What is a Retail Management System?
Retail management used to control all the business processes and activity that helps customers acquire the desired products and services. The retail management system software is the combination of technology a retailer uses to empower the customer experience and operate daily retail management activities which include software, hardware, databases, and different applications.
There are also categories of related software systems that branch off from the retail management software systems classification of enterprise technology. These include the following applications:
- Inventory Management
- Accounting Management
- Sales Management
- Warehouse and Logistics Management Software
- Human Resource management
Benefits of Odoo ERP in Retail Management
Retail is one of the booming industries across the world. The Odoo ERP solution provides an end-to-end customer focus service. ODOO ERP Application helps end-users to click and collect their goods and use the door-delivery system the best way. ERP has become a requirement for the retail industry, regardless of the size of the business. Odoo ERP software provides a simple, and reliable management solution needed to run businesses more efficiently.
Real-time visibility & aggregation
Centralized master data management
Control & track inventory movement
Centralized CRM, offers, and promotions
The retail business incorporates multiple business operations - manufacturing, distribution, inventory, procurement, replenishment, merchandising, Point of Sales, finances, customer management, employee management, and much more.
Let's Check How ERP is used for the Retail Industry.
The Odoo inventory management solution provides facilities to manage a wide range of products, tracking stock movement, displaying stock numbers, notifying users in case a product is running out of stock, etc. Inventory management also provides solutions for product variants. Such as a T-shirt is sold in four different sizes in the retail outlet, the solution should count it as a single product with four different variants, as opposed to counting it as four different products.
Users can create a Stackable, Consumable, and Service type product with tax and other details
Purchase management also plays the most important role in the Retail Industry. Purchase Management is the activity for which the company receives an invoice from other parties, and procurement management is the activities that are required in order to get the product from the supplier to its final destination. Odoo ERP provides the best solution for purchase/procurement management.
The users can manage agreement, RFQ, Orders, and shipments from purchase management.
Manage products and barcodes.
Receipt with Barcode
Scan product with a Barcode reader and the quantity will automatically be added.
Point of Sale (PoS)
The POS unit in a retail format is used to initiate, manage, and complete point of sales transactions. It, consequently, becomes one of the most crucial parts of the retail management system. One more good feature of the POS is to accept payments from different payment methods other than the traditional cash or credit cards. A POS solution allows the retailer to add multiple users and enable system access for these users. This ensures that multiple employees are able to operate at the POS counter and raise invoices for the completed transactions.
ODOO ERP POS application has made it an effortless job. Generate bills, apply discounts, split bills, and handle payment and payment gateways with your fingertips.
Users can use different payment methods such as Card payment, UPI payment, etc.
Users can see the order details with cashier name, product details, customer details, payments, etc.
Uses can see the payment details with the payment method.
Order Analysis Report
Accounting is important for all retail businesses. It helps to see where we spend the most, how we can cut some costs and how best to deploy money as a resource into various sections like marketing, warehouse management, and so on.
Users can add different payment acquire methods.
Human resource management must take different steps in order to properly execute their jobs in building a productive workforce for their retail business. Some of the more modern methods of recruitment for HR teams consist of using social media to get the word out about vacancies within a retail company.
Time off analysis report
If you have questions about how to use Odoo ERP for Retail Industry management in your business, Caret IT feels happy to answer them and help you.
Caret IT also provides other Odoo services like Odoo Customization, Odoo Implementation, Odoo Integration, etc. to our clients. Our Odoo experts are always there to help you out with all your Odoo and business-related queries.