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How to Get the Best Retail System Before the Financial Year End 2023-24?

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Best Retail System Before the Financial-Year End 2023-24

Are you a retailer who is currently using retail software and wants to migrate to better and more efficient software? Or are you someone who is not using any retail software and wants to deploy one before the financial year 2023-24 ends? 

This article serves as valuable information for both types of retailers. Also, We will explore India’s best retail system.

Situation 1: I already have retail store software but I am looking to migrate to a better, smarter, and more efficient retail system. 

If you are already using retail software that may also have features for billing, POS, stock management, or e-commerce activities. Have you ever thought of replacing it or upgrading to a modern retail system? While you may have good retail software that is making your life easier and you are full of praise for the features offered, there are many other features and benefits that you may be missing. Modern times require highly upgraded systems and therefore, you must always review your legacy retail systems and should not hesitate to replace them before the end of this financial year if the revaluation doesn’t meet modern necessities. 

Situation 2: I am not using any retail software currently but am willing to scale my retail business by deploying the best retail software for my store.

If you are a retailer who is currently not using any POS system, then you are missing out on the most efficient way to run and scale your retail business. It’s time you consider deploying the top retail POS for your business and see a tremendous change in your profitability in the upcoming financial year.

VasyERP suited for every situation

India's best retail system

Situation 1: Already Have Retail Store Software

Signs it’s Time to Switch Your Retail Management System

We know you know the best how to run your retail business. Therefore, we trust you to make an informed decision to reconsider your current retail software or retail POS based on the data, insights, and facts that we are going to present below. 

Usability Issues

The best POS software solutions for retail businesses are easy to understand and use. If it’s too complex or time-consuming to run transactions, or reports, consider switching. 

Scalability Limitations

If your current system hinders growth or expansion, it’s time for a change. For example, if the system cannot accommodate more branches, added billing counters, or more customers (or have threshold limits for inventory that can be managed) then it’s time to get rid of such bottlenecks to growth.

Service Disruption

An unreliable system that causes server issues, and frequent downtimes, affecting transactions and customer service (and their satisfaction) indicates the need for a switch. 

Lack of Integration Flexibility 

If your current system lacks the flexibility to add third-party integrations like e-commerce (Shopify, Woocommerce, etc.), payment integrations (Razorpay, Pine Labs), or accounting  (Tally), it is time to look for a system that can integrate seamlessly with other tools and add-ons.  

Cost-Value Mismatch

Cost-value analysis can be tricky. However, it is a crucial factor to reconsider as you may be paying more for legacy (older and traditional) systems while newer and modern POS may not only be better but more cost-effective. If your current POS is too expensive for its value, consider finding a more affordable and useful system within your budget. 

Insufficient Data and Insights

If your current system cannot tell you about your best/least selling products, and top customers, or generate financial, inventory, or sales reports with deep insights that enable you to improve your business, then it is not worth continuing. Your competitor who has better reports and analytics can easily beat you and therefore consider switching to a retail POS system with advanced reporting modules. 

Lack of Omnichannel Integration

The inability to connect your physical retail store with your online stores for synced inventory and unified customer experience is a red flag. If you can only do accounting, transactions, and stock updates about in-store items and have to keep a separate POS for online store sales, then you are not enjoying the benefits of a unified business experience. 

Slow Checkout Process

We queried many retail store buyers and most of them voiced concerns about how retail stores handle their checkouts and billing counters. Even stores with luxurious in-store buying experiences often fail when handling crowds at billing counters.  

If annoying lengthy checkout due to slow processes by your POS leads to customer dissatisfaction, change it now. Consider systems that enable saving and retrieving carts for faster checkouts, mobile billing options, advanced payment gateways, support for payment wallets, UPI, mPOS, and multiple counter support. 

Lack of mPOS

While you may be satisfied with the desktop version, customer service flexibility is achieved when you or your staff can bill customers or provide exact stock information from anywhere in the store. Consider switching to software that has mobile POS (mPOS) that will help in busting long billing queues or eliminate the need to go to the desktop to answer stock availability queries by customers. 

Manual vs Automated Inventory Reconciliation

If your POS system cannot update inventory quantities instantly with every sale (in-store or online) and also returns/exchanges, you must be wasting a lot of time manually updating inventory every time with each sale. Migrate to a system that has automated inventory reconciliation features that update inventory in real-time after every sale or return. 

