Best Retail Management Software
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:
Best Retail Management Software At A Glance
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- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
Square Point of Sale is a powerful, flexible POS system built for every kind of business—from restaurants and retailers to salons and professional services. With Square POS, you can manage your ent
- Owner
- Business Owner
- Retail
- Food & Beverages
- 90% Small-Business
- 7% Mid-Market
309,190 Twitter followers
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
Shopify POS is the best point-of-sale solution for retailers who sell in-store and online. Shopify POS brings in-store and online sales together, so you can create the seamless shopping experiences
- Owner
- Manager
- Retail
- Apparel & Fashion
- 78% Small-Business
- 16% Mid-Market
440,063 Twitter followers
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
Global Payments Inc. (NYSE: GPN), a leading worldwide provider of payment technology and software solutions, announced the transition and unification of its POS products to provide a seamless, integra
- Store Manager
- Owner
- Retail
- Apparel & Fashion
- 68% Small-Business
- 29% Mid-Market
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
Elevate Your Business with Epicor Eagle Epicor offers the most comprehensive, scalable, and proven point-of-sale and retail management solutions on the market. Backed by over 50 years of retail and
- Retail
- 44% Small-Business
- 33% Mid-Market
9,379 Twitter followers
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
iVend Retail by CitiXsys is an integrated Point of sale software application delivered on cloud. Our SaaS platform empowers retailers to provide exceptional customer experiences throughout the entire
- 64% Mid-Market
- 18% Enterprise
1,431 Twitter followers
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
Founded in San Jose, Wooqer, is trusted by leading global enterprises to enable flawless business execution at scale. With thousands of users across industries, Wooqer empowers businesses to bridge st
- Retail
- Food & Beverages
- 46% Mid-Market
- 28% Enterprise
- Overview
- User Satisfaction
- Seller Details
LS Central is a global POS and retail platform with advanced industry functionality. It brings POS, inventory, pricing and promotions, loyalty, eCommerce, staff scheduling, analytics, and financials t
- Information Technology and Services
- Retail
- 63% Mid-Market
- 21% Small-Business
1,420 Twitter followers
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
Celerant Technology is a provider of omnichannel retail software, offering fully integrated point-of-sale (POS), eCommerce, inventory management, and business analytics solutions. Designed for retaile
- 67% Mid-Market
- 33% Enterprise
906 Twitter followers
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
POS, Inventory Management & E-Commerce Solutions. Agiliron is an all-in-one software suite which allows you to manage all orders, inventory and CRM records, from all channels, in one place.
- Retail
- Wholesale
- 93% Small-Business
- 7% Mid-Market
293 Twitter followers
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
LOU is cloud business software spanning Retail, Service, Inventory, Reporting and Financials. It's an ERP system that also modular - meaning that you can start with just the Retail Bundle or Service B
- Retail
- 100% Small-Business
267 Twitter followers
- Overview
- User Satisfaction
- Seller Details
ALL THE FEATURES YOU NEED Integrated into Rain's all-in-one system. CLOUD-BASED POINT OF SALE Manage inventory and make sales from any location, all you need is an Internet connection, Wi-Fi, or a mo
- Owner
- Retail
- Arts and Crafts
- 93% Small-Business
- 3% Mid-Market
98,293 Twitter followers
- Overview
- User Satisfaction
- Seller Details
SBI Inventory Management is a complete POS, Inventory and Accounting solution for growers, garden centers and landscape distribution companies.
- 50% Mid-Market
- 50% Small-Business
20 Twitter followers
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
With essentials like POS, CRM, ticketing, and integrated billing, plus powerful extras like built-in marketing and reporting tools, RepairShopr is the most complete repair shop business platform avail
- Information Technology and Services
- 85% Small-Business
- 12% Mid-Market
374 Twitter followers
- Overview
- User Satisfaction
- Seller Details
Helping physical stores play new expanded role in today’s omnichannel reality -Omnichannel readiness -Better in-store customer service -Faster, safe and convenient checkout -Greater store inventory ac
- Retail
- 53% Small-Business
- 26% Enterprise
- Overview
- Pros and Cons
- User Satisfaction
- Seller Details
NCR Voyix Counterpoint helps retailers manage their business with inventory management, built-in customer loyalty, automated purchasing, and configureable reporting that can be used on any device mobi
- Retail
- 48% Mid-Market
- 39% Small-Business
Learn More About Retail Management Software
What is Retail Management Software?
