17 May, 2022

How Cloud ERP Fixes the Top Challenges in Retail Business

The worldwide retail business is valued at more than $20 trillion, and in the pandemic era, this innovative business niche is rapidly expanding. Since a growing number of individuals are getting out, they visit retail stores to buy clothing, groceries, accessories, gadgets, furniture, and more. This represents a great opportunity to maximize this business boom.    

However, there are some unique challenges that the retail industry faces that can hinder overall growth and expansion. 

Oracle NetSuite, having decades of experience in optimizing retailers’ business processes, has introduced some great features that enable retail organizations to meet these challenges and ensure continuous growth. 

Here are the four major issues retailers face and how Oracle NetSuite solves them: 

1. Customer Acquisition and Retention 

To solve the problem of customer acquisition, Oracle NetSuite provides a rich and advanced marketing platform that allows retailers to target and acquire customers in different means. 

Based on interests, previous purchases, interactions, history, market trends, and demand, retailers can now generate a highly focused email, mobile, and web campaigns. They can also roll out customized offers and promotions for acquiring new customers and retaining existing clients almost on autopilot mode.

2. Operations Optimization 

One of the most difficult challenges for retailers is maintaining and optimizing operations in a way that guarantees higher Return on Investment (ROI), complete control, and transparency.  

Oracle NetSuite solves this issue through supplying retailers with a single, integrated platform to maintain all of their processes and gain complete control of the company with real-time perception and data.   

Furthermore, retailers with multiple locations and outlets can use NetSuite to monitor inventory status, sales data, and cash flow across all outlets and channels from a single dashboard. Oracle NetSuite provides on-premise retail management tools that enable seamless retail management and up-to-date data on every aspect of customer acquisition, sales, orders shipped, logistics, human resource management, and more. They can be tailored to specific business requirements.

3. Unified Payments

Retail business is common today across websites, mobile apps, physical stores, phone calls, and even postal mail.  Tracking and monitoring all these payment channels was a headache for retailers, and Oracle NetSuite has solved it.   

With complete, mobile-ready Point of Sale (PoS) solutions for retailers, customers can make seamless payments through card or cash and they are automatically updated in the backend.  

NetSuite also provides a retailer with a comprehensive and powerful e-commerce solution that makes it easy for customers to shop 24/7 and make payments online.   

In addition, retailers can centrally manage all company pricing and promotion details of their company, based on the store of sale, brand, and even product, ensuring that the right product is delivered to the right customer, at the right time.

4. Customers Satisfaction

Providing an exceptional customer experience is critical for any retailer, and Oracle NetSuite is here to help.   

Retailers can better understand their customers and offer the right products at the right price if they have a complete 360-degree view of all of their customers across all channels, point-of-sale, and touchpoints.  Additionally, NetSuite offers real-time inventory stock alerts, empowering retailers to efficiently manage their inventory and ensure product availability, further enhancing the customer experience. 

Oracle NetSuite provides real-time inventory visibility across all channels. Retailers can quickly order replacement products and please their customers at every stage. As previously stated, highly targeted marketing campaigns and customized promotions serve as the foundation upon which retailers can provide first-rate service and delightful customer satisfaction.   

Consult with Jobin & Jismi to learn how retailers can use Oracle NetSuite, to boost their business and operations, and ensure effective growth and success.