Netsuite for Retail industry
Retail industry deals with selling goods and services through multiple channels and uses diverse way of distribution patterns to earn the profit. In Retail industry,retailer buys the things in wholesale and then sell to the customer with the retail price. The process of Retailing helps the manufacturer’s to reach out their product to the needy hands. NetSuite is considered as the single commerce platform for omni channel retailing.
Classification of Retail Industry:
- Organized retailing
- Unorganized retailing
Major segments:
- Food
- Fashion
- Fashion accessories
- Telecom
- Books and Music
Retail supply chain contains manufacturers, wholesalers, retailers and finally consumers.
Planning for Retail Industry:
- Market analysis
- Customer analysis
- Competition analysis
- Internal analysis
- Distribution channels
Functions of Retailer:
- Breaking bulk
- Creating place utility
- Stocking a variety of goods
- Providing credit facility to the customers
- Providing information to the customers and wholesalers
- Estimating the demand for the product
- Marketing functions
Here arising the essentiality of Netsuite- Netsuite is essential for the Retail industry because Netsuite provides cloud-based ERP solution for Retail Industry as well. Furthermore, it supports the omni channel. 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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