3 Solutions Retail Owners Should Adopt

Retail business owners have to juggle many aspects of operations effectively to ensure that operations run smoothly. At the same time, they have to find ways to gain a competitive edge and meet their customers where they are shopping to remain profitable.

Add in miscellaneous tasks and that is a huge workload. Hence, we have come up with 3 digital solutions that business owners should consider taking up to develop an efficient and profitable retail business model.

Ecommerce

This is where most consumers are buying their needs and wants. With the Covid19 pandemic bringing about strict movement control regulations, the once simple process of heading to the nearest retail shop to buy products is now not as convenient. On top of that, consumers may not feel safe staying in a retail store for long due to the infectious nature of the Covid19 virus.

To make up for the lack of walk-in customers retails business owners quickly took up eCommerce to meet their customers where they are shopping. When Singapore relaxed Covid19 restrictions and walk-in customers returned, these retailers now had an additional revenue stream. This gave retailers an omnichannel presence to cater to consumers both online and offline.

Accounting software

Retail business is not just about exchanging goods for money. There are many moving parts of a retail business that goes on behind the scenes. Good accounting softwares makes handling your accounts less tedious. 

This allows you more time to focus on other key areas of your retail business such as marketing, sourcing and stock management.

Cloud-based POS system

Some retail businesses operate with just a cash register, which makes many first-time retail business owners wonder if they should get a cloud-based POS system. While you may be able to operate without a cloud-based POS system, it is significantly less efficient as your sales, inventory and accounting components are not linked. This means that a huge chunk of your time will be spent on manual data entry and manual inventory updating.

Here are some benefits a cloud-based POS system brings to your retail business.

Inventory management

A cloud-based POS system links up your sales transactions and inventory. This allows for instant inventory updates once your customer has made a purchase. With an automatically updated inventory, you will only need to take stock every one and then to ensure inventory accuracy.

On top of that, a cloud-based POS system allows you to view real-time inventory updates from an online portal. This allows you to keep track of your inventory from anywhere and ensure that all items are in stock.

Powerful reports for analytics

Data gives retail businesses a competitive advantage. A cloud-based POS system has powerful reports that cover almost every aspect of your retail business. This helps you perform meaningful business analysis, tweaking your business strategy along the way to adapt to market changes swiftly.

Cloud-based backend portal

A cloud-based portal or online portal enhances your connectivity with your retail business. View reports and meaningful dashboards to gain valuable insights into your retail business and keep track of your inventory anywhere.

Furthermore, your POS system’s backend settings and data are backed up in the cloud server, allowing for better data security and makes your retail business easy to scale. Simply download your existing POS settings on your new outlet’s POS system with a click of a button and your new POS system will be good to go.

Integration with payment terminals & accounting software

Integrating your POS system with accounting software is a great efficiency booster. This way you do not have to re-enter your sales data into your accounting software, eliminating the chance of human error and saving time.

Getting a cloud-based POS system

MEGAPOS cloud-based POS system is pre-approved by IMDA for up to 80% subsidy by government grants such as the Enhanced Productivity Solution Grant (PSG). To enjoy the above benefits at a subsidized rate, simply drop MEGAPOS your contact details below and we will be in touch to schedule a free demo with you.