High maintenance costs for legacy systems

Legacy POS systems with a lot of hardware requirements have high repair, maintenance, and update costs. This is not the case with cloud-based POS systems

Lack of customer loyalty features

Discount management, loyalty points management, feedback and review management, and membership management are some of the features that help retailers keep their customers happy and loyal to them. If any of these critically important features are missing in your POS, you have to seriously consider making a shift to a more customer-centric POS software. 

Remote Access

The inability to access the dashboard, reports, and analytics remotely means that you always have to be on your seat at the retail store to see what’s happening in your business. Consider a modern POS system for convenient remote access to retail business data from anywhere. This way you can access your business even when you are on vacation and your staff is handling the store. 

Older Data Security Protocols

Modern businesses are always on the deadly watch of hackers and cybercriminals. In the absence of trustworthy data security measures, anti-fraud protocols, and encryptions, your retail data is always at risk. 

Steps for Transitioning Your Retail System

By following the below steps, you can successfully switch your retail system while minimizing disruptions to your business operations.

Step 1: Identify specific pain points, challenges, and desired features.

Step 2: Evaluate support for implementation, training needs, and help center

Step 3: Schedule a demo for understanding features, USPs, and navigation intuitiveness. 

Step 4: Check the pricing, reviews, and reputation of the service provider. 

Step 5: Assess future needs like scalability, upgrade options, updates, etc.

Step 6: Understand the migration process and how the new provider can help with that for a smooth transition. 

Also, consider the benefits of Cloud-based retail POS systems over legacy systems: 

AspectLegacy POS SystemsCloud POS Systems
Data StorageSales data stored on local serversData stored on remote servers
HardwareUses on-site hardware, taking up physical spaceMinimal on-site hardware required
AccessibilityAccessible only on-siteAccessible via the Internet from anywhere
MaintenanceRequires technician for repairs or upgradesManaged remotely, updates and maintenance handled online
CostUpfront fee for installation, additional fees for upgrades and maintenanceSubscription-based pricing, typically including updates and maintenance

(Source

Situation 2: Currently Not Using Any Retail Software

As the financial year end of 2023-24 approaches, it is crucial for retailers to ensure that they have the best retail system in place. With technological advancements and changing consumer demands, having an efficient and effective retail system is essential for staying competitive in the market. 

Here are some steps to help businesses get the best retail system before the financial year ends. 

  • Assess the retail system
  • Check and ensure it has all the features
  • Analyze its performance and reliability with a free demo
  • Check customer support 
  • Check training and implementation 

With all the above evaluations, you can be sure that you will select and implement the best retail system for your retail store/stores. 

Selecting the right retail management software is crucial for retailers to streamline their operations and meet consumer demands effectively. Now, let’s delve into how VasyERP can be a fitting choice for businesses seeking the best retail system before the financial year ends.

VasyERP: India’s Best Retail System Solution for Retail Businesses

VasyERP is a leading retail software that offers a comprehensive solution for managing retail store businesses. With its user-friendly interface and advanced features, it has become the go-to choice for retailers across India. One of the key reasons why VasyERP stands out from other retail software is its ability to streamline operations and improve efficiency. 

It offers all key retail management modules such as inventory management, customer relationship management, Omnichannel E-commerce, POS, and financial reporting, all in one integrated platform. This eliminates the need for multiple software applications and provides a centralized solution for all retail store management needs. 

The software also offers real-time data analytics and reporting, allowing retailers to make data-driven decisions and optimize their business performance. 

Below are the key modules and extensive feature sets that you will receive with VasyERP: 

India's best retail system - dashboard

(Image: VasyERP Dashboard) 

#1 Inventory Management Module

In today’s dynamic retail landscape, efficient inventory management is crucial for businesses to maintain optimal stock levels, and prevent overstocking. VasyERP’s inventory management module offers a comprehensive solution for retailers to effectively manage their inventory. 

With a wide range of features including item master, multiple variants management, stock control, inventory synchronization, and more, this module empowers retailers to organize, track, and optimize their inventory with ease. 

