Innovation is driving the retail industry which is trying to cope with an ever-increasing need to retain and attract customers. Significant impact of technology and the internet can be seen in this industry with automation of operations such as inventory planning and control, sales tracking, and shipping. This has changed the way retailers transact with customers, from marketing to e-commerce. But while the logistics of retail industry may be changing, retailers' mission remains the same: to entice consumers, to convert merchandise into cash, recover money invested in business and ensure best possible return on investment.
The most common types of retailers include a chain of department stores, specialty stores, superstores and wholesale clubs, factory outlets, and catalog companies. The retail industry as a whole has introduced a new technology driven method of ‘on-line’ shopping which is becoming increasingly popular.
Whatever the type of goods or services a retailer sells, customer loyalty has been the other key focus area to ensure long term growth and profits. The key to success in retail lies in early adoption of technologies that enhance consumer experience. Both retailers and manufacturers have learnt to use the latest technology to understand customer demands and focus on customer service to build lasting relationships by creating an efficient and enjoyable shopping experience, whether it is online, over the phone, or in a store.
There are many uncertainties affecting the retail industry such as the fluctuating economy, and factors such as businesses operating on a global terrain, the wide choice that is available to consumers and shortened life cycle for products and this has made both retailers and manufacturers adopt innovative techniques using IT. They adopt best practices such as collaboration for supply chain, scientific retailing methods etc to ensure competitive advantage in the market place.
What we have done...
With a strong industry background from the group, proven track record and business process expertise, Benchmark has worked with retail corporations to effectively use IT to help adopt best practices in the industry for selling goods, providing customer service, and helping buyers make informed purchasing decisions.
Benchmark has successfully implemented solutions with retailers which include:
Supply Chain Management application including Point of Sale (PoS) systems, inventory management, product coding, cash and currency (multi-currency) management, purchase orders, credit management, financial accounts management apart from integration to back end ERP system
- Online Cataloging
- Online Procurement
- Export and Documentation Management
- Customer Information Management
- Billing Management
- Back office stock and sales analysis system
- Franchisee Management System
What we can also do...
At Benchmark, along with our strategic alliance partners, we have embarked on RFID/EPC (Radio Frequency identification/Electronic product coding) initiative to help customers adopt the technology by going through the complete cycle with them which includes showing the approach and working with them to meet compliance requirements and helping them through the implementation to ensure that they maximize on the technology by linking it to their supply chain.