The retail industry, being diverse and unpredictable, faces a number of challenges including rapidly evolving market trends, difficult profit margins, and thousands of cases of product discrepancies. For effective business intelligence and performance management to pay off, the retail industry needs some management tools that help the business from the beginning to the end of the struggle, and beyond, into success. 7 of such indispensable tools are listed below.

1. Point of Sale software

This tool is an indication of a successful business in the retail industry. When your products start selling well, and you no longer can keep a track of all the sales, and profits manually, this is when you will need POS software. You can track the journey of each item from purchase to sale. This software will ensure you don’t lose a little bit of money every day, through calculation errors, or in-situ theft. POS software helps you maintain consistency in the pricing of items, record all checkout processes, and give you all ROI details.

2. Web Analytics

Any customer centric website must have an active web analysis system. You need to make the objective of your website very clear. Your website is supposed to bring in traffic, so that your products and services get optimum exposure in the retail business. A web analysis tool will track the source of traffic, the response to various pages on your website, and help you determine the best areas to invest in.

3. Competitive Intelligence Services (CIS)

In business, it’s all about how much better you do than others. A CIS package is a must-have for every retail business to track the performance of competitors. You must know where you stand in the sea of startups and established businesses. Globally, there are hundreds of startups every day, in the retail industry. A comprehensive CIS package will keep you informed about market trends, pricing tendencies, and marketing strategies.This information will help you make calculative moves accordingly.

4. Inventory Management

Just like the POS software, an inventory management system is absolutely essential for a growing business. An IM system will manage all the new and old merchandise, and make a record of every item, without you having to spend any time or energy on it. A good inventory management system will be totally dependable when it comes to keeping track of stocks. With an efficient IM system, tracking and organising your stocks brand-wise, size-wise, and type-wise, will be cakewalk.

5. CRM software

The importance of customer relationship management, especially in the retail industry, cannot be overstated. The way to your customer’s pocket is through their mind. A CRM software will record customer activity on the internet and social media, to track their inclinations. You will then use this information to impress different categories of customers. A CRM software helps you gain customers, and keep customers by helping you to strengthen your bond with them.

6. Retail Accounting software

This software makes your operations easier, manageable, and more profitable. A retail accounting software will figure out what mode of payment is best suited for one category of items, and what sort of transaction would fetch maximum revenues. The software will handle all transaction processes and all payment modes, so that you do not miss out on a customer due to payment mode incompatibility.

7. Retail Marketing Automation (RMA) Tool

RMA is a tricky tool as it can backfire as often as it can help. Regular activities like handling social media websites, e-mails, and customer responses, often need the RMA tool. However, a highly customized and well supervised system is essential to make sure the shortcut does not lead to a dead-end.

With judicious investment in these essential tools, your success in the retail industry is guaranteed. These 7 tools are your mentor in your learning phase in the business, and partners in the success phase that is bound to follow.