Let’s understand the features in detail: 

India's best retail system - inventory module

(Image: Best-selling and Least Selling Product info) 

Item Master
VasyERP allows for comprehensive item management, ensuring detailed and accurate records of each product in the inventory.
Multiple Variants
The system supports the management of multiple variants for products, enabling retailers to efficiently track and handle diverse product variations within their inventory.
Department, Category & Brand Wise Management
Businesses can categorize and manage inventory based on departments, categories, and brands, facilitating organized and systematic inventory control.
Product Images
VasyERP allows for product images with inventory items, enhancing visual management and presentation of products within the retail system.
Stock Control
The system provides robust stock control capabilities, allowing businesses to monitor and regulate stock levels effectively to prevent overstocking or stockouts.
Inventory Sync 
VasyERP enables seamless synchronization of inventory data across multiple platforms and locations, ensuring real-time accuracy in inventory records.
Expiry Management
Businesses can efficiently manage product near-expiry dates with real-time notification and proactive reporting before selling any expired products 
Multi-Price Management
The platform supports the management of multiple prices for products, and flexible pricing strategies as per requirements. 
Stock Audit & Verification with Mobile App
VasyERP provides a mobile app for conducting stock audits and verifications, enabling businesses to efficiently manage inventory checks and reconciliations.
Barcode/Label Generation
VasyERP has barcode generation features including a label generator for labeling inventory items, aiding in efficient organization and identification of products.
Raw Material Management
The software supports the effective management of raw materials, ensuring seamless integration of raw material inventory into the overall inventory management processes.
Bill of Material
VasyERP allows for the creation and management of bills of materials, aiding in accurate tracking and costing of production processes.
Stock Alert – Low Stock, Negative Stock, Fast & Least Selling
The platform offers alerts for low stock, negative stock, fast-selling, and least-selling items, aiding businesses in proactive inventory management.
Stock Ageing
VasyERP provides insights into stock aging, allowing businesses to identify and manage aging inventory effectively, minimizing waste and financial losses.
Stock Reporting
Generates all types of stock-related reports including dispatch reports, stock trends analysis, and warehouse reports. 
India's best retail system - barcode generation module

(Image: Barcode Feature) 

#2 Sales and POS Features 

The sales and POS module facilitates everything from billing, checkouts, and payment integration with multiple gateways to generating delivery challans for organized shipment of goods. 

With support for various payment modes, weight scale integration, cashier activity tracking, customer-facing displays, and personalized marketing through customer purchase behavior analysis, VasyERP’s Sales and POS module is designed to optimize sales activities and elevate customer satisfaction.

Key Features of Sales and POS features: 

India's best retail system - POS Module

(Image: VasyERP POS Module) 

Sales & POS
VasyERP has a seamless POS  that facilitates billing, checkouts, and payment integration with multiple payment gateways
Sales Estimates
The software allows for the creation of accurate sales estimates, aiding in forecasting and budgeting for future sales activities
Sales Orders
Efficiently manage sales orders, ensuring timely processing and fulfillment of customer demands
Delivery Challan – Material Outward
Generate delivery challans for material outward, enabling smooth and organized shipment of goods to customers.
Sales Invoices
Create professional and customizable sales invoices, streamlining the billing process and enhancing the overall customer experience.
Sales Returns/Credit Notes
Handle sales returns and issue credit notes with ease, maintaining transparency and accountability in customer transactions.
Refund & Exchanges
Efficiently manage refunds and exchanges with real-time updates to in-stock inventory after every returned product
Multiple Payment Modes
Support various payment modes, UPI, Card Swipe integration, and other wallets allowing customers to pay using their preferred  payment methods, 
Weight Scale Integration – Barcode & Electric
Integration with weight allows you to connect your weight scales to your retail POS system 
Cashier Register Tracking
Track cashier activity and transactions, ensuring accountability and security in cash handling.
Customer Facing Display (Pole + TV) with Dynamic Screens
Provide customers with dynamic and engaging displays for enhanced shopping experiences, utilizing pole and TV displays.
Customer Purchase Behaviour & History
Access and analyze customer purchase behavior and history, enabling personalized marketing and improved customer relationships.
Product-wise Remarks & Tracking
Track product-specific remarks and details, enhancing inventory management and customer service.
E-Way Bill Integration
Integrates with e-way bill systems for goods transportation ensuring compliance with relevant regulations
E-Invoice Integration
Streamlines invoicing processes through e-invoice integration for retailers with 5 crore plus revenue   

#3 Accounting Features of VasyERP Retail Software

VasyERP offers comprehensive accounting features tailored to the specific requirements of Indian retailers. VasyERP’s accounting module offers a comprehensive suite of features designed to streamline financial operations and ensure compliance with taxation regulations. 

