In the retail industry, we have seen tremendous change in the past decade, but after the Covid-19 pandemic, the transformation rate becomes high.
The pandemic has had its fair share of influence on rapid technological change, especially at brick-and-mortar stores. It forces retailers to switch to software-based services. Thus, we have seen rapid growth in software acceptance worldwide.
Retailers are now frequently adapting the retail management software to meet the needs of market trends. Let’s know more about the growing technology trend of Pharmacy/medical Software Solutions.
Developers at SWIL keep deep insight into the retail business scenario. They know how to ease their customers’ lives. They implement new applications like B2B/B2C app, delivery boy app, retail software for different business segments to establish contactless deliveries and multiple billing options.
In this blog, we discuss the role of retail medical store software in protecting the business against industry challenges. You will also get an idea of how SwilERP manages your store operations and gives you visibility from drug purchase to a drug sale.
Content…
- Why do you need pharmacy management software?
- Challenges of retail medical store management
- Benefits of Medical Store Management Software
- Frequently Asked Questions
- Wrapping Up
Why do you need pharmacy management software?
Previously, small and medium-sized businesses were handling their business manually. Manual handling was more prone to errors; they lacked sufficient resources needed to organize their medical store in order to grow.
Timely adaptation to market conditions, customer requirements, competitiveness, etc., all allow companies to stay afloat, but also to grow and expand. One of the main conditions for successful trading activities is prompt identification of problems and their practical solution.
Identifying such challenges becomes easy when your medical store integrates with the retail, medical software solution. The software offers a reporting and analyzing feature to get a real-time view of stored medical store information. It then systematizes and controls the use of the medication process with the pharmacies and gives businesses an intelligent way of working where the mistake possibility is zero.
Thus, Medical Technology and Information technology is need of today. The store owner uses this golden opportunity to control their stock and related challenges. To know more about How to Start Pharmacy Retail Business in India, let’s know its challenges first.
Challenges of retail medical store management
Long billing queues that delay checkout processes.
Reducing the length of long billing queues is the bottleneck of any retailer. To attract customers, it is required to have a system that eases the billing process and makes checkout smooth & straightforward. Thus, medical store owners need to adopt retail medical shop billing software to optimize the user experience to keep customers coming back.
You have to adapt the billing software for medical shops, implement a system to quick order placing, enable multiple payment options, integrate with third-party payment tools and chatbots to help customers if they can’t make a decision or have difficulties going to the next step.
With such solutions, the customer will only need to click a few buttons to process the order. This way, the shopping cart will turn into actual purchases.
Lack of an idea of consumer demand leads to poor personalization.
In manual working or lack of store management system, retailers don’t store data accurately. Without data, the medical store owner can’t analyze its sales, purchases, and stocks availability.
They also don’t know how much stock they have and how much they need to order. Expiry management is also zero, which leads to unnecessary money loss. This way, it is impossible to understand the market trend and patients’ demand.
Implementing pharmacy management software to collect the necessary data on financial statistics and analytics will help solve this problem. The medical retail shop software provides real-time data analytics to get the idea of consumer demand and work accordingly.
This way, you can better establish a personalization and ultimately get enhanced customer retention.
Lack of store management software having latest technology sets
If a business does not have the technical ability to expand, its growth is minimal. You cannot manage your bulk drug stocks, manage suppliers/vendors/customers details, pricing complexity, accounting, billing, and GST filling.
By introducing medical retail software, this pain point can be soothed. You can manage your business remotely and have the facility to automate tasks like drug purchase, stock availability alerts and more. Also, you can integrate with B2B, B2C, and delivery boy app for quick, contactless, and on-time delivery.
Slow customer service and response time leads to low customer retention
If retailers do not switch to software, the major consequence for brick-and-mortar retailers is to lose reputation and customers. That’s because you don’t recognize where your medical store is lacking, and ultimately you can’t accurately answer customer requests and inquiries.
For this, you have to leverage technology that ensures quick response of customers and will minimize the problem and assure the customers that their request is processed.
This way, you establish timely responses to customer queries that develop trust and high customer retention. Let us know how you will get support for SWILERP from the SWIL team.
Unorganized data reporting and lack of analytics
When there is no reporting of what you are doing in your business, you have no visualization in your business data. No visualization leads to management struggles to make data-informed decisions.
When you don’t clearly understand what’s working and what isn’t, your budget will be wasted, and your profits will shrink.
SwilERP medical software solutions provide automated reporting systems that not only save time (when filing and processing store data), but also simplify stock management, invoicing, billing, data collecting, and report analysis.
Difficulty in complex drug inventory handling
Inventory handling is a critical part of retail business management. When there is a matter of medical store, stocking drugs is a complex task as it has the same name with different brands. Managing it can be a tedious task.
