Retail management software, also known as a retail management system (RMS), is a platform that combines several modules to aid in the day-to-day operation of a retail store or chain, such as managing and buying inventory, checking out customers, scheduling employee shifts, keeping track of finances, etc.
RMS can help retailers streamline all the processes of running a store, from procurement to sales and back-office activities such as accounting and human resources. Such an integrated platform provides a single source of truth for all retail data and can improve collaboration between various departments. Mobile versions of the software can be used while working in multiple locations such as stores or warehouses. All retail employees can use this tool, but it is most beneficial to managers and supervisors who need to plan and track operations across multiple business functions.
Retail management software offers features for e-commerce and the supply chain, integrating with e-commerce platforms and supply chain management software for advanced functionality. For more retail features, integration with point solutions such as retail space planning or retail intelligence is required.
To qualify for inclusion in the Retail Management System category, a product must:
- Provide a single platform and data repository for most or all retail operations
- Deliver modules for or integrate with back-office software such as accounting
- Include POS features which are fully integrated with the other modules of the software
- Manage supply chain operations such as purchasing, inventory management, or shipping
- Manage sales activities such as order delivery, returns, cancellations, or exchanges
- Allow customers to pay using various methods such as cash, credit or debit card, etc
- Provide marketing features such as campaigns and retail customer loyalty programs
- Provide real-time analytics, reporting features, and intelligent dashboards