From automated GST returns filing to seamless management of bank/cash entries, journal vouchers, and audit trails, the software empowers businesses with accurate and transparent accounting processes. 

Here’s how VasyERP takes care of the accounting needs:

India's best retail system - Accounting Reports

(Image: Accounting Reports) 

GST Returns
VasyERP automates the process of GST returns filing, ensuring accurate calculation of GST amounts, tax liabilities, and expenses, and simplifying compliance with the GST filing process.
Bank/Cash Entries
The software allows for seamless recording and management of bank and cash entries, providing businesses with accurate and up-to-date financial records.
Journal Vouchers
Businesses can efficiently create and manage journal vouchers within the system, enabling accurate recording of financial transactions and adjustments.
Audit Trail
The software maintains a detailed audit trail of all accounting activities, ensuring transparency and accountability in financial operations.
Expense Management
VasyERP provides robust tools for expense management, allowing businesses to track, categorize, and control their expenses effectively.
Profit & Loss
The software generates detailed profit and loss statements, providing businesses with insights into their financial performance and profitability over specific periods.
Balance Sheet
VasyERP offers comprehensive balance sheet functionalities, providing businesses with a snapshot of their financial position, including assets, liabilities, and net worth.
Trial Balance
The system provides trial balance reports, aiding businesses in verifying the accuracy of their accounting records by ensuring that credits and debits are balanced.
General Ledgers
VasyERP enables businesses to maintain detailed general ledgers, providing a comprehensive record of all financial transactions and account balances.

#4 CRM and Contact Module Features

VasyERP provides a reliable CRM platform for effortlessly managing customer data and driving sales growth. 

Key features of the CRM Contact module: 

India's best retail system - CRM and Contact Module

(Image: CRM Module) 

Membership Management (Card + Digital)
VasyERP’s membership management allows both physical cards and digital membership allowing businesses to efficiently handle their customer loyalty programs.
Discount, Gift Vouchers & Coupons
The retail software handles the creation and management of discount and gift vouchers and coupons, providing retailers with a tool to enhance customer engagement and loyalty.
Digital Invoices on SMS with Feedback link
Retailers can generate digital invoices and send them via SMS, including a feedback link, providing a convenient and efficient way to manage invoices and gather customer feedback
Loyalty Management
VasyERP offers features to manage customer loyalty programs, helping businesses retain customers and foster long-term relationships.
Bulk WhatsApp Promotions
The platform supports bulk WhatsApp promotions, allowing businesses to reach out to customers effectively through this popular communication channel.
Feedback & Reviews
VasyERP enables businesses to gather and manage customer feedback and reviews through SMS links, aiding in improving customer satisfaction and overall service quality.
India's best retail system - Memberships

(Image: Membership Creation) 

#5 Multi-Location Features of VasyERP Retail Software

VasyERP retail software offers a range of features to effectively manage multi-location operations, ensuring seamless coordination and control across various retail outlets. 

Here’s how VasyERP caters to multi-location requirements:

India's best retail system - Multi Location Features

(Image: Central Dashboard and Multi-Location Features

Central Inventory
VasyERP facilitates centralized inventory management, allowing businesses to maintain a unified view of stock levels and product availability across multiple locations.
Stock Transfers
The software enables efficient stock transfer processes and requests ensuring the smooth movement of inventory between different locations, warehouses, and stores. 
Central Reporting & Analytics
Businesses can access reports from all locations and stores on a centralized dashboard aiding in strategic decision-making for multiple stores
Central Contacts
A centralized contacts management system to maintain a comprehensive database of customer contact information from all store locations in one place 
Location-wise stock management
The software enables businesses to track and manage inventory at each retail outlet while maintaining visibility at the central level.
Central Discounts & Offers
This feature provides businesses with the ability to implement uniform promotional strategies across multiple locations.