Lack of medical store stock management system, retailers, struggle to know what items are in stock, how long they’ve been in stock, and when the best time to sell them is. This also leads to the inefficient use of storage space.
A medical store management software can save your organization a lot of money and offer shelf management and expiry management technologies that monitor drugs stored in inventory.
Supply chain disruption
Supply chain interruptions result from financial losses, poor customer experience, customer loss, and production problems.
Almost all the software for medical shops offer data analysis and planning techniques to develop and integrate Supply Chain Management (SCM) systems for the retail business.
This way, it helps achieve consumer expectations, financial goals, and supply chain performance all at the same time.
Benefits of Medical Store Management Software
The medical store retailers use the pharmacy management system to control the store reliably. If patients cannot read the prescription written by the doctor or do not get any alternative claim, they prefer to go to the pharmacy shop instead of the doctor’s place.
The software system enables the pharmacist to prescribe over the counter drugs for these ailments. This comes major benefits of medical store management system. Here are some common benefits/features of software used in medical stores.
Inventory Management System
The medical store’s inventory management system maintains track of the medicine supplies. In addition, the procedure improves the inventory yield ratio. Owners of drug stores can make data-driven decisions. As a result, users can keep track of stock levels and manage supply with the software.
When stocking inventory, the software requires minimal downtime. You have no obstacles in terms of product availability. A well-managed stock system prevents an overstock of medications from being stored, and pharmacies can maintain correct medicine measurements on record.
This way, you’ll have complete transparency regarding stock availability.
Efficient Supply Management
It is critical to have seamless interaction between vendors and stores when handling supplies in a medical shop. The medical supply management system assesses product performance and sets reorder for drugs.
In this way, the system keeps automatic demand and supply records for inventory. It is a planned strategy to achieve better performance results in the entire supply chain. The system is what determines the resource’s long-term viability.
Real-time Data Synchronization,
A good pharmacy management system allows shop owners to sync data in real time. The software increases shop performance by encouraging real-time connection between healthcare providers, shop staff, and patients.
The feature allows for real-time patient monitoring and requests. They can also serve and monitor patients according to their buying pattern.
Analytics & Reporting
Reporting and analytics are used to prepare for medication pre-approval. It also keeps track of inventories for you. This tool calculates the quantity of drugs required.
The reporting method improves sales and returns on investment (ROI). It also includes a comprehensive study on the pharmaceutical industry’s operations.
E-prescription Management
The pharmacy management system offers electronic prescriptions. E-prescriptions are user-friendly, eliminate paperwork, and avoid confusion between patients and the pharma owners. It eliminates any errors while dispensing the medicines and allows pharmacies to manage medication stock.
This way, it ensures that there will be no confusion in offering the right prescription between the physician and the patient.
SMS and Notification
The pharmacist benefits from SMS and notification with the pharmacy management system. It is helpful to send text messages to patients informing them that their medications are about to run out. Patients can then react to the message to let the pharmacist know whether they require a refill.
This way, you will get more personalization and customer retention in your medical store business.
How do you choose billing software for medical retail pharmacy shops?
As a medical store owner and as per the market competition, you know that medical software is essential for your business. It automates inventory management and billing chaos efficiently, including generating invoices, printing receipts, and tracking expenses.
With the benefits mentioned above, it gets easy for you to choose medical retail billing software. There is a list of retail medical store software in the market. This blog gives you an idea of how to choose the best to overcome the store challenges in a more advanced way.
Frequently Asked Questions
Features that should be in the medical billing software include- a user-friendly interface, inventory solution, easy billing processes, accounting, GST solution, and continuous customer support.
SWIL lets you download free software for your retail medical shop. You can download free software on the website for your retail medical shop. Also, you will get a free demo and a 45-day free software trial with SWIL.
Retail medical software is a system that stores complete information about the drug stock in a pharmacy. It aids in the storing of drug information, the management of the entire system, the control of medication use, and leads to improved customer satisfaction.
The medical store’s inventory management system maintains track of the drug supplies. It keeps track of stock levels and manages supply with the software. It prevents an overstock of medications from being stored, and pharmacies can maintain correct medicine measurements on record.
Wrapping Up
The pharmacy Management System provides information for patient care, and it also stores data about document management and billing. Apart from this, efficiently manages all business functions like Sales, Purchase, Accounting, Tax filing, Inventory handling.
It also supports a system that makes an effective business decision and allocates resources. In short, medical store owners can use this solution to modernize their medical store with minimal technical knowledge, budget and maintenance.
If you search for the best Software for Medical shops, you can visit our solution SwiLERP. SwilERP is dedicatedly designed to meet the needs of Retail Medical Stores.
Also, SWIL offers free retail medical shop software download to enhance the software understanding before purchase. We would be happy to work for you.
