What is RPA in the Retail Industry?
RPA in the Retail industry provides operational cost savings and improved accuracy in many ways. In addition, RPA can facilitate the automation of time-consuming processes which ultimately frees up staff to focus on the most important aspects of customer service.Get In Touch
RPA Use Cases for Retail
The following are three of the top applications of RPA in Retail:
- Return Processing
- Processing returns can be one of the most time-consuming processes for retailers – workflows for updating inventory, processing the actual return, and keeping customers waiting all impact the bottom line. RPA can streamline each step of the return process and make inventory updates automatic and reduce reimbursement delays.
- Customer Support Management
- Today, customers expect fast turnaround time in every aspect of their buying journey. RPA can improve website customer queries by automating responses to commonly asked questions, provide your support team with more timely customer data, and keep customers up-to-date with real time notifications from the many software systems your company is likely utilizing.
- Account Management
- RPA helps automate invoicing, processing, and accounts payable and receivable, and account reconciliation. While nearly all retailers have access to reporting tools, RPA can customize reports to provide the most meaningful data at custom intervals.
RPA Benefits in Retail
- Improved cash flow
- Because RPA allows retailers to improve their inventory management capability, issue returns faster, and tap more powerful analytics tools, cash flow can be improved by speeding up each step of the process. Even more importantly, RPA tools and reports can inform marketing and inventory teams faster than has ever been possible.
- Improve Employee Retention
- According to an insight study by Forbes in 2019, 92% of companies that deployed RPA solutions saw an improvement in employee satisfaction. By reducing the number of manual, repetitive tasks that retail employees need to complete, job satisfaction can be elevated which leads to improved employee retention.
- Hyper-customized reporting
- Because every retailer has a unique mix of products and supply channels, RPA can have a powerful impact on providing teams with real-time data in areas that are hyper-customized to the needs of each team. This provides better business, sales and marketing analytics without the need for a highly specialized employee to do all of the heavy lifting.