#6 Omnichannel E-commerce Features

POS systems must support omnichannel shopping experiences, integrating online, and in-store sales seamlessly. However, not all POS systems are adept at providing this integrated experience. 

Without omnichannel capabilities, there will be issues like inventory discrepancies and customer relationship management challenges. 

VasyERP shines here with its plethora of omnichannel e-commerce features: 

India's best retail system - Omni channel ecommerce

(Image: Omnichannel Integrations) 

Easy Setup for Online Store
VasyERP provides a seamless and easy setup for online stores, enabling businesses to quickly establish a strong online presence and start selling.
Woo-Commerce and Shopify Integrations
The platform offers integrations with Woo-Commerce and Shopify to streamline their e-commerce operations and synchronize data for online sales. 
B2B Commerce
The platform supports B2B commerce, enabling businesses to cater to the specific needs of their business customers through streamlined and efficient transactions and interactions.
Payment Gateway Integrations
VasyERP supports integrations with diverse payment gateways, providing flexibility and convenience for processing online payments.
Order Management
The system offers robust order management capabilities, allowing retailers  to efficiently process and fulfill orders for their online store
Central Inventory
VasyERP facilitates centralized inventory management, ensuring businesses have a unified view of stock levels and product availability across all sales channels.

#7 Reporting and Analytics Features

The VasyERP Retail Software offers reporting and analytics features designed to provide businesses with comprehensive insights and facilitate informed decision-making. 

Here’s how VasyERP caters to the reporting and analytics requirements:

India's best retail system - Reports and analytics

(Image: VasyERP Reports, Inventory) 

150+ Reports
VasyERP provides an extensive range of reports, empowering businesses with diverse analytical insights into various aspects of their retail operations. 
Dynamic Column Options
The platform offers dynamic column options within its reporting features, allowing users to customize and tailor reports to their specific needs and preferences.
Custom Formats 
VasyERP enables the customization of report formats, ensuring that businesses can present and analyze data in a manner that best suits their requirements and objectives.
Interactive Business Dashboard 
The software provides an interactive business dashboard, allowing users to visualize and analyze key performance metrics and trends at a glance, aiding in real-time decision-making and performance evaluation.
Activity Log 
VasyERP includes an activity log feature, which tracks and records user activities within the system, providing transparency and accountability in data access and modifications. 

#8 Notifications and Reminders Features

Here’s how VasyERP’s notification and reminder features cater to various aspects of business communication and management. 

India's best retail system - notification and reminders

(Image: Notifications and Reminders) 

WhatsApp, SMS & Email Notifications for Major Reports
VasyERP ensures that businesses stay informed about crucial reports through notifications delivered via WhatsApp, SMS, and email, providing timely access to essential business insights.
Payment Reminders
The software offers payment reminders, aiding businesses in ensuring timely settlements and minimizing delays in financial transactions.
Birthday & Anniversary Notifications
VasyERP provides notifications for customer birthdays and anniversaries, enabling businesses to foster personalized engagement and relationship-building with their clientele.
Bulk Promotional WhatsApp & SMSThe system supports bulk promotional messaging through WhatsApp and SMS, empowering businesses to execute targeted marketing campaigns and promotional activities.Stock Alerts
VasyERP delivers stock alerts to keep businesses informed about their inventory levels, enabling proactive management of stock and preventing stockouts or overstocking.
Near-Expiry Alerts
The software includes near-expiry alerts, allowing businesses to efficiently manage products approaching their expiry dates, reducing potential losses.
Daily Report / Summary On WhatsApp, SMS & Email
The system facilitates the delivery of daily reports and summaries through WhatsApp, SMS, and email, ensuring that businesses have access to essential operational insights and updates regularly.
Payable & Receivable Notifications
VasyERP provides notifications for payable and receivable summaries, aiding businesses in managing their financial obligations and receivables effectively.

Conclusion

Retailers need a comprehensive and feature-rich solution tailored to their diverse needs. From efficient inventory management to seamless sales and POS functionalities, retailers need a robust retail management system like VasyERP to grow their business. User-friendly interface, omnichannel e-commerce, and powerful reporting and analytics tools are added benefits of VasyERP. VasyERP is not just a software solution but a strategic partner for retailers. 

If you want to switch your current retail system or deploy a new one before this financial year 2023-24 ends, ask the VasyERP team for a free demo

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