By leveraging technology in return management, Omnichannel and D2C brands can enhance customer loyalty and drive repeat purchases. Technology is playing a transformative role in the retail industry, allowing direct-to-consumer (D2C) brands and omnichannel brands in India to revolutionize the customer experience and shape the future of customer loyalty.
Mobile technology makes the shopping experience more efficient, more personalized and more convenient. A positive customer experience is essential to any retailer. Mobile apps can help locate items, provide customer service and simplify the checkout processes.
Nilesh Shah of RanceLab had a discussion with eastindiaretail.com regarding the improvement of customer experience in his interview.
1. What RanceLab is all about?
RanceLab is an ERP software company that provides end-to-end business solutions for retail and restaurant businesses of all sizes. The company’s primary focus is on creating efficient and innovative software that helps businesses make profits sooner, reach breakeven faster and open new outlets quicker. Their flagship product, RanceLab ERP, is a comprehensive system that offers features such as billing/order management, stock and inventory, financial loyalty and promotions, and employee management. RanceLab is known for its user-friendly software that can be easily customised to fit the needs of various businesses. The company also has a strong commitment to customer satisfaction, providing excellent support services to all its clients. Overall, RanceLab is a company that offers efficient and cost-effective solutions to businesses, helping them to improve their productivity and profitability.
2. How RanceLab is helping the restaurateur and retailers?
RanceLab is a leading software company that is revolutionising the way that restaurateurs and retailers do business. The company offers a wide range of software solutions that can help these businesses streamline their operations and improve their bottom line. One of the key ways that RanceLab is helping these business owners is by providing robust POS systems that allow them to manage their operations more efficiently.
This can help owners to identify trends and make informed decisions about how to better optimize their business. Both sets of business owners can benefit from RanceLab ERP’s key business module inventory management. This helps business owners manage their stock more effectively, reduce waste, and generate more profits. It will also protect them from real-life situations such as overstocking and stockouts.
3. How the retail industry is getting benefited from digital payment methods?
The retail industry has witnessed a transformation in the way transactions are conducted with digital technology, and it has made the process more efficient. With digital payment methods, the retail industry has experienced improved customer experience and satisfaction. One of the benefits of digital payments to the retail industry is the ability to process a high volume of transactions. It ensures that consumers make quick and secure payments, regardless of their location or device type. Additionally, digital payments allow retailers to reduce costs associated with handling cash. Another significant benefit of digital payment methods is the ability to offer personalised shopping experiences to customers. By implementing digital payments, retailers can gather data on their customer’s payment preferences and use it to tailor payment options that meet their needs. Finally, digital payments have made it easier for retailers to manage their inventory, analyse sales data, and optimise their marketing strategies, making the retail industry more efficient and competitive.
4. How digital transformation is changing the retail industry?
Digital transformation is revolutionising the retail industry in ways that were previously unimaginable. The way we shop and consume goods has been transformed, and with the aid of this digital revolution, retailers can now offer unique customer experiences. RanceLab offers advancements such as WhatsApp commerce, critical business alerts on SMS & WhatsApp, QR-code payments, chatbots and mobile-enabled payment options that have been added to the mix to enhance the in-store experience. As businesses adapt to this digital revolution, customer journeys must be streamlined, payment platforms must be efficient, and supply chains must be connected end-to-end.
5. How consumer habits are changing as the global retail industry is going through a period of rapid digital transformation?
The global retail industry is undergoing a rapid digital transformation. Traditional brick-and-mortar stores are increasingly being replaced by e-commerce websites, mobile apps and social media platforms. With RanceLab ERP, these business owners can quickly create an online space for themselves and be ready for their consumers. With the rise of online shopping, consumer habits are also changing. Today’s consumers expect a seamless shopping experience across all channels, whether it is online or offline. They expect personalised recommendations, fast delivery, flexible payment options and easy returns. RanceLab ERP enables business owners to keep a healthy balance between online and offline.
6. What is commonly used retailing software for retail stores?
Before looking at the software for retail stores, users have to understand the difference between basic billing or business management software a specially designed ERP software. While a billing system helps businesses to streamline billing and payment operations, it may additionally help capture customer data. However, to manage the finance or supply chain, these businesses have to invest in additional systems resulting in more capital expenses and recurring costs for AMC and maintenance. It also requires an additional workforce to operate this application software. Moreover, whenever you need a final report, one has to compile data from 3-4 different systems, which leads to time delays and is prone to human errors.
On the contrary, tailor-made ERP software such as RanceLab ERP offers a 360-degree solution that addresses all business needs such as billing and payment management, inventory and store control, financial accounting management, customer loyalty & promotions, and payroll (attendance, salary & incentives) management. Data captured once is posted at all the relevant modules and made available for real-time reporting. You can make business decisions more quickly and drive profitable business growth based on these data.
7. What do you think about the touchless shopping experience?
Touch-less or contact-less shopping has gained popularity with the rise of covid-19 as it allows shoppers to avoid physical contact with surfaces and people in stores. The touchless shopping experience means items can be scanned using mobile devices, and payments can be made through digital methods, such as mobile payment apps or online transactions. This type of contactless shopping comes with benefits such as easier and faster checkout times, reduced contact with surfaces, and enhanced safety for people at high risk of infections. Touchless shopping experiences have become part of the new normal shopping habits. However, it may take time for traditional shoppers to get used to it. As technology continues to evolve, the touchless shopping experience is set to become more seamless and is likely to see widespread adoption.
8. How RanceLab is competing with this revolution?
RanceLab is a leading provider of retail management software and has been pioneering in offering in-store as well as touchless shopping experiences to its customers. With the rise of Covid-19, the world has witnessed a surge in demand for touchless shopping experiences, and RanceLab has efficiently catered to this trend. The company is employing technologies such as QR code scanning, self-checkout, and mobile payments to enable customers to shop safely, efficiently, and conveniently. Their innovative software solution allows shoppers to use their smartphones to scan product codes, make payments, and check out without the need for direct physical contact, thus reducing the risk of transmission of diseases. By offering this cutting-edge technology, RanceLab is not only meeting the needs of modern shoppers, but it is also gaining an edge over its competitors. The touchless shopping experience is a game-changer in the retail industry, and RanceLab is leading the way by staying ahead of the curve and providing its clients with the latest technology.
9. What kind of change does RanceLab want to bring to this retail industry?
The retail industry has evolved significantly over the years, and with the advent of new technologies and changes in consumer behaviour, it has become imperative for companies to stay ahead of the curve. RanceLab aims to bring about a radical change in the industry by integrating modern-age technology. With data-driven sales using artificial intelligence (AI) and end-to-end process automation, retail businesses can increase their revenue by up to 40%. Enhanced customer experience using machine learning (ML) and an advanced loyalty program will help them increase repeat sales by up to 46% compared to the performance of other similar businesses. It further helps to strengthen processes and prevent theft, saving 4% annually. With the addition of blockchain, they will be able to offer greater transparency to the supply chain, saving 3% or more. Quantum computing will perform large numbers of computations at the same time, producing results that are both meaningful and measurable for timely decisions and business growth.
By bringing in efficiency and innovation, RanceLab is driving a change in the retail industry that is helping businesses optimise their operations and stay ahead of their competition.
