms a part of the software and are keen on offering demos of their products. Looking at the demo will help you in understanding the features that will be best for your restaurant and the comfort level you will have with the modules.

3. Compare the features- The options provided by the restaurant management software could be very different. Some of the restaurant management’s software would be better option for the fast-casual dining while others have properties that is suitable for five start dining properties. You will have to look for features that are suitable for your restaurant management business. The companies engaged in the process of developing restaurant management software are well aware that the requirement of each restaurant differs from the other and hence they have solution that have the capability of being customized.

4. Checking for warranty and support- When you have decided on the restaurant management software, the next point would be checking for warranty and support, which is a critical element for overall experience. You will have to ensure that the manufacturer and the developer of the software are able to provide you support for at least a year. You will have to go for real time support and overall assistance when you are switching from software to another.

The last thing that you will have to keep in mind is about the scaling and cost associated with your newly adopted restaurant management software. It is advisable to choosing software that could be used by paying for the features.

MYCOM is a company that is involved in the development of Restaurant Management Software and enjoys a very good reputation in the market in regards to its products. We have solution for both Android and Windows. For more information on our products, visit us at MYCOM (http://www.mycomsys.com/restaurant_management_system ).

Customer Loyalty Program

Retailers and Restaurant owners around the  world looking to ways of attracting their  customers, and makes sure they stay with them.  There are many ways to do that.

1.   Give discounts and show that you are lower priced than the others in the same market
2.  Provide loyalty program, where by offering customers with benefit every time they do a purchase. 

Unlike giving discounts, the loyalty program works well, cause it brings back the customer. Where as the discount is customer benefits one time, does not guarantee repeat purchase. 

Key benefits of loyalty program

1.       Promotes repeat purchase

2.       Promotions can be targeted, such as item based loyalty points etc.

3.       Prompt customer to keep coming back so that they earn more points

4.     Make sure that the business owner does not immediately lose money in promotions such as discounts, with loyalty the discount (money goes out) only when the redemption takes place.

5.       Some customers may never redeem, so it becomes benefit to the retailer.

6.   The business gets hold of customer information for his analysis or CRM (customer relation management)  purpose.

7.       Business managers gets to see who is buying , what.

8.       Businesses will be in better position to discuss deals with vendors, cause they can provide better  sales records their vendors.

Other considerations

1. Program that must be Loyalty Driven

It is important a good loyalty program needs to be exclusive (but easy to join), offer rewards of high perceived value (but not at the retailer’s expense) and present your brand in a positive way. A few other key points to consider:

Members or the Loyalty Customer only. Promotions should put the retailer in a position of gaining repeat customers. Providing non-members access to discounts reduces the allure of loyalty programs and dilutes their effectiveness and appeal. Ensure that promotions are for registered customers only, and use them to entice new customers to join the program. Retailers will need a POS solution that can identify loyalty members using a membership number at the time of sale to provide rewards and track purchases.

Offer rewards that are Valuable and Easy to process. If your program has a prize at the end of the tunnel, make it worth customers’ while. That means retail rewards programs shouldn’t match the Dave and Buster’s arcade model. That is, don’t make customers spend hundreds of dollars to receive a generic, cheap and uninteresting reward. Instead, provide a reasonable reward of higher perceived value that also encourages continual spending and participation – like future discounts.

2. Easy to understand Program

Developing a strong program oftentimes sells itself, but taking the initiative to get the program goes a long way, too. Most important in developing a large loyalty program is making the program easy to join, easy to use and easy to share with customers’ friends and family.

Reduce the point of entry for program access. Previously, leaving a membership card at home shouldn’t bar customers from receiving purchase credits. Allow customers to use their email address, phone number, account number or a unique user name to connect purchases to their loyalty account. It’s a win-win because the retailer gets more valuable data, and customers receive more reward benefits.

Entice customers to return – and bring a friend along, too.These rewards hit on multiple levels: they provide incentive to return to your store, as well as bringing new customers in. For example, a local burrito chain in Austin recently ran a promotion where if a customer brought a friend on the next visit, both could eat reduced price. Loyal customers are some of your strongest brand ambassadors, and sharing a good experience is likely to rub off on friends. Email marketing features within POS solutions allow you to easily reach out to members and have them connect with friends for additional rewards.

Collect and Analyze Good Customer Spend Data

Once you’ve developed a great loyalty program, mining data to discover trends, weaknesses and strengths is one of the greatest benefits of a loyalty program – as well as one of the most frequently ignored or underused. This is where POS systems with strong CRM and loyalty-specific functionality become a great asset.

Play to different customer types. The SmartPOS or the RestPOS have features to handle different types of Customers, where the businesses can offer different type of cards,   the ability to customize multiple loyalty programs and set parameters such as point ranges per purchase and redemption methods.

Yumtingz went live with MYCOM SYSTEM Restaurant Management System

Yumtingz , Innovative Food Catering Bus (Mobile Restaurant) under Dubai Marine Beach Resort & Spa went live with MYCOM RestPOS (Restaurant Management System).

Category Management in Retail

Category Management is a retailing and purchasing concept in which the range of product purchased

by a business organization or sold by a retailer is broken down into discrete groups of similar or related products; these groups are known as product categories(examples of grocery categories might be: tinned fish, washing detergent, toothpastes).There is a huge difference between natural and mainstream when it comes to category management. I use the term "true" category management to differentiate the difference.  True category management is an essential process that, when done properly, can determine your level of success in the marketplace. 

Unfortunately, many natural and organic companies either overlook or say they can't afford to invest in it.

Here's why you should make the investment in your natural store: Category management provides strategies to better connect with consumers, develop brands, manage trade spending, optimize product placement and grow sales. Combining business intelligence, logistics data, syndicated and POS data and consumer data, true category management maximizes business results.

Category management truly is the glue that unites the different business functions.  It helps retailers identify opportunities for sustainable growth, increased sales and increased foot traffic. When done correctly, it grows brands.

Are you leveraging category management to the fullest or not at all? Here are the key aspects for success:

1. Analytics

Analytics, both basic and advanced, are at the heart of category management. As a road map to achieving your goals, they encompass all aspects of trade management, business planning, assortment analysis and consumer awareness. When applied correctly, they provide invaluable business insights and actionable recommendations.

2. Trade Marketing Support

Trade marketing encompasses all aspects of promotion, pricing, product placement, assortment, merchandising and brand development. It includes analysis of historical events as well as projections for future sales trends.  

3. Consumer Insights

Consumer insights include all consumer-related information including consumer buying and shopping habits. From reducing long checkout lines to providing the best selection of merchandise at the best possible price, the ultimate goal is to improve customer satisfaction.

4. Database Management

Database management, also known as business intelligence, encompasses several different data sources such as internal and external data sources, syndicated data, retailer point-of-sale data, consumer data and marketing data. Talented category managers can help you bring together all the different data sources in a useful way. This will maximize efficiencies within the organization while building a strong sales story to help you win at shelf.

5. Shelf Management

Shelf management includes product placement and merchandising on retailer shelves. Specifically it helps the retailer maximize sales per linear foot, drive foot traffic to stores, increase customer shopping basket size and have a competitive advantage in their marketplace.

6. Category Reviews

Category reviews serve as a review of category performance. They provide the framework for retailers and manufacturers to work together in setting goals, expectations and strategic plans for future category growth.  Scorecards can be used to help obtain and measure category growth objectives.  

7. Retail Sales Support

Category managers can and should support sales at retail, such as by providing fact-based selling to support traditional sales efforts. Category management should offer a somewhat unbiased objective with the purpose of increasing a retailer's sales. 

MYCOM SYSTEMS