Best Retail Management Software

Contributor, Benzinga

Whether you’re a new store owner or you just need to freshen things up, there’s software out there that can make your life a little bit easier. Here are some retail management software companies for your consideration!

1. Best for Workstations: RetailEdge

RetailEdge is a tool that can help you integrate easy-to-use software within your existing system. Instead of requiring you to purchase all new equipment, you can use RetailEdge on your current device. 

To help things run smoother, you can also purchase additional equipment and add it to your store’s functionality for an affordable price. Some of the additional equipment that you can purchase includes displays, barcode scanners, receipt makers, and label printers. 

Additionally, RetailEdge offers all-in-one point-of-service workstations. These workstations feature flexible touchscreens, modern processors, and ports for other devices. The workstations are designed to be small and functional to save precious store counter space as well as minimize barriers between employees and customers. You can purchase customized wraps for your workstation to match your store’s branding, too. 

Pricing: The starting price for your first workstation is $450. Additional workstations are $225.

Mobile app? Yes.

2. Best for Features: Salesforce Retail CRM

Salesforce is a popular customer relationship management (CRM) platform that can help retail stores and businesses manage every detail. It allows you to track your best-selling products, the results of promotions that your business runs, and your company’s revenue. 

Within your business, you can use Salesforce to assign tasks to teammates based on priority. The software also offers customer support features that allow you to quickly resolve technical issues that may prohibit customers from successfully placing an order.

Furthermore, Salesforce gives retail businesses the tools to improve customer experience, which will boost sales. You can view each shopper’s journey, from the content they view, the pages that don’t seem to interest them, and the products they eventually end up purchasing. This information can be used to provide personalized offers to each shopper, which can lead to increased conversion rates for your business.

Pricing: Free trial. Then, pricing is based on your business’ gross merchandise value.

Mobile app? Yes.

3. Best for Performance Tracking: Epos Now

Epos Now offers a complete retail solution designed to help store owners manage their stock, track data and more. Since the software company makes products tailored to the needs of specific industries, you can expect to receive everything necessary for your retail store. 

Its easy-to-use system allows you to onboard and train your staff very quickly. Even better, it can be integrated with the payment partner of your choice. When you order a retail point of sale system from Epos Now, you’ll also receive a cash till and printer.

So, what does the system allow you to do? Well, you can track and manage almost anything that you can think of! 

For example, you’ll be able to track data and find out which products make the most profit for your store. You can also set up automated stock counts that let you know how much of an item you have in stock in real-time. The system even allows you to add eCommerce and various delivery options to your website if your store wants to offer digital sales.  

Pricing: $999 or $72 per month, but sales can reduce the cost to $449 or $39 per month.

Mobile app? Yes.

4. Best for Price Monitoring Software: Prisync

Prisync offers several solutions and features that make pricing your products easier. One of its main features is product variant price tracking, which allows you to find and compare your pricing options with that of your competitors. 

You can also use Prisync to track your competitors’ price changes, even on major sales days like Cyber Monday. Prisync can extract data from marketplaces, no matter how complex they are, including data tracking from multilingual and multi-currency marketplaces. 

In addition to pricing, Prisync offers a feature that allows you to see when a competitor is out of stock of a product, allowing you to swoop in and adjust your prices accordingly. Prisync offers a free 14-day trial so you can see if it’s right for your business. As a customer, you’ll also benefit from a free onboarding program and access to customer support 24/7.  

Pricing: Starts at $59 per month. The most expensive plan costs $229 monthly.

Mobile app? No.

5. Best for Variety of Plans: Square for Retail

Square has a wide variety of plans and features that can fit the needs of most businesses. The lowest tier plan is the “free” plan, which means there’s no monthly fee, though there are transaction fees. This free plan includes an online store, basic inventory tools, and a free retail point-of-sale app. 

Square’s other plans include even more features to help your business increase profits without complicating your life. Its inventory tools allow you to get recommendations on what to reorder  based on how fast certain items are selling. 

It can also automatically generate purchase orders for you to review when your stock is running low. Square’s other features include team management tools, sales reports, and customer profiles that can be integrated with email campaigns, plus so much more! 

Pricing: Depends on the plan. The free plan comes with transaction fees only, whereas the Plus Plan is $60 per month per location, while the Premium Plan comes with custom pricing. 

Mobile app? Yes.

Important Features of Retail Management Software

  • An easy-to-use catalog: You’ll want to find retail management software that makes it easy to look up products within your catalog. Quick keys are a great feature to have because they make it simple for employees to select your store’s most popular items with the push of a button. 
  • Return functionality: Sometimes, customers will want to return their purchased items, and when this happens, your software will need to be able to handle it. Make sure your system can provide refunds and store credit without hassle.
  • User accounts: If you’re operating a store where others have access to your point-of-sale software, you’ll want to have software that lets you create user accounts. To select the right user account set-up, consider the way your store operates. If you regularly have employees stationed at a register, you may want to set up your log-ins differently than if your employees move back and forth between the sales floor and the register. 
  • Inventory management: This feature is crucial, as it allows you to track your products, their performance, inventory levels, and more. 
  • Customer management: The ability to create and manage customer profiles can be important for many businesses. This allows you to offer loyalty programs, follow up with customers via email campaigns, and other ways of making customers feel valued.
  • Reporting tools: Like any good business software, you need to have a reporting tool. 

Benefits of Retail Management Software

  • Retail management software can make it easier to operate your business day-to-day by offering intuitive point-of-sale platforms.
  • Some retail management software includes inventory management tools that can help you keep track of your products. In some cases, the software will simplify reorders of your best-selling items.
  • If you choose software with price comparison tools, you’ll be able to easily monitor your competitors and make sure your business is competing appropriately.
  • Employee and customer management tools make it easier to track sales goals and create loyalty programs.

Cost of Retail Management Software

The cost of retail management software largely depends largely on two things—the number of products you sell and the features you select. Each software company offers its own pricing options, so that’s something to consider as well. Let’s take a look at Prisync’s pricing model to give you an idea of what pricing can look like based on the number of products listed.

For Small Businesses: To list up to 100 products, Prisync’s professional plan is $59 per month.

For Mid-Size Businesses: To list up to 1,000 products, Prisync’s premium plan is $129 per month.

For Large Businesses: To list up to 5,000 products, Prisync’s platinum plan is $229 per month.

Which Retail Management Software is Right for Me?

To find the right retail management software for your business, think about your needs. Do you just need a point-of-sale system that will pair well with your preferred payment method? Or are you looking for software that can help manage your inventory, compare pricing with your competitors, and build relationships with your customers? 

The best retail management software for you will be able to uphold your expectations and meet your business’ needs. It’s a good idea to find software that can meet all your needs rather than using multiple different platforms when you could find one that can do it all. The best thing to do is to compare your options and see which one offers the features you need at the best price.

Best Retail Management Software Methodology

Benzinga analyzed the top Retail Management Software by industry and narrowed down the list to include those with the best attributes. We prioritize pricing, features, and scalability. We also took mobile apps and consumer reviews into consideration when looking at retail management software.