Expanding your business and unsure how to handle multiple retail outlets? A powerful retail chain management software could be the solution. Let’s find out how.
According to a BCI-RAI (Boston Consulting Group-Retail Association of India) report titled “Winning in Bharat & India: The Retail Kaleidoscope” India’s retail sector is set to reach Rs. 190 trillion by 2034. Reliance Retail, DMart (Avenue Supermart), Trent (Zudio & Westside), and Aditya Birla Fashion & Retail (ABFRL) are some of the top retail chains in India with pan-India footprints.
Indian retail sector is rising in double figures, and it requires an efficient and holistic retail chain management software that streamlines their multi-chain operations and becomes the next multinational retail corporations like IKEA, Walmart, etc.
How Can a Holistic Retail Chain Management Software Optimise Multi-Store Operations?
Let’s begin with understanding the challenges the retail sector faces and continue with how retail supply chain management software can provide solutions for them.
Retail Industry’s Challenges for Multi-Store Operations
- Disjointed inventory management
- Inconsistent customer experience due to lack of centralised customer data management
- Manual and error-prone operations due to relying on manual processes and spreadsheets for invoicing, sales data, and employee management across branches/stores
- Lack of real-time data and reporting that affects comprehensive decision-making.
- Inefficient supply chain and logistics management due to fragmented logistics, demand fluctuations across regions, and diverse suppliers.
- Employee management complexities across departments, branches and stores cause a significant administrative overhead.
- You require efficient retail supply chain management software like Marg ERP for a seamless omnichannel experience (online and physical store) and overall retail chain management.
Retail Chain Management Software: One Solution for Holistic Retail Management
Retail chain management software is an integrated ecosystem for centralised optimisation of all retail operations including logistics, manpower, and more. Here’s how you can implement multi-store optimisation with efficient billing and inventory software.
Centralised Inventory Management
A centralised system to manage all retail options is paramount for small and growing retail businesses. Marg Retail Software help you manage purchases from inventory management to sales. Centralised management keeps you updated, increases turnover, and attracts new while retaining existing ones. A comprehensive retail software provides;
- Real-time inventory visibility across all stores and warehouses. It helps to reduce overstocking, prevents stockouts, and eliminates miscommunications or guesswork.
- Automated replenishment according to sales and demand trends and forecasts powered by smart algorithms. Faster and accurate replenishment is crucial, especially for FMCG, seasonal, and essential goods like Pharma.
Marg ERP is an industry leader with over 50% of Pharma and FMCG businesses happening on their accounting and billing software.
Retail supply chain management software facilitates seamless inter-store transfers among diverse branches and regions. It balances inventory, minimises stock wastage, and is a true game-changer for regional variations in product demand.
CRM Integration for Enhanced CX: Building Loyalty Across Borders
An integrated CRM with retail chain management software is crucial for an enhanced customer experience that retains existing customers and brings new prospects. Marg ERP, India’s no.1 invoicing software offer a CRM integration feature and provides an option to connect with other CRM systems. MargBooks, a cloud-based software from Marg ERP, explicitly mentions CRM integration as one of its key features.
Retail chain management software with integrated CRM offers;
- Unified customer profiles based on brand interactions at all touchpoints, purchase history, buying patterns, and more.
- Personalised marketing and promotions including customer segmentation based on their buying behaviour, targeted ads, discounts, and loyalty offers.
- Seamless loyalty programmes and efficient grievance redressal
Easy, Fast, and Flawless Transactions through POS Systems
An integrated Point-of-Sale (POS) system with your retail chain management software offers the following advantages for your growing and expanding retail business.
- Real-time sales data derived from every transaction across all branches and diverse locations. This data helps in gaining crucial insights into performance.
- Multiple payment options including debit/credit cards, UPI, mobile wallets, internet banking, and cash for a smooth checkout experience
- GST compliance for simplified tax processes
- Offline capabilities and omnichannel fulfilment
Marg ERP’s Point of Sale software is designed for the unique challenges of small and growing businesses. Their sector-specific solutions, developed using the latest technologies, assure retail chains a visible improvement in customer engagement, by helping them source the right product at the right time.
Centralised Employee Management: Empowering Your Workforce
Optimised employee management saves a lot of administrative overhead. Choose a supply chain management software for retail that offers the following HR functionalities.
- Shift scheduling and attendance for efficient staffing across stores in diverse locations
- Performance monitoring to track sales performance, recognise training needs and incentivise employees according to data-driven insights.
- Seamless communication between corporate head office, branch offices, franchise, and other sales & support centres
- Consistent training and development across locations
Marg ERP is integrated with Marg HR, a payroll software developed by Marg ERP to complement its existing ERP solutions. The integration allows organisations to manage their inventory, accounting, and HR/payroll processes within the Marg ecosystem.
Data Analytics and Reporting: Informed Decision-Making
The true power of comprehensive retail chain management software is its ability to extract and transform raw data into actionable insights.
- Comprehensive dashboards for a holistic view of KPIs across all locations, including sales, inventory turnover, customer footfall, and employee productivity.
- Retail chains can use predictive analytics features to make informed choices for promotions, merchandising, and staffing based on trends, demand, and other factors.
- Store-specific insights for customised solutions for customers, identifying high-performing and low-performing stores to do the needful
- Financial reconciliation, automated financial reporting, and minimising manual efforts for overall improved accuracy
Supply Chain Optimisation: From Vendor to Consumer
Loopholes in the supply chain can cost billions to retail companies. According to a report by The Economic Times, retailers lose around $65 billion per year due to poor logistics and SCM. Furthermore, companies could lose an additional $20-30 billion in revenue due to product returns by 2025.
Small and growing retailers can save millions with efficient retail supply chain management software. It can help companies for;
- Centralised and consolidated purchases across all stores to gain benefits from bulk discounts and streamlined vendor management
- Plan routes based on data for faster and safer deliveries across various stores in diverse locations for minimum losses due to poor logistics and SCM.
- Vendor performance tracking, managing contracts, and planned order placement for enhanced productivity
Choosing the Right Retail Chain Management Software for Your Retail Business
Consider the following factors while choosing an all-integrated feature-packed retail chain management software for your expanding retail business.
- Scalability and flexibility
- Cloud-based features
- Integration capabilities
- Local compliance
- User-friendliness
- Support and customisation
- Cost-effectiveness
Marg ERP, the best invoicing and accounting software in India, is your perfect retail management software with key integrations, auto backups, and sector-specific features. Try now for your multi-store retail operations.
Conclusion
Embracing a full-stack retail chain management software is no longer a luxury but a strategic imperative, especially if your business is expanding. Retail software like Marg ERP helps centralise operations, provide real-time insights, and empower your teams across locations. It makes your business a cohesive, efficient, and highly profitable enterprise, ready to thrive in India’s ever-evolving retail landscape. Invest wisely and unlock the true potential of Marg Universe for your retail business today.
