How to succeed in Retail multichannel, multinational market?

MNC MultichannelImplementing a comprehensive and fueling integrated multichannel retail system is essential when ensuring the smooth, daily function of any Retail business. Regardless of the vertical type that means, from restaurant to department store, having all facets of the business directly communicating with one another is important. In absence of an integrated  system that communicates well ,needless errors and avoidable problems occur, reducing possible profit flows and draining valuable man hours. Using an Integrated retail system, which converges data of all multichannel retail touch points and is able to do so in multiple languages with multi-currency facets is vastly important in the success in any global company.

Retailers whether big or small are now keenly focusing to invest in Retail technology that  communicates in multiple languages and has built in currency conversion features, which was earlier ignored. The multi lingual, multi-currency integrated retail system connects all areas of the business across borders, across locations ranging from ordering new products, to placement of shipments, when shipments are expected & received, what is out on the floor and when particular material is running low in stock. All this while, relevant data is stored at the local store server as well as the Enterprise server. Facilitating smooth operations of a Retail chain is an important concern of a multichannel retail company, which is ensured by an Integrated Retail management solution. Each branch must consist of its own, locally based currency and language system, in order to best service the department, and customers.  Reports in respective language can then be sent back to the head office, detailing information regarding sales & other allied functions. This pinpoints popular products in different areas of the world, allowing management to determine what services should be offered in different countries and regions.

The point of sales (POS) system is essential in helping customers and clients feel comfortable with the company. This is the point in which the individual pays for and buys the desired product. Often times, this is the only time (when done in person) where face to face interaction is performed, although many companies are moving towards self-service. The POS, acts like a point of Service with the Integrated retail systems, it is possible to follow when products are sold, what is the most popular, sales during a given point in the day and what customers like specific products the best. A POS that functions in the local language & processes all data & prints in local language connects well with a local customer service system, improving  customer-management & strengthening relationships, as complaints and concerns are handled locally, with agents who speak the language and understand their way of life.

The opportunities Multichannel Retail presents to  businesses are both exciting and challenging.  Businesses that embrace innovative technologies are able to act quickly and adapt to reap benefits at the expense of their slower moving counterparts.

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