In 2020, Pakistani online retail was estimated to be worth $2.1 billion.
According to Research And Markets, the Pakistani Online Retail Market will reach $5.39 Billion by 2025 at a growth rate of 20.7%.
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Types of Retail Software
Also known as legacy systems. Mainly consist of desktop computers and other hardware like POS cash drawer, barcode scanner, receipt printer etc. that can only be accessed locally. These systems are locally installed and also maintained locally with high IT infrastructure costs and maintenance costs. In on-premise retail systems, the software is on a local server or computer that will be managed by a team that handles manual updates, fixes problems, and so on.
Cloud based Software as a service:
Cloud based solutions are hosted on the vendor’s server and can be accessed in the store through software, application or mobile device. They are sold under a usage based pricing model. This service is cloud based and therefore more convenient because all updates, new features are applied automatically. A SaaS solution allows you complete customization and flexibility with quick launch with a low cost.
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Retail Software in Pakistan
Most retail systems have standalone solutions and the components of retail systems are not integrated to form a truly omnichannel solution. Only few retail software's are integrated but have high installation costs and one time costs. XStak is the only integrated retail operating system that provides a usage based pricing model.
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Components of an Retail Software
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Point of Sale System
Many retailers in Pakistan still use cash registers. But Point of Sale systems are getting popular too. Along with cash management, modern POS solutions do more, from storing customer databases, to tracking store inventory and monitoring staff productivity.
Modern POS Systems have the following benefits
Improves Customer Experience: A modern POS system provides quick checkouts, flexible payments, personalization of shopping experience
Optimizes Store Management: It gives a clear picture of a store’s inventory at all times
Helps make right decisions: Provides useful analytics on which items are in high demand.
An integrated omnichannel retail software system should have a POS system that is connected with the inventory and order management system. So the system updates the inventory count to show that the item is sold.
An omnichannel payment solution integrates all online B2C card payments, online B2C buy now pay later payments, offline B2C point of sales payments.
An ideal omnichannel payment solution provides you with instant online and offline payments solutions through its partnerships with payment service providers. You do not have to go to different service providers to get these solutions as it provides you with all the solutions under one umbrella while offering a lower processing fee than the market and hence brings down your onboarding time drastically.
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Stockouts and overstocks in inventory management
Inventory overstocks and stockouts can be a real problem for retailers. Using an inventory management solution can overcome this issue. Inventory items with barcodes can be tracked in real time as they move along the supply chain. So retailers gain visibility into the entire stock across stores and warehouses and can replenish when needed.
Using inventory analytics retailers can predict each SKU they need and distribute inventory items across stores and warehouses according to demand.
Benefits of Inventory Software
Increased customer satisfaction
Better coordination with vendors and suppliers
Higher inventory accuracy
An omnichannel inventory management software connects all parts of the supply chain. The software you choose should have the capability to integrate accounting, channel management and shipping components software's.
When different software's are connected into one centralized system, the inventory activity and data are synchronized. Orders are synced simultaneously across all your sales platforms, ecommerce platform, and channel management solution. These channels are integrated to make sure the correct item quantity is listed across sales channels.
Omnichannel order management is a software system that lets you access customer, order, and inventory information across all channels. It controls all orders across the whole system while providing the relevant information needed for ecommerce and point of sale systems to operate efficiently.
In an omnichannel loyalty program, customers are rewarded for any purchase they make, from any channel, whether online, in-store or otherwise. Points are collected to be redeemed for products or discounts.
Business intelligence uses processes, architecture and technologies that convert raw data into meaningful information that creates profitable business actions.
It allows retailers to make sense of all customer behavior as customers search, browse, friend, like, tweet, blog, and shop. This is important to build efficient customer profiles to push new offers through sophisticated targeting.
Business Intelligence helps retailers to identify the buying patterns of related families of products with similar attributes on factors such as geography, demographics, size or volume.
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A problem fashion retailers face is handling their inventory among many warehouses. An omnichannel order and inventory management system integrates all these locations, increasing inventory levels available on the web store. An OMS provides real time KPI reporting enabled data-driven online marketing decisions, decreased dead stock, enables automated replenishments and significantly improves operations and delivery times. This OMS should be connected with a POS system to provide an omnichannel experience. A loyalty management software like Omniretain further provides customer retention through customer rewards and points management. XStak provides a POS Shopdesk, order management system Omnichannel Engine and loyalty management system Omniretain. Read two OE success stories; Bonanza and EGO.
