Importance of using Electronic Signatures in the Retail Industry
The use of electronic signatures in various sectors has been on an upwards trend, growing popular across specifically those industries that consider contracts and agreements to be critical for their daily operations, real estate, or legal offices, for example. While the online signing experience benefits are obvious in some industries, it might be unclear how technology can help in the retail business. This also may be the primary reason the adoption of e-signature solutions has been a bit stagnant in the retail sector compared to others. Needless to say, with the onset of the pandemic, the retail sector was compelled to put aside their reservations and embrace technology like e-signature to maintain the business or, in some cases, simply keep afloat.
With digital transformation on the rise, many organizations are fusing electronic signatures in their processes to create a seamless experience for their customers in today’s connected world. Whether you run a small business or a boutique, an established organization, or a growing start-up, embracing e-signature solutions provides attractive and pertinent benefits to boost and streamline your operational workflows. It has become more of a necessity than a choice for most industries to turn to technology to maximize their resources to survive in this post-pandemic, perpetually evolving commercial world. This is where e-signature software comes as a great addition to enhancing business productivity and even going paperless, improving the bottom line of almost every sector it is used in.
Depending on the kind of retail business, employees and owners have to deal with quite an assorted range of paperwork. In this blog, we will find out how the retail industry can streamline this daily barrage of documents without breaking a sweat.
Types of Retail Businesses
The retail sector is huge, deploys millions of people, and generates billions in sales revenue. There are different types of retailers that cater to different customer types. Let us have a quick look at some of them:
Grocery stores and Supermarkets — These retailers deal with all types of food and beverage products, sometimes home products and consumer electronics.
Department Stores — These stores sell a wide range of merchandise, including clothing, beauty products, shoes, jewelry, and more.
Warehouse Retailers — These retailers have a large variety of products packaged and where goods are sold in bulk quantities.
Specialized Retailers — Specialized Retailers deal in a specific category and brand-based products. They are known to sell the merchandise that carries their brand name or is associated with it.
Internet Retailers — Internet shopping websites or E-commerce websites ship the purchases directly to customers. They usually sell the merchandise at lower retail prices.
Commonly required documentation in a retail business
Even though the general assumption is that the retail industry is not exactly what we call documentation heavy, it is no better than a myth. Nearly 75% of all retail transactions need some kind of contract or agreement to be signed. Here are a few examples:
● Supplier forms
● Concession documents
● Sales quote
● Sales order
● Invoice
● Sales receipts
● Sales return
● Delivery notes
● Packing Slips
● Vendor Contract
The retail industry is one of the busiest sectors dealing with a lot of paperwork on a daily basis. With hundreds of customers to cater to daily, vendors and contractors who need instant responses, and a sector that is constantly evolving, the retail industry is very dynamic and volatile.
The need for secure and reliable technology is prominent when you deal with contracts, requisitions, inventory control, etc. Electronic signature technology has permeated almost every other industry, and the retail sector is fast realizing the potential and the absolute need for it, too.
What is a Digital Signature?
A digital signature is a mathematical technique used to validate the authenticity and integrity of a message, software, or digital document. It is a mathematical scheme for verifying the authenticity of digital documents. A valid digital signature, where the prerequisites are satisfied, gives the recipient a very strong reason to believe that the message was created by the original sender, and the message was not altered in transit.
Digital signatures are often used to implement electronic signatures, which include any electronic data that carries the intent of a signature.
To know more about digital signature technology, read our blog: https://drysign.exelatech.com/blog/pki-backbone-digital-signatures.
Digital signatures provide evidence of origin, status, and identity of the electronic documents that can be tracked anytime, anywhere with the help of audit trails. An alternative to traditional hand-written signatures, digital signatures are considered legally binding in many countries under different laws respective to countries.
In the retail sector, digital signature technology is emerging as a powerful catalyst in building and maintaining vendor and client relationships. An electronic signature solution gives your business the edge of speed, better service, convenience, and value when it comes to document workflows and paper-based processes. In today’s world, retailers like Amazon, Walmart, Flipkart, etc., have started implementing the latest technologies that help them stay relevant to the never-ending — demanding customer needs.