Retail management software, also referred to as retail management systems (RMS), provides a retailer with various tools, all housed on one platform, to help run their store. RMS platforms can streamline day-to-day operations and help small retailers save time and energy by handling most store operations. It also helps boost sales and increase customer satisfaction through a better understanding of consumers, products, and services with respect to one’s store.
Since most of a retail management system’s functionality revolves around point of sale, much of the platform’s data is obtained from daily transactions. Inventory management features, for instance, are tied to the POS feature, updating inventory in real-time as sales are made. The main advantage of retail management software is the interconnectivity of all the different features, all of which help with the everyday chores associated with running a retail business.
What Types of Retail Management Software Exist?
There are mainly two types of retail management software currently used in this industry; on-premises and cloud-based. While both options offer some basic common features to manage store operation, the decision is always a question of deployment.
On-premises retail management software
On-premises retail management software, also known as legacy systems, are the most desired suite by retailers across the industry. They mainly consist of desktop computers and other pieces of hardware like a POS cash drawer, barcode scanner, receipt printer, etc., that can only be accessed on the infrastructure they’re deployed in. These systems are always locally installed and maintained on-site, with a huge IT infrastructure cost of running and maintaining it.
Cloud-based retail management software
Contrary to on-premises, cloud-based systems are the modern retail management software gaining massive traction in the industry. Cloud-based solutions are hosted on the vendor’s server and can be accessed in the store through software or an application on the computer or a mobile device. The product suites are usually sold under a subscription-based pricing model, and the vendor is responsible for providing all kinds of services and support to run it.
What are the Common Features of Retail Management Software?
Retail management software is an all-in-one tool with multiple features to offer. Here are some core features to help retailers find the best solution for their day-to-day operations:
Inventory management: Inventory management is crucial for all retailers, whether brick-and-mortar or online. Retail management systems can track inventory in real-time as sales are made through the POS feature of the platform. These solutions can also help purchase new inventory by tracking sales trends to ensure the business always has hot items in stock and does not over-purchase items just sitting on the shelf.
Point of sale (POS): Retail point-of-sale features are crucial for the retail industry. They allow retailers to exchange customers' money for their goods or services. POS features are where the most data is gathered, as it is where customer data and inventory data collide. Retailers can see which customers are buying what products, providing information to help a business grow.
Loyalty management: The goal of any business is to attract more customers, and for a retail business, that includes attracting repeat customers. Loyalty management features can help retailers set up a program that uses incentives to attract repeat business or entice lapsed customers to return. Often this takes the form of point systems (points are accrued by making purchases) or gift vouchers.
Analytics: Accurate data is essential for every industry, including retail. Since retail management platforms deal with almost every aspect of a retail business, they can collect data from the various corners of their business and create an analytics dashboard that provides a clear picture of its performance. With this data and analysis, retailers can make informed decisions based on where they are performing well and where they need to improve.
Mobile functionality: With more and more technology moving to the mobile sphere, it’s only a matter of time until the retail industry does as well. Many retail management solutions are built to run on mobile devices such as tablets, providing mobile POS functionality anywhere inside or outside a store. This is extremely useful for e-commerce businesses that function entirely online. Customers and owners can then conduct business whenever and wherever they choose.
Marketing: Marketing is a surefire way to get people through the door, so many retail management software have marketing features. These features may help retailers manage their social media presence or create email campaigns.
Employee management: Retail businesses often have unique employment needs, particularly around the holiday rush. Employee management features can help retailers schedule their employees’ shifts and create onboarding timelines for new employees who need training. Given the large amount of data a retail management system collects, business owners and managers can ensure they have enough workers on the floor during busy periods.
What are the Benefits of Retail Management Software?
Retail management tools address the holistic need of the retail store and streamline core processes needed to excel in a retail business. Here are a few benefits of retail management systems:
Supply chain management: It helps manage the supply chain and provides real-time information on the available retail inventory in one place.
