What is a Retail Management System?
Retail Management Systems (RMS) have been designed to centrally control all aspects of a retail business. With any retail or retail chain, a high level of control and process centralisation is needed for effective management.
RMS have been designed to centrally control the key aspects of any retail business. It manages and monitors your stock, range, prices, promotions, stores, warehouses, sales and profit. It tracks all the accounting information and feeds directly into any General Ledger and other financial systems. It also helps detect fraud and helps in loss prevention.
The tools available within an RMS also give a centralised control over internal store processes. Through this retailers can drive a unified customer experience across all store locations. With the use of system wide settings throughout your operation, one can ensure that functions such as returns, exchanges, gift vouchers and discount coupons are treated the same way in every store. However, RMS allows one to individualise each store to respond to local challenges and needs.
Customers today are more demanding, have more choices and purchasing channels than ever before. To be competitive in today’s multi-channel retail environment retailers need their RMS to deliver enhanced customer service across channels while driving growth and increased revenue.