Toy Industry in Singapore: Overcoming Unique and Shared Problems with Its Rivals

The toy industry in Singapore is in a very exciting place, having absolutely to deal with unique issues and those that are common to other retail shopping firms. In the context of a constantly changing market and rapidly evolving consumer needs, the sector actually has no other option but to dance through these obstacles as the only way to stay competitive. One of the main advantages of toy merchants is the evolution of technology that helps them to manage the complexity of POS systems (point-of-sales) better.

The toy industry’s unique and common challenges

Singapore’s toy industry is a carrier of a number of distinctive headwinds. One vital hindrance is the alternation of high and low seasonal demand due to sales for seasonal holidays like Christmas and the New Year. This unpredictability makes demands for correct inventory management and planning harder than ever. There is also a serious issue of the competition in this domain, which is true that the entire industry is obliged to manage, that every competitor in the industry has to handle. Further, producers had to conform besides the upsetting new and challenging safety rules that need to be constantly adapted and rejected both by toy makers and sellers. What is more, people’s need for private brands of pirated toys replace the use of brands and invoke the distrust of loyal customers.

Besides, the toy industry also contains dilemmas that are common to other retail sectors. One of the biggest common is the growth of e-commerce which dramatically changed the way customers shop and what they expect. Traditional retailers are now more obliged to adapt to providing effective omni-channel solutions. What is more, the demand for real-time inventory and sales data has increased significantly across all retail sectors to facilitate informed business decision contexts, a situation that is exacerbated by the competitive nature of the toy industry in Singapore.

POS Systems: Shared Challenges and Benefits

Thanks to remarkable POS systems installation, toy retailers can turn over and drive sales to a serious new height. It is not only a matter of bringing the whole process to a higher speed and increase efficiency, but it also stands for granting to the supplier analysis on clients’ purchasing trends. The situation when POS systems existed separately for on- and off-line sales is definitely history; now they are fully integrated (covering both) and not only having but also showing the customers’ needs always shifting.
As some software’s are bound to the seasonal demand problem sequences by the data analytics that regulatory authority gives customers the forecasters of the periodic development and managers of the inventory. The tracking of inventories and transaction logs in detail, apart from reducing the monitoring workload of safety compliance, can also act as a preventive condition to the potential safety issues with product lines. Uploaded to sales data in real-time, on the other hand, counterfeit issues, and the matter of e-commerce previously discussed are addressed by the transparency and easy obtained of crucial information.

POSSs That Suit What Toy Retailers Will Implement Successfully?

Successful introduction of the POS system by a toy retail firm has the prerequisite of observing the best practices of the fast track integration. Companies have to start with the performance diagnosis audit to recognize the area where the value can be added through the POS. The recommended procedure is to make the choice of a multi-purpose POS system that would utilize the majority of features for the toy industry and be user-friendly.
Organizing training sessions during which they will learn the software will be a significant step for the entire process and the full turning of the POS system power free.

Also, it is essentially necessary to constantly keep pace with technology and thus, to remain the market ruling industry, monitoring of technological infrastructure has got to continue over time.

Collaboration with technology partners, who are trustworthy and dedicated to problem-solving, would be of help not only in systems but also productivity.

Five Functional Attributes of Multiable’s aiM18 POS System

The Multiable aiM18 POS system is riddled with five functionalities that will especially benefit the toy retailers in Singapore:

1. Chain Store Management: Manage multiple stores efficiently, ensuring standardization and uniformity at all outlets, thus saving time and costs.
2. Membership Management: Providing a personalized membership management option by creating an encrypted database of subscribers and unique offers, is a key component to enhance customer retention.
3. Promotion Management: Start picking great deals at the same time across different channels while also boosting customer engagement strategies.
4. Real-time Product Database Integration: Keep the inventory data in sync across the e-commerce, ERP, and financial systems to avoid overstocking or loss.
5. Seasonal Promotion Management: Address the changing demand due to the seasonal promotion by adjusting marketing activities so that the effect on sales would be maximized.

E-Commerce Collaboration with Multiable

The multiable ERP functionality is not only for traditional retail; it can also be used for connecting major e-commerce platforms like Shopify, Amazon, eBay, and others without any fuss. This helps Singapore toy retailers to offer a complete omnichannel experience. Multiable has been approved as an ASR+ software vendor by IRAS, so they ensure compliance with local tax regulations, and further streamline financial operations.

What is Multiable POS ?

Multiable POS is a cloud-native POS targeting retail groups with sizable chain stores in Singapore, Malaysia, Hong Kong and China. With over 6,000 customers in the region, Multiable POS gains positive feedbacks from public companies and multinationals across different sectiros, from cosmetics, furniture, fashion, healthcare, pharmaceutics, sportswear and toys etc. The renowned no-code approach saves customer a big sum of customization costs and countless hours of implementation man-days.

What is LAIDFU (Let AI Do for You)?

LAIDFU is an AI tool for enterprise to build their own AI agents to perform various business AI tasks.

Proprietary EKP (Enterprise Knowledge Partitioning) technology eases CEO’s concern about trade secret leakage which often occurs in most AI agents / chatbots in the market.

EKP removes the hurdle of business AI adoption by most companies in using sensitive corporate data.

Powered by no-code approach, deployment of LAIDFU incurs far less developers (and development costs) in comparison with other AI tools.

LAIDFU empowers business, with or without an ERP system in place.