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IT services and solutions for retail and hospitality

INDUSTRY INSIGHTS

  • 24 Nov

Retail Assist Dictionary Week 1: International

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Ra-X

At Retail Assist we are passionate about the future of retail technology. The developments within this sector are dramatically changing the way retailers operate and consumers shop. Global expansion is the future for many retailers, and is opening up numerous possibilities. With the help of technology global expansion and omnichannel shopping are possible.

Perpetual advances in retail technology means there is always new terminology to get to grips with, and this is why we have created a Retail Assist Dictionary of key terms and how our solutions facilitate these retailing requirements.

Over the next three weeks we will be focussing on three key themes that will reflect the featured terminology and definitions. This week will be ‘International’, week 2 will be ‘On the go Technology’ and week 3 will focus on ‘Omnichannel Retailing’.

  • Ra-X Data Exchange: Trading across multiple locations presents many challenges in the sending and receiving of data, as it is often in varying data formats. Ra-X is our data exchange software solution set up to manage the transfer of business critical data between our customers, their trading locations, trading partners and suppliers across the UK and overseas. Ra-X is a “Cloud” based solution providing customers with a low cost, and high dependency solution to a significant business operation, and facilitates efficient global trading.
  • Global Retailers: We know how important it is for retailers to be able to trade more effectively with their global trading partners, across company owned stores, concessions, standalone stores and franchises. Global expansion is a massive factor for a number of our customers, already we support over 3333 stores in over 62 countries, and this number just keeps on growing. Having the ability to expand worldwide opens retailers up to a wealth of opportunities, including more profitable and successful trading relationships, with existing and future partners across the world. Information received will be transformed into the correct format, sent to your trading system and used to make key strategic decisions.
  • Multi-currency: With global retailing, systems need to be able to trade effectively across multiple currency rates, managing not only currency exchange, but different taxation. Our supply chain solution, Merret, and data exchange solution Ra-X, manage and allow retailers to price goods and services in a variety of foreign currencies, while continuing to receive settlement and reporting in their home currency.
  • Cloud: Simply put cloud computing is an emerging model that allows its users to access their databases from anywhere, with any connected device. A virtualised infrastructure will increase availability and connectivity with end users, but most importantly provide a scalable solution without the requirement for a large capital outlay from the outset and throughout.
  • Time zones: Global retailing requires retailers to trade wherever and whenever they can, across multiple territories, with multiple partners, in multiple time zones. We now live and trade in an ‘always on’ world, requiring retailers to be able to support customers purchasing requirements around the clock. Merret, our supply chain solution and Ra-X, manages the information sharing, automatically taking in to account differing times globally.
  • Software as Service (SaaS): The costs involved in capital outlay to facilitate global trading can often be prohibitive. SaaS means there is no capital outlay, no hardware or software costs and no increase in IT headcount, and instead involves monthly charges, without the large initial outlay.
  • Unified Brand Experience: In retail, this concept is all about establishing a consistent brand or identity throughout multiple channels or platforms, including brick-and-mortar, ecommerce, or mobile. This is why a solution such as Ra-X can help provide a unified brand experience not just between platforms in the UK but also around the world. Importantly it links seamlessly with global partners and help to develop a succinct and clear data exchange strategy.

If you would like any more information about Ra-X, our Data Exchange solution than you can visit our website: http://www.retail-assist.co.uk/our-solutions/data-exchange-solutions/. Or you can get in touch, via telephone: 0 115 853 3910 or email: info@retail-assist.co.uk.

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