5 essential technologies to manage a physical store in 2021

Use modernity to your advantage when taking care of your business by adopting some of the most modern technologies available on the market. 

Modernizing the business to be more efficient and increase profitability are items that should always be at the top of a company’s agenda. Technologies to manage a physical store, for example, are today much more than a competitive advantage, but also an essential way to survive in the market.

To fight directly not only with direct competitors but also with virtual stores, companies need to resort to tools that allow them to do more with less. And that’s exactly where new technologies come into play. More than knowing them, it is necessary to implement them, use them and monitor their evolution, keeping an eye on all the updates that arise.

Some tools, however, are worth mentioning. In this article, we’ve listed five aspects of technology that must be observed to ensure your physical store performs well. Let’s go to them.

1. Connectivity in all sectors

It is impossible to think of a physical store today without internet access and connectivity between all sectors. Being able to perform a series of tasks online and, on top of that, having real-time access to reports, inventory management or even supplier systems is essential for the good performance of your store.

Therefore, ensure first of all not only access to the internet but also the certainty that all your employees will know how to make the best possible use of the tool. All online tools that are available should be used to your advantage, whether to find better suppliers or even to observe the actions and prices of the competition.

2. Behavioral analysis of your customers

How do your customers behave when they arrive at the store? What are the products they buy the most? What is the busiest time of day? What day of the week is the store most crowded? What is the sales closing rate? All of this information can be obtained through consumer behavioural analysis.

Nowadays, there are several software that allows you to just enter the data and it is in charge of returning the analysis, including graphs. Knowing information like this helps you prepare specific promotions and pay attention to what consumers expect most, increasing your chances of converting sales.

3. Sales Management

Once you understand what your customers expect and how they behave, it’s time to prepare your products. For this, sales management software are essential. They are the ones who guarantee that all phases of the process will be met with rigour and punctuality.

Monitoring the payment approval processes, invoicing, order delivery and after-sales with the customer are items that must be in the basic booklet of retailers. There are now dozens of software available on the market, ranging from those with the simplest features to the most complex and customized. Here, it is important to choose something suitable for your business and not just the cheapest.

4. Database: your customer base

All of the customer data you record over time is a valuable asset. Those who have already trusted to do business with you once, if they have good service, will certainly be more likely to come back and buy from you again. That’s why it’s so important to work on loyalty.

That way, a good database tool is all you need to manage this entire customer base and feed it exclusive information and promotions. It is not just a matter of including them in an automatic e-mail trigger, but of thinking about different actions for those who are already your customers. The more personalized the action, the greater the chances of getting good results.

5. Inventory management: your stock on time

Standing stock is synonymous with standing money. Therefore, managing inventory correctly is an art. You need to know how many items to buy in order to meet consumer demand during a given period. Finding that exact spot is made much easier with inventory management apps.

In other words, it is impossible today to think about managing the stock of a physical store without looking for the right tools. The accuracy of this data is critical when placing orders. If you are buying an item in larger quantities, it will certainly be easier to negotiate a discount with the supplier. Managing your inventory well can increase profitability without your sales volume has to increase at the same rate.

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