Retail management includes controlling all of the business processes and activity that helps customers acquire the desired products (merchandise), services, and experiences from the physical or digital retail stores they value. For more detailed information on retail management, careers, training, and retail strategy read our article on How To Survive and Thrive in Retail Management. Retail management system software (RMS) is the combination of technology a retailer uses to empower the customer experience and operate daily retail management processes, including software, hardware, telecommunications, databases, applications, and the point-of-sale (POS) platform.
Some RMS solutions provide standalone functionality for tracking sales, inventory, or employee management. Standalone retail management systems manage a single business function. If you already have a large investment in existing enterprise software, then consider integrating individual RMS applications for a specific retail business process. Most RMS solutions are bundled into a suite of software with various RMS applications. This retail management POS will process payments, manage product inventory, manage digital receipts, and more.