Why retail industry should embrace esignature software

by Mahender Bist CEO

Electronic signatures (e-signs) are being used across most industries; however, the adoption within the retail sector has a bit sluggish compared to most. Actually, the reason behind this isn’t clear. Maybe it’s because it looks less evident how retailers can benefit from using e-sign, compared to sectors in which contracts are critical in their daily operations, like real estate, for instance.

Another factor is possibly the fact that the attention tends to lie elsewhere for retail industry, let’s say, around customer service. In any case, there are various practical reasons for retail businesses that are yet to embrace electronic signatures to do so.

But first, let’s take a look at the different types of retail businesses and the documents they frequently use.

Types of retail business

Retail is a phrase that covers a wide range of business models. Some of the most common types of retail stores include:

Specialty stores – Stores that focus on narrow product areas, e.g., electrical goods, entertainment, clothing.
Convenience stores – Small to medium convenience outlets normally operating near residential areas.
Department stores – Large establishments, selling a range of services and goods, divided into departments that can be individually operated by merchandisers, buyers, or a separate private business.
Supermarkets – Medium to large household stores which aim for high-volume/low-margin sales.
Direct retailers/warehouses – Medium to large stores, generally off the high street, most of the times selling products directly from the manufacturer.
Discount stores – Large, medium, or small shops which sources branded goods or end-of-run stock to sell at highly discounted prices.
Online stores – These are stores that sell directly to customers via an e-commerce website.

Common retail documents

Forget what some people say; just about every transaction in the retail sector needs some form of agreement, therefore, it is good we mention some of the most common types of paperwork used in a typical retail setting:

Supplier forms
Concession documents
Sales quote
Sales order
Invoice
Sales receipts
Sales return
Delivery notes
Packing Slips

How retail businesses benefit from the use of e-signatures

1. Simplified processes and increased efficiency

Despite a significant percentage of retail sales being conducted online, customers do still want to see high-value products in-person before they put their signature on the dotted line. With the ever rising demand on your margin and constant increases in operating costs, the only realistic option is to modernize and automate your manual processes.

Electronic signatures guarantee the smooth sales process of a digital transaction to a real-world situation. Your sales department can spend more time on other important tasks rather than doing paperwork.