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TradePoint: simplicity and uniqueness in retail management

Prunedge partners with SLOT Franchises to revolutionize product retail management

Abstract

Trade point was designed to meet the limitations and challenges surrounding owning, managing and keeping track of a small/medium business with or without being physically present in the business location. It helps to manage retail business activities such as human resource management, product management, sales management, product purchases and transactional information. It is the best fit solution for all retail outlets. It helps with accountability and transparency.

Overview

The retail business has always been an integral part of every community. The retail market and shops have a very ancient history, but just like every human activity, retail business has evolved. The retail business dates back to the days of trade by barter and now to e-commerce, either ways, retailers are still trying to do the same thing; buying merchandise or a service from a manufacturer, wholesaler, agent, importer and selling it to consumers for personal use or otherwise.

Generally, retail stores such as supermarkets, electronic stores, department stores, chain stores, specialty stores, variety stores, franchise stores, mail-order houses, online merchants, and door-to-door sellers, buy their goods from wholesalers, stock the goods and resell them to individual consumers in small quantities.

The importance of the retail business cannot be overemphasized. It contributes to the growth of the economy. The retail sector is the glue that binds economic activities together, by connecting the final consumers, to products from producers.

Retailers act as a link between the buyers and the wholesalers/manufacturers in the distribution channel, retailers supply market information to manufacturers either directly or through wholesalers.

Retailers create demand for products by communicating with their customers. This demand creation is quite helpful for manufacturers and wholesalers.

The retail business is a popular business form that has been in existence for a long time, and it’s not about to go away anytime soon.

The workflow of retail operational processes is fairly similar between different businesses. It involves a number of processes performed on a daily basis by different members of a retail store team.

The Challenge

SLOT Systems Limited is a household name for affordable and durable mobile phones for all level/classes of people.

SLOT Akure and Ado Ekiti (both franchise stores of SLOT), approached us to develop a simple yet intuitive and easy to use software that could be used in managing their stores. Manage it terms of everything that is involved in their business operational processes. This was to include human resource management, product purchase management, sales management, Inventory management, finance and supply management.

They had previously tried out two solutions before approaching us - German SAP software and Quick Books respectively. The problem they had with using SAP was its complexity, where an average non-techy cashier found it difficult to use and cumbersome. With Quick Books, customizing it to suit needs and preferences was not possible, hence the need to change; aside the huge associated costs.

Basically, SLOT needed not just another retail management software, but a customizable, user-friendly, affordable solution with hybrid functionality – allowing for complete use in a total offline environment and also with the ability to synchronize with the availability of internet access.

Our Solution

Trade Point provides retailers with an efficient retail management system designed to streamline everyday operations and cut overall operation and maintenance costs. We offer a solution that makes managing stores, inventory, and customers easy and seamless.

It is a state-of-the-art system that enables retailers to improve their profitability through swift POS tendering, accurate inventory management, continual operations, financial record keeping, holistic reporting & analytics with an ideal combination of customization, functionality and controls.

Key Features

Inventory Management

  • Reorder Point: This is the level of stock or product available which triggers an action to replenish that stock.
  • Inventory Optimization: Provides a user-friendly and fully-automated demand forecasting and inventory optimization system, well-suited for wholesalers and retailers, giving you, accurate forecasts based on real data.
  • Order Management: Our sales order management software allows you to bring sales orders from all your sales channels into one central system
  • Sales report: Access and generate sales reports that offer accurate insights for better, more informed business decisions whenever and wherever, all in real time.
  • Inventory Reports: Improve inventory management by accessing inventory reports for accurate real-time insights into stock movement. Start tracking your cost of goods sold, avoid overselling and underselling.
  • Purchasing: Save time and ensure data accuracy when you create purchase orders that update inventory levels automatically.

