Retail is an industry in which a lot has changed in the landscape of how things are done in recent years. With shifting customer expectations, the reduction of supply chain agility, and and a transformation in employee preferences, the landscape of retail has transitioned dramatically.
One aspect that’s become increasingly important for businesses in retail to keep up with recent changes is technology. Retailers are finding that by utilizing technology and software solutions that are adept at understanding common retail needs and challenges, they can truly take charge of the industry.
eSignatures is one software solution that’s becoming increasingly popular in retail. Below, we’ll take a look at seven ways in which eSigning and digital document completion are being used and benefiting the retail industry, its customers, and its employees.
Common Retail Documents
Before we get started, let’s first get an idea of what kinds and types of documents are commonly used in retail that can benefit from the use of electronic signatures:
- Sales invoices
- Sales quotes
- Sales receipts
- Vendor ordering forms
- Packing slips
- Employee hiring forms
- Customer account or credit applications
- And much more!
1. Retail Overhead Cost Reduction
A lot of transactions and paperwork occurs within retail. By switching to a digital method of completing PDF documents and other transactions, retailers can significantly reduce costs associated with traditional paper and printing such as:
- Paper costs
- Printing costs
- Mailing costs
- Document storage costs
- Hardware maintenance costs
2. Enhanced Document and Transaction Security
Sensitive retail customer and employee data and information are kept safer and more secure when using electronic signatures. With eSigning, retail businesses have more control over document validity and verification as well as access. Retail users can keep viewership in check by enabling or disabling permissions, detailed audit trails allow for tracking of document movement and changes, signer identities can be better confirmed and verified through efforts like 2FA and KBA, and much more.
3. Better Overall Retail Customer and Employee Convenience and Experience
Digital documents and electronic signatures make possible the improvement of experiences both internally and externally for retail businesses. Customers appreciate the convenience of transactions being completed with the click of a button from anywhere and at any time, employees benefit from faster and more efficient paperwork completion and collaboration, and everyone enjoys the speed and ease with which various processes can be completed.
4. More Eco Friendly
These days, more customers expect the businesses they deal with to effect impactful environmental change by making more concerted eco friendly efforts. By using electronic signatures, retailers can reduce environmental footprints by eliminating more paper waste.
5. Increased Retail Sales
Electronic signatures allow for increased efficiency, thus reducing wait times and increasing the speed at which retail documents like sales orders, receipts, and quotes can be produced and approved, thus leading to faster and and more instant sales. When sales are made easier and more instant, retailers and customers spend less time focusing on paperwork and more time completing purchases.
6. More Efficient Supply Chain Interaction
Supply chain requests, approvals, and purchases move faster and more efficiently with electronic signatures. Employees can more quickly get management purchase approvals, vendors can receive purchase agreements faster, and the supply chain is kept moving in a more efficient manner with eSigning.