Do you have any idea about the resources involved in maintaining paper-based operations? According to some recent studies, receipt printing in the US alone necessitates 250 million gallons of oil, one billion gallons of water and 10 million trees.
The retail industry is a large contributor to this burden. Total retail sales volume worldwide is anticipated to reach 26.69 trillion dollars by 2022. Right now, physical retail store sales generate 19.2 trillion dollars and ecommerce sales generate 4.5 trillion dollars.
These numbers are quite impressive and they demonstrate just how much of a difference a paperless retail business could make.
Such a switch is possible and it doesn’t have to involve complications. On the contrary, a smooth transition can occur as long as a bit of preliminary planning is put in the process. If you’re interested in establishing a completely paperless retail business, here are the biggest essentials to consider.
Digitize the Inventory Management Process
Inventory management is one of the most resource-intense processes in the world of retail. This is why it should be one of the first operations to digitize.
It all starts with onsite document scanning, followed by the selection of online document storage and an inventory management system.
Inventory counting and management platforms do exist and they simplify warehouse management, also reducing the risk of human error. It’s time to get rid of spreadsheets and clipboards. Entering quantities and varieties into a system, connecting that to your POS or retail solution will allow for effortless automation.
Digital solutions save a lot of time and even money. And since inventory management digitization is so easy to achieve, there really is no excuse to keep up with old practices.
Get Rid of Paper Receipts
We used paper receipts as an example early on in the guide, which is why we need to discuss them in additional detail.
Establishing a paperless retail business right off the bat isn’t going to be possible. This is why you need to eliminate the most cumbersome and paper-intensive processes first.
Receipt printing doesn’t benefit anyone. It’s outdated, it’s ineffective and it isn’t benefiting your customers in any way.
Did you know that something as simple as switching to digital receipts can help you maximize business profits? Studies have been carried out to assess the phenomenon and they confirm the effectiveness of eliminating the old-school receipt.
Digital receipts aren’t anything new. In fact, Apple introduced them back in 2005. As of now, about 35 percent of retailers offer digital receipts and only half of these companies have introduced the practice across all of their venues. Given the fact that the year is already 2021, the progress isn’t as significant as it should have been (given our current level of technological development).
One option is the creation of digital receipts through your retail system. Alternatively, you can strive to put together an entire digital checkout experience. It will definitely set you apart and help you attract clients seeking out a modern, reliable and convenient solution.
A Paperless Retail Business Needs Digital Marketing Management
Marketing efforts and loyalty programs can also be digitized. These play an important role in the growth of every retail company and should be prioritized over other processes.
The good news is that marketing, outreach and loyalty programs are very easy to digitize.
Many document management systems, customer relationship management tools and even ecommerce solutions offer effortless marketing digitization.
You should definitely switch to digital coupons and loyalty programs that are presented via email or social channels. Online communication can also be incredibly effective, especially if you dedicate a team to ensuring effective and timely outreach.
Moving ahead to introduce marketing digitization will give you access to an additional perk. Digital campaigns are very easy to manage and track. You’ll have access to essential analytics that will let you know whether performance is within the anticipated realm or if you should introduce some changes to improve effectiveness.
Digital Employee and HR Management Tools
The final aspect of paperless retail business establishment we need to discuss is slightly more generic and pertaining to all kinds of enterprises. Still, it’s important enough to be included among the top priorities.
Employee and HR management can be incredibly complex, especially if you’re managing a large retail chain made up of numerous locations.
We have already talked about human resource document management and the best practices within the realm. Once again, you should choose the right digital solution for your needs. Making sure it can be integrated with other digital platforms you’re relying on will help for a more seamless transition.
Retail business often have to bring on new employees or introduce HR changes. Keeping that documentation paper-based is going to maximize the burden the HR team is experiencing. Paperless solutions allow effective automation that enables human resource professionals to focus on more strategic tasks at hand.
These ideas are just a couple of the possibilities pertaining to paperless retail business management. To personalize the process, carry out a thorough procedural assessment first. Transform the most challenging and costly processes first. By doing so, you’ll be increasing productivity and freeing up resources to dedicate to other key aspects of running your business.