Nowadays customers require quick delivery from grocery shops and supermarkets in the near vicinity. Hence groceries and supermarkets require quick commerce, hyperlocal delivery retail software connected with a POS. In this software, the consumer chooses a store and product near him/her on a customer app and the store staff are informed of customer activity through their app and then finally an app for the delivery staff. This retail software also provides an admin portal which allows the admin to control the store order, catalog and inventory. XStak product Hypr provides this service which is connected with a POS. A loyalty management system like XStak Omniretain provides further customer retention. Read about Chase Up as a Hypr success story.
Restaurants have a lot of customers who order online or by phone for delivery to their homes. Hence a quick commerce software solution is needed to handle quick deliveries. A POS is needed for customers to dine in. An order management system will be needed if the restaurant has more than one branch. A loyalty management system will be needed for customer reward management through rewards and points for loyal customers.
Restaurant management software helps restaurant owners to keep track of inventory, orders and analytics. Managers and owners can use these tools to compare business practices at multiple locations.
Restaurant management software provides the following features: inventory management, POS, accounting, order management, reservations and helps run both the front and back end of restaurants.
All big bakeries with more than one branch need a POS and an order and inventory management system to manage inventory. Bakery management needs a detailed account for all products they must produce in a given time. Order management features include core information such as quantities and varieties. Bakery businesses with multiple locations need to integrate business information from all locations into a centralized database. This allows the necessary integration to optimize the business across all operations.
An Ecommerce ERP for a bakery on cloud can streamline all bakery operations. It includes an end to end order management workflow, financial reconciliation. It provides sales, inventory and marketing insights through data analysis and detailed marketing and sales reports, to analyze weekly, monthly and yearly progress. All this improves revenue and sales.
Customers now require pharmacies to deliver medicines to their homes and quickly. So a quick commerce solution is needed. A POS is needed for over the counter customers and with more than one branch an order management system for inventory management.
Key features of a medicine delivery application include four user roles: an administrator, a user, a pharmacy manager and a courier. Each type of user has access to a certain feature with apps for users, staff and couriers.
For retailers that have both an online and offline presence an operating system is required that handles order & inventory management, syncs inventory in real time between web store and physical locations. It should have the ability to integrate with available POS systems that provide customer info and their purchase history. Delivery operations need to be managed while providing insights into courier operations based on location and product type. The customers demand real time tracking of their order. The system should allow for an easy financial reconciliation between couriers and payment gateways.
Retailers should be able to reward their best customers with points that they can redeem on their future purchases. A loyalty management solution is a must for the growth of the business as you want your loyal customers to spend more and advocate for your brand while you try and acquire more customers.
On top of all this an ideal operating solution must have powerful BI, allowing business to make intelligent decisions based on insights from the operations. By having insights from sales, inventory and marketing businesses can now make better informed decisions. This in turn helps grow profitability.
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All In One Self Operating System
XStak is the industry leader in self operating systems for retailers in Pakistan and abroad. It is the world's first retail operating system available on usage-based pricing.
It enables you to manage all your commerce, marketing, payments, and business Intelligence operations at a usage-based pricing model.
Most retail systems have standalone solutions that are not integrated. Only few retail software's are integrated but have high installation costs and one time costs. XStak is the only integrated retail operating system that provides a usage based pricing model
Operating System for Next-Gen Retailers
XStak provides an omnichannel experience with centralized workflows
The retail software should provide a complete omnichannel experience and includes order management, inventory management, payments, loyalty management and business intelligence. The retail software preferred should have usage based pricing.
Why is retail software needed by retailers?
In this era of automation and increasing competition, an omnichannel retail software is necessary to bring operational efficiency to your operations and to improve customer experience.
How much does a pos system cost?
The price of a pos system varies on complexity. Cost effective POS should be preferred.
How do you set up a retail system?
If you buy a complete Omnichannel retail system like XStak, the company installs all integrated modules for you.
Which software is used in shopping malls & Retail Stores?
Retail Stores use a POS, an order and inventory management software and a loyalty management software with an integrated business intelligence layer..
Do we need technical Staff to operate retail software?
Quality retail software like XStak software don’t need technical staff
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Do retail software work with Daraz, Amazon, Shopify, Woocommerce?
Yes, the best retail software like XStak works with third party application platforms like Daraz, Amazon, Shopify and Woocommerce. You can also explore the other plug and play XStak integrations.