Every retailer wants to give the customer the experience of being known as one of the major online marketplaces. But there is another notable reason to emulate them: these online retail giants are setting customer expectations, and those who cannot meet them are struggling to grow their business.
Electronic retailers need a dynamic technological advancement to compete with the new business models. Today, electronic retailers need the right technology to attract their customers and to understand how they use their products through social shopping and high personal marketing. Implementing effective strategies across the business process helps a company’s growth. NetSuite Retail Edition is a solution for these problems and helps electronic retailers to enhance their business strategies and profitability.
How do electronic retailers fail with the mismanaged business process?
Electronic retailers undergo difficulty with the manual processes and inefficient technology that create several problems in the success of the company. They are unable to meet the customer expectations due to this crisis.
The reasons for the mismanagement of business processes include;
• Expensive operational costs and inefficiencies: Money and time spent on manual processes lead to failure in providing an efficient customer experience. For this, the business processes should be automated.
• Lack of abilities to support cross-channel process: The incapability of businesses to provide online services for purchases from all over the world. These services include buying online/pick up in-store and return to store options, which enhances the customer experience.
• Manual data transfer: The lack of software applications that do not communicate in real-time in the process of accounting, inventory management, order management, and e-commerce makes the system slow and produces errors.
• Lack of visibility to key business dimensions: There are no reports on the profits from customers and the products due to the disparate systems and spreadsheets.
Electronic retailers are wasting a lot of money and time on these resources and are unable to enhance their business in the industry. With NetSuite’s integrated model, electronics companies can stop wasting time and resources managing multiple data silos by utilizing live visibility for statistics about their business.
NetSuite Retail Edition
NetSuite Retail is a single, omnichannel solution that automates and manages an entire business and improves the performance of the business in all ways.
The key benefits of NetSuite Retail Edition;
• A real-time view of the customers’ behavior history across all channels and touchpoints.
• A single platform to assist all channels in various locations.
• A mobile-ready POS with all custom functions.
• Access to all e-commerce activities from any device.
• Integrated management for pricing and promotions.
• Full-time visibility in inventory management.
• Multiple channel order management and fulfillment.
• Tools that help in marketing strategies.
• Customization of the system according to requirements.
• Easy to manage and less expensive than the on-premise retail systems.
Features of NetSuite Retail Edition
Comprehensive Financial Management
NetSuite Financials provide real-time visibility to all the transactions across the business. Businesses are able to automate the process of the order-to-cash process and streamline the buy-to-pay and record-to-report processes. As a cloud-powered platform, NetSuite enables live visualization of key, pre-built, easily customized financial reports, as well as insights into budgeting, expense allocation, and debt repayment.
Additionally, this allows businesses to make informed business decisions in addition to flexible revenue analysis of the customer, service, or product line. Finally, Netsuite reports the entire real estate life cycle and tracking from the acquisition to depreciation until those assets retire.
NetSuite provides intelligent control over inventory filling and ensures that sufficient stock is available to fill expected orders. Along with this, NetSuite Inventory Management helps to:
• Eliminates stock-outs to maintain consistency.
• Provide live visibility to inventory levels across different warehouses, 3pl, and stores.
• Effectively manage item reorder points and preferred stock level based on sales demand and the time for stock delivery.
• Minimize delays by using live alerts whenever stocks fall within predetermined limits.
Fully Integrated Order Management
Focus on order management and meet customer expectations for purchase, delivery and return from anywhere while maximizing profits by maintaining a single view of products across all channels and distribution networks. NetSuite order management enhances the growing customer expectations for multichannel fulfillment while maximizing profits and optimizing materials.
Providing Online Commerce Experiences Across All Devices
With NetSuite, it is easy to provide users with a personalized and engaging online experience using the company’s platform on all devices. It helps to build an efficient web store with the support of tools. A fully-featured web store is added to the business and avoids the time spent manually moving orders from the store to the shipping process. Promotions and discounts are spread quickly and easily across the web, keeping taxes and shipping fees the same as online sales.
Additionally, the system unifies the multiple management systems to one place- and enables a worldwide web presence, including different languages, various currencies, and built-in customs documents for shipping.
Effective Customer Relationship
With NetSuite, a company gains a holistic view of each customer and is able to provide a relevant and attractive shopping experience to the customers. The purchase history, communication, and other activities of the customer with the company are allowed to track for maintaining good customer relationships.
In addition, it enables personalized marketing strategies based on the location and purchase history of the customers. The system also provides users a self-service option 24/7 to view their shopping history, re-order and solve their queries.
Organize Marketing Campaigns and Promotions
NetSuite offers detailed marketing campaigns and promotional skills which help a company to find new customers, promote business and increase sales. A company is able to create and conduct highly targeted and personalized email campaigns with NetSuite.
With closed-loop marketing, the company gains real-time access to the revenues and ROI of the marketing. NetSuite also offers promotion techniques which include multiple discount options and customer-specific discounts.
Gain an Integrated View of the Business
With NetSuite, transaction data is shared from all retail channels to warehouses and storage departments. Invoice and expense data is shared from the Finance Department and Consumer Data to the Marketing Department. It gives real-time visibility to sales, inventory, and customers across channels on the right people in the organization and helps them make better decisions.
NetSuite for Electronic Retailers
Oracle NetSuite is the #1 cloud ERP software with enormous customization capabilities. With NetSuite, electronics retailers get more than just a software package - they gain a lifetime business partner who is committed to their success. NetSuite, built using industry-leading practices derived from more than 20 years of collective implementation experience, is designed to deliver first-day value.
Jobin & Jismi is a NetSuite Alliance partner with more than 9 years of experience in NetSuite services. Connect with our NetSuite certified experts now.