Retail industry deals with selling goods and services through multiple channels and uses diverse way of distribution patterns to earn profit. In the Retail industry, a retailer buys the things in wholesale and then sells to the customer with the retail price. The process of Retailing helps the manufacturers to reach out their product to the needy hands. NetSuite is considered as the single commerce platform for omnichannel retailing.
Classification of Retail Industry
1. Organized retailing
2. Unorganized retailing
3. Fashion accessories
5. Books and Music
Retail supply chain contains manufacturers, wholesalers, retailers, and finally consumers.
Planning for Retail Industry
1. Market analysis
2. Customer analysis
3. Competition analysis
4. Internal analysis
5. Distribution channels
Functions of Retailer
1. Breaking bulk
2. Creating place utility
3. Stocking a variety of goods
4. Providing credit facility to the customers
5. Providing information to the customers and wholesalers
6. Estimating the demand for the product
7. Marketing functions
Here arising the essentiality of Netsuite- Netsuite is essential for the Retail industry because Netsuite provides a cloud-based ERP solution for Retail Industry as well. Furthermore, it supports the omnichannel. And also focus on omnichannel marketing, mobile payment, and omnichannel supply chain. Netsuite Services help to transform the Retail enterprise with a cloud-based omnichannel commerce platform.
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