Accounting System (Automated Accounting)

  • Accounts receivable (order to cash): The system helps keep track of what customers and clients owe and their payment. Includes features like invoice processing, automatic invoicing and payment processing.
  • Accounts payable (procure to payment): Paying bills is essential to all businesses, it is important to have an accounting system that handles the outflow of all funds. Purchase orders, payroll, tax etc. is all included in this robust accounting system.
  • Point of Sale & Transaction Entry: Produce invoices, receipts, and credit notes as required for sale of products and services
  • Purchase Order Management: Records and manage purchase orders with Trade Point. Once an order has been fulfilled a purchase invoice can easily be generated from the purchase invoice without having to re-enter the data manually.
  • General Ledger Interface: The general ledger interface allows you to export your transactions into General ledger system to remove the need for double entry.
  • Sales Reporting: You can analyze sales and make timely informed decisions through the advance sales reporting function.
  • Tax and account audit: TradePoint ensures that SMEs operate within the tax and accounting laws of the states/ countries they are resident in, by automatically reconciling accounts and performing self-audits.

Multistore support

  • Multistore: TradePoint make it easy to run and manage multiple stores offering similar or different products. From any location, you can receive updates on activities in all stores and overview of store performance
  • Complete Customization: TradePoint is built for your store, as it allows for complete customization of store(s) and processes that support them. This provides a seamless integration of the solution into your operations.
  • Fully integrated all-in-one software solutions: Manage your business centrally from front to back with our flexible software solution. Cover your whole operations from headquarters, check your performance in real time and react quickly to change.
  • Total Control: Have complete stock control throughout your chain. Centrally manage all your products, prices offer and promotions for all your locations.

Staff management

  • Tailored to your Roles: TradePoint is a role-based solution. This means each employee’s dashboard displays exactly the information he/she needs to perform his/her job.
  • Cut your administrative costs: Quickly review all key staffing information in a dashboard. Check your staff’s costs per day, staff member, shift and store, get a precise overview of working hours and ensure that costs comply with the budget. The system also helps you analyze your employees’ performance compared to your operational costs, so you can always be sure that you are employing the right people for your business.
  • Loss prevention tool: Detect suspicious activity early and prevent losses. TradePoint reviews all POS transactions and extracts those that match pre-defined triggers. The system analyzes the results to create loss prevention events. Such events can then be analyzed further by location, time and date.

Reports and Analytics

  • Dashboards: Display the Overall metrics for your business. Simple graphical reports make it easy to get an overall picture of the state of your business performance.
  • Visualization and Monitoring: Our built-in reports offer many alternate visualizations including multiple-axes charts, pivot tables, pie charts, bar charts, data tables, and motion charts. Create custom charts from any of your reports using a variety of chart styles.
  • Real-time data: Keep your finger on the pulse. Know what sells best, find out when funds are deposited, and see your bottom line at a glance.
  • Spot what’s selling: TradePoint breaks sales down to the item so you can see what’s most popular at your business

Significance of TradePoint to SLOT

Ultimately, because of the simplicity and user-friendly interface of TradePoint, it puts the user in a better place to understand and manage the flow of their entire business. TradePoint enabled SLOT to be able to have a unified view of data across their business functions, stores and all sales channels in one system. And the result of this was an amplified productivity of the entire workforce.

TradePoint was able to help SLOT achieve these through the following key components;

  • Control – With a streamlined business operation, there is bound to be an increase in management and staff productivity and overall efficiency across the organization. You can view all work patterns and performance, spotting potential problems thereby saving costs.
  • Customer Satisfaction – TradePoint is an effective retail management system that eliminates unnecessary chaos. When customers walk into the store, they guaranteed of walking out satisfied because the retail management system has been built uniquely to give an excellent customer experience.
  • Cost Savings – Quickly review all key staffing information on a dashboard. Check staff’s costs per day, staff member, shift and store, get a precise overview of working hours and ensure that costs comply with the budget. The system also helps analyze employees’ performance compared to operational costs, ensuring that the team keeps been productive.

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