Today, electronic signatures have gained popularity across multiple industries. But, the adoption within the retail industry is a bit slow when compared to most. The reason behind this is still unclear. Maybe, it is because it looks less evident on how the retailers can be beneficial from leveraging eSignature software, compared to other sectors where contracts are crucial in their regular operations, such as real estate.
The other aspect is possibly the fact that the attention tends to lie somewhere else for the retail industry, for instance, around customer service. There are multiple practical reasons for retail businesses that are yet to embrace electronic signatures to do so. But first, let us see the various types of retail companies and the documents they use frequently.
What Are the Types of Retail Businesses?
Retail business covers a wide range of business models. Some of them include:
- Direct retailers- Medium or large stores that sell products directly from the manufactures.
- Specialty stores- These stores focus on narrow product areas such as entertainment, clothing, and more.
- Supermarkets- Large household stores that aim for high-volume low-margin sales.
- Department stores- Large establishments that sell a range of goods and services, divided into teams which can be individually operated by purchasers or separate private business.
- Discount stores- Small, medium, and large shops that sources branded goods or end-of-run stock for selling products from the manufacturer.
- Online stores- These stores sell directly to the customers through an e-commerce website.
Benefits of Using Electronic Signature Solution for Retail Industries
Convenient and Secure
Electronic signatures are completely secure, making sure that your customer’s details are safe, while also enabling you to share information and documents with coworkers to minimize internal workloads significantly.
Moreover, eSignature solutions work on all mobile devices, allowing retailers to complete sales in the workplace or even while on the run. Most significantly, clients can create electronic signatures online at their own convenience.
Enhanced Effectiveness and Streamlined Processes
Although a significant percentage of retail sales gets conducted online, clients still want to see high-value products and services before they put their signature. With the ever-increasing demand on your margin and continuous rise in operating costs, the only realistic option is to automate and modernize traditional processes.
eSignature guarantees a smooth sales process of digital transaction to a real-world situation. Your sales department can give their time on significant tasks rather than doing the paperwork.
Enhanced Customer Experience
There are several customers who do not like to deal with a huge stack of paper documents, contracts, agreements, warranties, and receipts. This process is time-consuming, tedious, inconvenient, and troublesome. Today, multiple studies prove that enhancing customer experience is a top priority for many companies.
According to research by Watermark Consulting, organizations that offered a good customer experience outperformed their opponents, developing a total return which was 35 percent higher than competitors. Digital transformation through electronic signature software gets rid of ineffectiveness that affects negatively on clients. Customers can create electronic signatures online with a simple click, anywhere, anytime, and from any smart device.
Today, many companies find value in embracing some environment-friendly approaches. Going paperless may go well with your brand values and contribute toward positive customer relationships.
Hence, if you want to turn your retail business more eco-friendly, then electronic signature software is a good tool that can support your efforts. Embracing an eSignature solution ensures progress for the retail business and also saving the world by minimizing paper usage in operations. Thus, it is a win-win for your environment as well as business.
Eliminates Paper Trail
Handling paperwork can be quite challenging. The time and cost involved in sending agreements, copying and storing them for filing, not forgetting the possibility of agreements being damaged, lost, or misplaced can be easily avoided by leveraging an electronic signature system.
It becomes effortless to archive and retrieves documents, and a digital log can offer the details of signed agreements, like the time when the signature was created, the email address used, and IP address.
Saves Money Significantly
Did you ever think of the expenses that go into sending thousands of paper agreements to clients and vendors? Costs include purchasing printing papers, copying, printing, delivery, mailing, storing, and more. According to research by MultiBriefs revealed that organizations in the United States spend 80 dollars per employee on paper yearly, and 60 to 70 percent of the office space was used to file and store printed documents.
The best way retail businesses can minimize the costs is by investing in online eSignature solution, which will result in a higher return on investment, and retailers can also start to notice it almost immediately.
To Sum Up
If you are still signing documents with wet ink signatures, then it is the right time for you to think about switching. Electronic signatures save time, money, effort, and make agreements more secure by streamlining compliance, audit, and aid reinforce your brand.
Kevin Peterson is a content marketing enthusiast, freelance writer at SutiSoft, specializing in Business, ERP, Technology and Cloud/SaaS trends.