Finance and accounting: Retail management software helps manage finance and adhere to all accounting policies.
HR management: Human resource management can be conducted using the tool by tracking employee clock-ins, clock-outs, efficiency, and performance.
Sales tracking: It provides a standalone functionality to track sales, exchanges, and returns. It also serves as a central hub for maintaining sales data.
Reporting and analytics: Retail management tools also help in reporting and analytics. It provides valuable insights to analyze different store metrics and overall performance.
Who Uses Retail Management Software?
Department stores, specialty retailers, warehouse and convenience retailers, supermarkets, and hypermarkets use retail management software.
Store managers: Managers responsible for managing retail stores use these solutions to handle the daily tasks of customers, staff, sales, marketing, inventory control, and the overall retail environment.
Store cashiers: Store executives in charge of cash counters at retail stores use POS solutions to receive payments, issue receipts, and handle billing-related queries of customers.
Customers: Self-checkout is an emerging trend in the retail industry. A retail management system allows customers to check out by themselves, usually at sophisticated retail outlets. It also creates a better customer experience.
Challenges with Retail Management Software
Some common challenges faced by retailers using retail management software are:
Software replacement: Switching from one software vendor to another could be troublesome. The biggest problem is the replacement cost or cost of opting for a new product. It also might affect the existing process and create bottlenecks. For new software or technology, store staff might face difficulties adapting to it, which could slow down store operations.
Product selection: Selecting the right RMS could be a little tricky. Retail management software is often compared to retail POS software, resulting in confusion because of similar feature offerings. Retail POS is one part of the massive retail management system, and buyers must carefully map the store's needs to the features offered in a system.
Internet connectivity: Most cloud-based retail management solutions become operational only through the Internet. Internet connectivity is not as substantial of an issue compared to the others mentioned above, but it can hinder the smooth operation of the store. Customers want a seamless checkout experience, and slow Internet means an increase in wait time, a considerable loss in money, and a bad reputation in the market.
How to Buy Retail Management Software
Requirements Gathering (RFI/RFP) for Retail Management Software
Retail management software offers features that cater to individual business needs. Understanding requirements is the most important thing in selecting the right set of tools. Opting for a retail POS system is a good idea if the requirement is only for general retail operations like billing or inventory checks. Whereas for tasks like point of sale (POS), customer relationship management (CRM), enterprise resource planning (ERP), order management, scheduling employee shifts, inventory management, customer loyalty programs, etc., RMS is the correct choice.
After understanding the requirements, the buyer can contact different vendors and ask for product-related information through RFP/RFIs. Upon receiving RFP/RFIs, the buyer needs to look at the features, pricing, and contract agreements to understand what problems the new system will solve. Buyers must carefully examine all relevant information and documents before opting for the vendor and product.
Compare Retail Management Software Products
Create a long list
A long list always helps select the right software from many products available for retail management. The buyer should remember to look at the existing software and prioritize asking what problem the new software can solve. A long list must consist of products that qualify metrics like required feature offerings, reviews and ratings from buyers, vendor add-ons, price points, and its overall reputation in the category.
Create a short list
A short list narrows down the options available on the long list. It is generally done by mapping existing requirements to the offerings of the software. A short list is generally created from a price point of view where the buyer selects a retail management system vendor as per the price quoted by the vendor, considering the product's budget.
Conduct demos
Software demos are crucial to understanding how compatible the product is with existing systems and processes. It helps meet the realistic expectations from the product. The buyer must consider asking the vendor to conduct a demo and involve an internal IT team or consultant before selecting and implementing the RMS in the business.
Selection of Retail Management Software
Choose a selection team
A team of department managers who will be using the software, IT personnel, or consultants is required for the selection process. Collaborative communication around different functionalities of the retail management solution and collecting individual feedback from the people involved help make a better decision.
Negotiation
The negotiation process can happen upon receiving a price quote from the vendor. Depending on the available budget, the buyer can offer a price to the vendor considering all the RMS features or any add-ons. A successful negotiation means a courteous and constructive interaction that is a win-win for both parties.
Final decision
The final decision should be based on all the information collected, features offered, and price agreed by both parties involved in the purchasing process of the product.
