Retail360, Key Features and Benefits
- Optimize operations
- Manage retail price books
- Manage accounting, cash management, forecasting, and reconciliation processes
- Integrate with industry retail solutions, suppliers, financial systems, and industry partners
- Automate workflows
- Manage promotions, inventory, lottery, and loyalty
- Centralize chain and franchisor management
Retailers establish processes based on their internal business needs, industry best practices, and regulatory requirements. When these processes are repeatable, prone to error, and/or time consuming, automation can be used to improve operations and to save labor costs. Retail360 helps retailers make the most of their time, make more informed decisions, and gain greater control over cash, pricing, ordering, revenue, costs, and margins. Operators can use Retail360’s workflow automation, data processing, forecasting, alerts, and reporting to optimize their operations.
The centralized inventory management features of Retail360 enable companies of any size to optimize inventory across each site and organization to keep margins healthy. Retailers can track inventory by item using cost or retail inventory methods. Gain control over inventory by forecasting inventory orders, managing margins, and optimizing sales. Retail360 reports help retailers to:
- Track each item by category, department, price group, promotion, tag, or byrisk level
- Determine optimal stocking levels
- Find dead, fast, average and slow moving items at item-level
- Identify overstock, understock, and out-of-stock at item-level
- Control shrinkage and spoilage
- Identify low margin items
- Identify low-cost suppliers
- Calculate site inventory value
- Spot pricing problems quickly
- Keep track of inventory audits and cycle count tickets
- Use computer-assisted ordering
Price Book Management
Retailers can stay in control of their pricing, which leads to optimized revenue and profits, by centralizing the administration of their price book from within Retail360. Whether a retailer has two or hundreds of POS systems, up-to-date pricing is critical to increasing revenue and keeping margins healthy. Flexibility is also needed to meet site specific requirements.
Retailers can maintain their centralized price book by integrating pricing seamlessly through handheld inventory scanning, EDI supplier invoices, lists, and the global price book provided with this solution. Retailers can also adjust their price book for regional pricing. Additional ways this solution helps to manage a pricing include:
- Set up, add, edit, delete, or move items between departments and categories
- Manage pricing by price group, custom group, price zone, store, location, or division
- Create custom meta tags and groups such as counter display or cooler #1
- Use cost exception reports to spot cost variances
- Set up price changes in advance
- Remove old items from the cash registers and POS systems automatically
- Make global changes to the price book
- Promotions management
- Create shelf tags
- Instant price book and item import
After negotiating promotions with a vendor, retailers need to ensure that promotions are set up and tracked within their POS and back-office systems. Retailers can set up their promotions in advance, set specific time frames, and work with legacy cash register systems that do not support mix and match promotions. This feature gives retailers an edge when negotiating promotions with vendors.
Track sales, payouts, and remaining inventory for every game, on every shift. Retailers input the UPC code for each game and pack’s serial number when placing it on the rack. Retail360 then tracks each ticket’s sale, recording the revenue and adjusting inventory. An audit form is also available in the system to track online game sales.
Track loyalty transactions with Retail360 through its out-of-the-box POS integration. This feature provides retailers with insight into their loyalty programs which can increase sales, average ticket size, and return visits. Retailers who are interested in offering a loyalty program should consider GO Loyalty Rewards by Petrosoft. The solution comes as a universal or branded loyalty program. View a branded program at Market24.GoLoyaltyRewards.com.
Automating operational workflows can help to ensure that employees complete their daily tasks, inventory in stock, and sales and purchase data up-to-date.
Retail360 provides an accounting module to process and record accounting transactions. From accounts payable to accounts receivable, ledger entries, and reconciliations, Retail360 helps to ensure that retailers understand the health of their operation.
Retail360 offers both the retail and cost methods of accounting to book inventory. It also provides operational reports to track sales and each method of payment accepted by point-of-sales/cash register systems which include cash, credit, debit, EBT, check, house account, and other payment methods. Retail360 also integrates with SMB and Enterprise accounting systems to cut reporting cycle times and manual entries.
Chains And Franchises
Retail360 is an ideal solution for chains and franchisors. It offers a robust infrastructure, rapid deployment, centralized data and price book management, promotion participation management, automated royalty calculations, inventory reconciliation, and lottery management.