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Challenges in Retail Industry and How to Sort Them Out PowerPoint Presentation
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Challenges in Retail Industry and How to Sort Them Out

Challenges in Retail Industry and How to Sort Them Out

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Challenges in Retail Industry and How to Sort Them Out

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  1. Challenges in Retail Industry and How to Sort Them Out Are you a retail store owner looking for best and reliable solutions to fix the problems in store management? Are you worried about security issues in your retail store? Both owners and managers want to build profits and sales from their retail stores. They continuously offer quality products at reasonable rates to the customers. They always have to improve customer service. When customer service and sales are the major tasks of all retailers, there are certain challenges in retail management that can hinder the chance of growth and achieving such goals. Managing a retail store is a huge responsibility. Retail store managers have to ensure smooth running of the store and products should be priced reasonably to satisfy the customer. It is important to have proper understanding of important concepts to manage your grocery store to ensure success. Challenges in Retail Management Here, we will discuss some of the major problems every small and medium scale retailer faces these days and solutions to fix them. Connectivity Connectivity is really a major challenge, especially in multi-store retail businesses. Be it online or desktop based POS equipment, it is important to connect between main server and store computers. This way, POS systems from Gemini Computers can be helpful in this situation. All you need is a broadband or dialup connection. Hence, each location can work independently even when connection is lost. Once the connectivity is restored, data automatically gets synced with main server. Security In day-to-day retail operations, security is a major issue. Security of items in inventory often gets compromised, either by staff or someone else. To avoid such

  2. mischief, it is important to secure your business under CCTV surveillance. You can keep track on each and every store operation. You may choose IP based security cameras that can send you live feed on your Smartphone. You may check what’s happening in your store when you are away. Synchronization Data synchronization is another major challenge in retail operations. In case of multi-store business, stores operate from various time zones and locations and they have different working hours. So, it is important to sync your data on timely basis to keep track on operation so you can take action rapidly. Now, the biggest challenge is risk of data loss and time interval when data can be synced. With real time data synchronization, the problem can be sorted out to a great extent. It needs fixed IP and internet connectivity. Each store will sync its data with head office and head office will connect to each store. Inventory Management A retail store owner has to keep track on inventory both inside and out. Along with knowing the product, manager is also required to know how often the product is shipped from the producer and how large the packages are and how much and what to order. Hence, retail POS software is always in need to keep track on your inventory in retail stores. Training Cost For any retail business, handling operational and training cost is one of the major challenges. Usually, profit margins are already very low on small retail businesses. So, it is very important to have efficient and lean operation. Labor costs are just another burden for a retail owner. Store conditions and customer service may be affected if labor cost is not managed well. In order to avoid loss of sales and customers, Gemini Computers have retail management software with user-friendly interface. They are so easy to operate that even a beginner can easily use it with little bit of introduction. It ultimately

  3. reduces your training cost. These systems can easily automate the business processes and simplify store operations. Challenges in Operation Management Retailers are always looking to improve value from payroll spending. There are several challenges in operation management grocers may come across – Payroll errors Attendance and timer system need manual intervention and is time consuming Punch errors which result in unnecessary overtime and regular costs Legal compliance Low optimized scheduling Cost of under and over scheduling This way, POS system offered Gemini Computers can automate payroll management and staffing to give complete control to your managers. Retail Store Solutions – In Brief POS System– It records all the financial information and sales of the organization and collects detailed product and customer data. There are some self-service POS checkout systems to enable customers to place orders and pay. Time Management Systems – To monitor, plan and report working hours of each employee. Inventory Management – To optimize order entry and inventory management in your organization. It keeps track on the order quantity of each product and gives detailed analysis on the amount of products you have in stock for customers.

  4. Price Auditing – There are certain handheld devices like barcode scanner connected to the POS systems to record sale of products with one touch. Security – You need some high-end CCTV cameras and dome cameras that can keep track on each and every moment in your store. Billing – Your store also needs thermal printers connected to the kiosks to print bills for the customers. Kiosks – These are interactive, freestanding terminals to display product details on the screen to the customers. Payment – Credit/Debit card scanner is also used in checkout process to receive payments from the customers. The Future of the Retail Business is here… Both small and large retail stores have faced dark past and the future is not going to be easier. But retail businesses can, at least, prepare for the challenges and focus on giving the best shopping experience to the customers, in product selections and with excellent services. Warehouse management and Inventory management are the common challenges. So, it’s the high time for retail store owners to automate their business and think beyond their corporate boundaries. It is important for the businesses to use technology actively to control operational costs, save time and increase productivity and sales to excel in day to day retail operations in the near future.