Retail management includes controlling all of the business processes and activity that helps customers acquire the desired products (merchandise), services, and experiences from the physical or digital retail stores they value. For more detailed information on retail management, careers, training, and retail strategy read our article on How To Survive and Thrive in Retail Management. Retail management system software (RMS) is the combination of technology a retailer uses to empower the customer experience and operate daily retail management processes, including software, hardware, telecommunications, databases, applications, and the point-of-sale (POS) platform.
RMS applications handle checkout activity, flow of inventory, customer relationship management (CRM), e-commerce activity, and more. There are also categories of related software systems that branch off from the retail management software systems classification of enterprise technology. These may include:
Some RMS solutions provide standalone functionality for tracking sales, inventory, or employee management. Standalone retail management systems manage a single business function. If you already have a large investment in existing enterprise software, then consider integrating individual RMS applications for a specific retail business process. Most RMS solutions are bundled into a suite of software with various RMS applications. This retail management POS will process payments, manage product inventory, manage digital receipts, and more.
The type of RMS you need for your store depends on how many stores you’ll be integrating, your budget, the size of your operation, and the IT capabilities of your infrastructure. If you manage multiple retail stores or are adding online retail capabilities to your operations, you may require advanced enterprise software integrated with various RMS applications. Some retail management POS systems manage the entire retail operation of multiple stores, ecommerce, and even warehouse and logistics management. For example, Microsoft’s RMS solution offers a unified CRM and enterprise resource planning (ERP) suite of applications available for end-to-end retail management technology.
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