Selling more and stocking less sounds like utopia for retailers, and with consumer expectations for instantaneous access to products sky rocketing to a new level, supplier management is crucial to retail success.
Instant access to products isn’t new, and in the words of Queen, the ‘I want it all and I want it now’ attitude is something that’s thrown a spanner in to the works of retail. It’s also something Amazon continually take the blame for. High street retailers are not Amazon, so there is no point trying to compete, but what retailers can do is get on board with a retail management system that provides the tools to build speed and convenience into the supply chain to avoid losing business.
Ecommerce has opened the opportunity for retailers to adapt to digital innovation and acts as a stepping stone to a full omnichannel strategy. But with this opportunity also comes change, especially within the supply chain and behind the scenes in a retail operation can be complex.
Closing the service gaps
Often there are service gaps between supply and demand and bridging these gaps doesn’t need to be as costly or complicated as it may seem. Cloud-based retail software that integrates into the point of sale, provides retailers with the ability to take full control over supplier management, working for independents, SMEs and corporate businesses alike.
One major benefit to cloud-based supplier management is that everything is in real time, so there is no overnight polling or systems working independently of each other. Retailers can track stock levels and orders from the till or back office any time and make informed decisions based on sales trends.
7 advantages to linking EPoS and supplier management
- Purchase ordering. Process and manage purchase orders from within your retail management system, either manually, via import or both. Giving you the flexibility to process orders in whichever way you need to.
- Trade accounts. Manage your trade accounts by supplier, letting you view which supplier lines are selling best/worst and which suppliers are more valuable to your retail operation. This is perfect for developing trade relations and for wholesale brands or B2B retailers who manage many accounts.
- Customisable. Create purchase orders automatically from other parts of the retail management system, whether at the till or in the office, based on customisable rules that you set. Making your EPoS and supplier management system work for you!
- Manage the money. Accounting is vital to keeping your suppliers happy, with a cloud-based technology, retailers can manage supplier invoices, discounts, rebates, and VAT all through the one system, making the process easier and quicker.
- Drop-ship. By taking an order directly from a supplier, retailers can arrange for items to be delivered in-store for click and collect or to a customer’s chosen address, meaning you never miss a sale on out of stock items.
- Stock split. With intuitive supplier management, you can split purchase orders between branches, which eases dependency on the warehouse. It also lets you use shops to store stock, reducing storage space and costs.
- Supplier to customer. Wouldn’t it be great if you could see and raise purchase orders from the till? You can with a real-time point of sale. As it’s live, retailers can even allocate items from a purchase order to a customer at the till and give a delivery time, making those all-important sales and keeping your customers happy.
Although reaching retail and supplier management utopia sounds impossible, retailers can at least make a leap towards making it possible. Cloud-based retail management systems that integrate all elements of a retail operation is key to achieving this and something that will revolutionise relationships between the business, its suppliers, and its customers.
If you’re ready for a retail revolution, then download the RetailStore platform brochure to find out how.