What is a Retail Management System?

merlin-software-and-cobalt-retail-management-system-logos
In today’s business world, many retailers and small business owners find themselves in the awkward position of juggling a myriad of lightweight cloud services for different aspects of their business. This fragmented approach can be overwhelming, with each service requiring its own maintenance, updates, training, support, and implementation – not to mention the onerous task of having to continuously renter key data across multiple platforms.
Enter the retail management system (RMS). An RMS not only centralises various services, it simplifies the entire operational landscape. By unifying disparate systems, an RMS cuts through the complexity, allowing retailers and small business owners to focus on what they do best (handle their core business) without the distraction of managing multiple software solutions. With the addition of a dedicated managed service provider, retailers and small business owners benefit from expert support and implementation, ensuring their RMS runs smoothly, stays updated, and evolves with their business needs, without forking out the expense to setup their own in-house IT department.
Simply put: an RMS is the smart, streamlined solution that brings retail management into the 21st Century – efficiency, simplicity, authenticity is just a phone call away.
What are retail management systems?
A managed retail management solution (RMS) is more than just a platform, it’s a strategic ally in the complex world of retail operations. An RMS brings management capabilities under one roof, allowing for a cohesive management of the entire retail process. It provides insights that enable retailers to make informed, data-driven decisions. From point of sale and inventory management, to product promotions and pricing strategies, financial reporting and employee management, an RMS offers a comprehensive set of tools for all retail activities. This centralised approach eliminates the need for constant switching between different services, ensuring a smoother operational flow and a single point of contact for assistance and support queries.
Retail management systems can be deployed in two modes:
  • Cloud-based RMS: These systems store data on hosted servers, offering flexibility and peace of mind. They are accessed via the internet, and are therefore limited by internet availability.
  • On-Premises RMS: These systems store data on local servers within a secure network. They offer enhanced data security and are ideal for businesses with spotty internet access, as they can be accessed without internet, allowing trade to continue until the internet service is restored.
By choosing an RMS with a dedicated managed service provider, such as Merlin Software, retailers and small business partners get the best of both worlds: either a private cloud solution, or an on-premises solution that can be accessed remotely. While Merlin Software provides and maintains servers to run Cobalt RMS with full warranty, including secure encrypted data backups, Cobalt RMS is updated quarterly and benefits from client feedback, allowing the system to be tailored to the evolving needs of modern retail business.
Features of retail management software
Retail management systems consist of various software tools, all in the one toolbox. They should include most if not all of the following features:
  • Point of sale (POS)
  • eCommerce
  • Till keeping
  • Inventory management
  • Stocktaking
  • Merchandise label printing
  • Stock and consignment ordering
  • Supplier and creditor management
  • Pricing controls
  • Accounts receivable
  • Accounts payable
  • Finance management
  • Scheduled reporting
  • Payroll system
  • Field service management
  • Complex deal wizard
  • Mobile accessibility
  • Additional third party integrations
  • Peripherals for in-store operations
With Cobalt RMS, retailers can manage both their digital storefronts and brick-and-mortar shops from one location. This holistic approach is further enhanced by the availability of peripherals provided by Merlin Software, such as cash drawers, signature pads, barcode scanners, and more. These tools are not merely accessories, they are integral components that contribute to a seamless retail experience.
However, we understand that occasionally there are services not included in Cobalt RMS. In these scenarios, if one of our existing integration options is insufficient, Merlin Software provides continued support to feed data from Cobalt RMS to your bespoke software developers to create additional complex applications as you see fit.
Benefits of retail management software
In the dynamic landscape of modern business, where customers are increasingly tech-savvy, retailers are adopting multichannel strategies to cater to diverse shopping preferences. This approach often involves managing a mixture of physical stores and online platforms. The complexity of operating across these channels with limited resources can be daunting, with the potential for inefficiency and data discrepancies.
A retail management system, such as Cobalt RMS, is the antidote to this problem. It eliminates the need for disjointed software programs, each with its own monitoring and maintenance demands. An RMS harmonises these channels, providing a singular, streamlined framework for overseeing all aspects of a retail operation.
The efficiency gains from Cobalt RMS are significant. It reduces redundant efforts and mitigates the risk of manual errors occurring in data entry and reporting. This allows employees to work more efficiently with fewer tripping hazards, and focus on value-adding activities (such as selling, merchandising, procurement, etc.) instead of mundane administrative tasks.
The scalability of Cobalt RMS makes it a valuable asset for businesses of all sizes. Small retailers benefit from the cost savings of not having to invest in multiple systems, and the peace of mind of having a single point of call for support across all business areas, while larger enterprises appreciate the convenience and power of centralising their data. In essence, Cobalt RMS simplifies the complex, multi-faceted nature of modern retailing by providing a clear, cohesive, and auspicious view of the business.
Most importantly, while Cobalt RMS is a powerful toolbox, Merlin Software is your partner who understands your business strategies and is committed to helping you achieve your desired outcomes that will ultimately grow your business. Simply put: if you grow, we grow.