Area entrepreneur Nirav Patel started Rapid RMS after he saw a need in the retail industry.
He had worked with his parents, who own convenience and liquor stores, and he noticed that the point-of-sale systems they were using were often inefficient and complex.
For example, it was difficult to keep up with inventory, so retailers often ended up doubling up and buying products they already had because the system didn’t make it clear what was already in a store’s inventory.
“Inventory management [is] very crucial,” Patel said. “We might not realize we have seven cases [of a certain product] while we were out of singles. That causes a lot of mismatch in inventory.”
So Patel created a cloud-based point-of-sale system that helps businesses better manage their inventory and connect with similar businesses in the industry so they can get a better understanding of what sells.
Because the system is cloud-based, the platform, used on iPads, costs less than other point-of-sale systems,Patel said.
Through his work with The Company Lab, Patel connected with seed fundBlank Slate Ventures, which invested $350,000 that leaders used to improve their product and operations.
The company currently has about 30 customers who use about 65 systems. The company’s team is made up of four full-time and three part-time employees in the United States and about 12 in India, where the product’s coding is done.
The platform costs $49 a month for the most basic service. There’s another basic option that costs $79 a month, and customers who sign up for the company’s credit card processing services get the $49 waived for as long as they keep the services.
There are also different prices depending on how customized the platform is for the customer.
Going forward, the company’s leaders have their eyes on independent gas stations.
Rapid RMS Chief Marketing OfficerMonty Bruell said that about 75 percent of gas station revenue is pay-at-the-pump.
“That’s a huge market,” he said. “We are going to develop some disruptive technology that is going to make the experience of the consumer better.”
The Rapid RMS team is working to create a platform that helps provide easy pay-at-the-pump options and features for employees at those businesses. When they start that, they are going to focus on independent gas stations and then branch out.
“The system helps our customers to optimize their business,”Bruell said.“A lot of [retailers] don’t understand how much money they have tied up in their inventory. Sometimes, when dealing with multiple locations, it’s hard to get consolidated data. Rapid RMS is a tool that allows the small retailer to have access to the same data analytics and information that large retailers have at a fraction of the cost.”