The retail sector thrives on volumes, operates on thin margins and has a substantial ‘human’ element, making it imperative to be versatile, yet efficient and large, yet nimble. It involves thousands of stock keeping units (SKUs) spread across hundreds of outlets managed by thousands of employees. Managing content in these circumstances can at once be challenging and overwhelming. ECM enables you to turn this challenge into an opportunity by seamlessly integrating and digitizing information from disparate merchandising and supply chain networks.
Inventory and Supply Chain Management
A retailer’s perpetual dilemma is: Do if I store too less and turn the customer away or store too much and block my capital? This and many other questions can be answered through our ECM solutions that can throw up real time inventory and shipment levels across stores, so that you can optimize inventory and order levels, and manage costs and customer expectations at the same time.
Retail stores operate in a plethora of regions, including suburbs and towns, each with their local taxes and compliance regulations. Besides, they also possess sensitive customer data gained through their online and physical stores that can have serious privacy implications, as evidenced by recent regulations around the world. ECM system can act as a common repository of disparate information – and facilitate accurate and timely deduction of taxes, compliance with local laws and security and confidentiality of customer data.
Every SKU sold in a retail store has a variety of associated business documents and processes, such as product description, graphics, media assets, contracts, supplier agreements, invoices, etc. Companies that continue to use error-prone manual and paper-based systems stand the risk of higher cost and inefficiency. ECM enables you to digitize the information, manage it effectively and securely, and helps reduce operating costs.
The retail sector is prone to frequent changes in customer tastes and preferences, requiring quick response in terms of space and product mix. A good ECM system can offer valuable insights into customer behaviour and market trends, and allow you to be proactive rather than reactive in adjusting your merchandising strategy in the face of changing circumstances.
Consistency and Communication
Recent technological developments have been most disruptive for the retail sector – brick and mortar have suddenly given way to online stores. In this battle of survival, retail companies are offering their customers multiple channels to purchase – web, apps, kiosks at key locations including in-store – in addition to the conventional pick-and-shop model. ECM systems help you dovetail the data from various sources and ensure that the content and customer correspondence across all platforms is consistent and real-time.