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Retail Accounting Software: Playing Omnichannel Connect-The-Dots

Posted by Chadwick Jones

Jun 17, 2014

retail accounting softwareThe future of retail is, without question, omnichannel presence. Connecting your business through multiple channels, however, is difficult – especially when it comes to software. If you're using outdated retail accounting software or trying to patch together different types of software (one system for ecommerce accounting and another for brick-and-mortar), you're sacrificing efficiency. By presenting your customers with a seamless shopping experience, you boost their satisfaction, encourage them to spend more and increase the likelihood that they'll return – with friends.

Why Omnichannel?

Consumers today want convenience and instant gratification. Many retail businesses have already recognized the benefit of the mobile channel and made the switch to ecommerce. But completely abandoning the traditional brick-and-mortar approach isn't ideal either: Some consumers still prefer to be wooed by in-store displays, hands-on service and the ability to browse aisles of shelves for the perfect item.

Here's where the omnichannel approach really shines. Keep your brick-and-mortar locations, maintain an effective ecommerce storefront and integrate mobile solutions to make keep your business easily accessible to all of your customers, all the time. The more accessible you are to customers, the more open you are to sales – and your customers reward you for the convenience with brand loyalty and endorsement. 

What About Software?

We've established the superiority of omnichannel presence in the retail market; now you need to tailor your software system around the omnichannel strategy.

Cloud-Based Retail Accounting 

Your sales channels are seamlessly united, but your accounting software needs to follow suit. Separate retail accounting and ecommerce accounting software prevents you from maintaining the necessary link between your front-end sales channels and your back-office functions, like reports, insights and payment processing.

Accounting solutions are more versatile, flexible and functional in the cloud. Choose a single retail accounting software system that connects all of your channels. The lack of handoffs helps reduce the risk of critical business information getting lost in translation.

Higher-Level Software Systems

To truly maximize the performance of your retail accounting software, it should be integrated into a greater ecommerce ERP system. Use ERP modules to create a business management system with all the functionality you need to drive your company's success – including business insights, sales and HR solutions.

Ecommerce ERP further strengthens the bond between your omnichannel presences by uniting all the applications you need on a daily basis. This is especially important for those in the ecommerce marketplace, because you're coordinating sales orders, fulfillment, shipment and distribution – often across large geographical distances. Piece together multiple ERP modules to create a unified system that covers sales, order management, invoicing, fulfillment and returns processing.

Cloud Migration Made Easy

The decision to transition to the cloud seems daunting, but it's the best decision for your business. But before your choose a cloud ERP software provider, make sure you know what to look for. A good vendor should offer:
Omnichannel retail has significant benefits, but it's more of a hindrance than a help without the right software. Before you jump into omnichannel presence, build an infrastructure that's equipped to support you. Ideally, you should use an effective cloud ERP solution. For those who have already made the leap, take the necessary steps to erect a framework around your business as it currently stands. If you're not ready for a full overhaul of your ERP system, start by at least assessing the efficacy of your retail accounting software.

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