Benefits of E-signature for the retail industry
There are plenty of opportunities to deliver more value and optimize customer experience with the capabilities that e-signatures offer. Here, we discuss a few of the important benefits:
Superior customer experience
Today, customers can get details about any product and get exclusive offers with a click of a button. With digital transformation deeply penetrating the retail sector, retailers need to be aware that today’s buyer already has the ease of online tools to make their work easier. Many buyers and customers do not appreciate having to deal with paperwork, contracts, agreements, etc. A thing of the past in daily work, especially with the younger market, it is found to be tedious and highly inconvenient. According to a study conducted by Watermark Consulting, organizations that offer a good customer experience outperformed their opponents by almost 35%.
Digital signature solutions rid your business of inefficiencies that could negatively affect your customers.
Instant Sales
Retailers have to tackle complex challenges in a given time frame to make big decisions on the go. For example, in a car dealership, letting a potential customer leave the showroom to come back with signed paperwork can be the difference between making that big sale or losing out on a buyer. Electronic signatures streamline the workflow and enable crucial documents to be processed faster and signed on the spot. This eradicates the time spent going through a traditional, paper-based process, helping retailers close deals quickly.
The retail industry is highly competitive, and faster TATs for contract workflows certainly give you a competitive edge.
Prompt and agile workforce
Unlike the real estate or finance sector, retail is one such area that has relied heavily on an agile workforce. From part-time employment to contract-based work, the retail industry needs to hire quickly, sometimes at extremely short notice. In addition, holiday seasons and festival discounts mean retailers work long hours and need more people to fill the gap.
By using electronic signatures, businesses can quickly eliminate the time required to hire new staff and onboard it, thus staying ahead of the market need and being available to their end customers.
With DrySign, you can sign offer letters, employee forms, onboarding, and exit forms in minutes, without the need for printing, faxing, emailing, scanning, etc.
Stronger Logistics Control
Dealing with physical paperwork also means logistics. Drawing up a contract, sending it to a vendor or client through post or email, making the suggested changes, printing updated copies, and additional back and forth.
Not only is physical documentation a logistical nightmare, but it also puts crucial, confidential documents in multiple hands, thereby raising the risk of forgery, loss, etc.
No more envelopes, postage stamps, faxing, printing, or scanning of documents. DrySign can help you do it all within minutes!
Efficient Stock Maintenance
Retailers must always have sufficient stock on hand to cater to their clientele. During the pandemic, a major setback for most retail businesses was the inability to close deals in person, resulting in low stocks. It happened everywhere, no matter what you needed to buy.
A solution that allows you to agree to terms and conditions written in black and white is vital in such a situation. Businesses that already relied on e-signatures solutions found it a smooth sailing process to exchange high-value paperwork through secure software, making stocking their product for sale much easier than those who didn’t. In addition, digital signatures come with enhanced tracking features and enable inventory managers to easily manage, track and sign inventory documents and stay up-to-date of the operational status stored in the cloud, maintaining adherence and accountability.
Benefits of DrySign e-signatures!
DrySign e-signature solutions are backed by digital signature technology and assist in transforming the retail sector.
Economical — Have you ever thought of the costs you waste on paper contracts? It includes costs associated with buying and printing paper, photocopying, ink, scanning, courier, storage — the list goes on. DrySign eliminates overhead costs that can instead be used to improve marketing and business strategy.
Fast — Ever lost a client due to long durations of paperwork? The back and forth that is required in physical documentation is one of the number one reasons why customers lose interest. Introduce DrySign in your daily workflow and impress your clients with prompt responses and contract closures.
Secure — Physical paperwork, as explained earlier, is constantly at risk of forgery, loss, theft, etc. Keep your vital business documents safe and secure with DrySign, thanks to the robust audit trails and notifications that keep you updated on not only the status but also the integrity of your document.
Sustainable — E-signature solutions can help you easily eliminate excessive paper use, reduce energy waste, and lower your carbon footprint.
Exela’s DrySign is an innovative solution with authentic features that can scale up your retail business to towering heights providing a competitive element to set it apart from competitors. DrySign, our paperless e-signature solution, is designed to help users sign, send and share documents anywhere, anytime. DrySign offers excellent services for your customers, an easy signing experience with a high level of customization, and automation that can help your retail business define a new landscape.
It’s time to lead your business with DrySign. Click here and get to know more: https://drysign.exelatech.com/
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DISCLAIMER: The information on this site is for general information purposes only and is not intended to serve as legal advice. Laws governing the subject matter may change quickly, and Exela cannot guarantee that all the information on this site is current or correct. Should you have specific legal questions about any of the information on this site, you should consult with a licensed attorney in your area.
