During recent years, to increase the attractiveness of the retail place/store, retailers are introducing new and enhanced products to facilitate and enhance consumer experience. However, availability and launch of new products has resulted in numerous options and their categories, which often leads to confusion for both consumers and retailers. Earlier, the retailers used normal cash registers. However, the new advanced cash registers and the technology has extensively assisted retailers to efficiently maintain and manage goods they deal with. Retail management system has helped to understand customers’ needs which has ultimately helped in improving customer experience. The retail management system software is an advanced tool which enables retailer to run a business end-to-end with one single system. Furthermore, retail management system helps to build up an inventory system that enables retail operation in an organized manner with an effective management.
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A retail management system (RMS), also known as retail management system software, is basically a combined set of computerized applications used by retailers to drive their business. Retailers now a days are focused over integrated solutions in order to manage customer demands while improving sales and profit margins and to gain competitive advantage. Further, customers in recent years have become more aware and demanding and this has increased their expectations when it comes to personal shopping. Subsequently, omni-channel retailing has become preferred business model by most of the retailers. It however becomes challenging to manage this huge network and is seen as one of the major factor driving the retail management system market. Further, to ensure product availability across all channels while keeping optimal inventory levels is one of issue faced by retailers. Product unavailability affects reputation of their business and indicates poor management. RMS helps retailers to manage their inventory in an easier and efficient manner, and is seen as another factor aiding the growth of RMS market in the recent years.
Despite the favorable market growth conditions, consumer and retailer privacy has been a pertaining issues restraining the market development. Moreover, the higher deployment cost for a retail management system has kept the small sized retailers away from the ambit of IT innovations. Reliability and lack of awareness among the small retailers has further restricted the growth opportunities.
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Looking for opportunities in the vast untapped retail market, players across the ecosystem, particularly the mobile wallets, banks, and telcos are fast expanding their services in the market. This has helped small retailers to cut on the operational cost, boost sales, and invest on IT enabled solutions and services. For instance, PayPal, Mercury, Poynt and others are leveraging the market with enhanced security and compliance, enabling new multiple payment options to customers through EMV, NFC and QR codes. Furthermore, mobile are expected to play important role in transition to click and collect from the traditional shopping approaches. In addition to POS terminals, IoT is also expected to enhance the way to shop, and is seen as one of the prominent factors currently trending the market. In addition to this, social networks are expected to serve as shopping platforms for retailers aiming to reach larger customers base