Technological advancements have given businesses multiple software to explore that could improve their business. By incorporating such software, you could potentially improve the efficiency of your business and allow operations to run much more smoothly.

A point-of-sale (POS) system is a hardware and software that works in conjunction to allow transactions between a retail company and its customers. Depending on how your retail business operates, POS systems can either be on-premise or cloud-based. The former requires the purchase of a license with the installation of the software on a computer server or network. The latter allows you to access software over the internet.

For every retail business, retail management software is a must-have. It allows companies to conduct a variety of functions that they can use in the day-to-day functioning of the company by providing tools to conduct inventory management, customer relationship management (CRM), and point-of-sale transactions.

Timely order fulfillment is a vital aspect of any businesssince untimely orders could potentially lead to loss of customers. Forinstance, 38 per cent of customers will abandon their orders if they takelonger than a week, and 16 per cent will abandon their orders if delivery takessix to seven days.

ERP software acts as a platform that integrates all the various functions and processes across your company. It combines, manages, and analyses data from different tasks by allowing you to view it in one place.

The dynamic nature of ERP allows it to be used across multiple industries, with the global ERP software market forecast to grow to around $86 billion by 2022. This makes it an absolute must-have for retail companies. While the defense and aerospace industries will have the highest software adoption growth rate at 8.86 per cent, other companies, such as those belonging to clothing, services, healthcare, and retail, can also capitalize on the software.