4 Nov, 2022

Learn How NetSuite Retail ERP Remodels the Future of Retailers

Globalization has redefined the landscape of the retail industry in incredible ways, especially when it comes to customer expectations. You must consider the cutting-edge competition to enhance customer satisfaction. Retailers go after cutting-edge technology to stay competitive.  

According to studies by market research firm Million Insights, retailers are increasingly seeking Enterprise Resource Planning (ERP) solutions.    

NetSuite Retail ERP has incredible capabilities for retail businesses. This is the most preferred solution by retail businesses around the world. Slintel research says the top three industries using NetSuite are Retail (67%), e-commerce (58%) and Technology (50%). 

Their smart choices enable them to bring stability to their enterprises. Cloud-based solutions fulfill distinct requirements and you can tailor make them.

What are the factors behind the popularity of NetSuite Retail ERP solutions? 

Adoption of this solution will help you.

Strengthen your In-store Experience with Point of Sale (POS) 

Satisfying the retailing requirements of customers within the limit of stores is one of the major hurdles of retailers.  

The new software fulfills these requirements of single medium buyers with an advanced POS solution. It also enables you to consolidate and boost the transaction process.    

This solution provides the omnichannel features needed to deliver a distinct shopping experience. Immediate inventory visibility and a complete picture of buyers and the organization enable this. It also boosts customer loyalty.  

You can use the solution to organize and automate front-end features with background operations. This allows you to develop a clear enterprise.  

This software also helps you to reinforce your sales department. You can achieve this by supplying them with equipment and details to develop better customer relationships.

Convey a Single Picture of your Brand with NetSuite eCommerce

The number of customers preferring online purchasing is increasing. In this context, retailers need to develop powerful online brands. They should connect with customers and help them achieve their requirements.  

Be it a desktop, laptop, smartphone or tablet, NetSuite Retail ERP efficiently delivers engaging brand experiences to online customers using its SuiteCommerce platform. Your ability to direct more traffic to the website expands. An adaptable platform that is strong, adjustable and versatile ensures cash flow.

Handle your Customers Better with NetSuite CRM 

Personalizing experiences by putting consumers at the heart of your business is essential for any retail experience. This platform provides you with a multichannel picture of every user. It also allows you to provide customized service, ensure customer loyalty, and earn a competitive edge with your brand. You can also increase customer profitability and drive income.    

You can build a troop of brand followers with this solution. You can also aim for the appropriate customer at the right moment with the proper product. By handling, tracing and evaluating marketing activities from beginning to end with intergroup marketing over every channel, you can receive quantifiable outcomes.

Consolidate your Database with NetSuite Order Management

Consolidating order management can vastly assist you in enhancing profitability and satisfying customer expectations. You can manage the supply chain by getting a full view of your inventory in different places and channels. NetSuite Order Management offers the capability to fulfill and surpass increasing customer expectations for multichannel fulfillment while enhancing productivity and improving inventory.

Make Use of Business Intelligence and Reporting

Thanks to NetSuite, you can handle the expansion of your retail business with major indicators. It helps you to make prompt and authentic decisions using systematic dashboards and retail reporting. In addition, this retail ERP allows you to observe this data completely.  

This is possible in the form of Key Performance Indicators (KPIs), KPI scorecards, trend graphs, and graphical report snapshots. Everything comes together to empower you to recognize problems, trends, and choices. You can also immediately scrutinize basic reasoning to proceed.

Simplifying Financial Processes with Integrated Financials

You can increase organizational efficiency with complete integration of financial management solution. This develops your business by providing detailed insights, optimizing processes, and managing risk/compliance.  

It also provides real-time access to your retail enterprise's financial, accounting, and operational performance. This ensures highly accurate accounting data. You may substantially reduce errors and enhance time to value by automating transaction flow and decreasing manual data entry. In addition, one can also ensure compliance with practical accounting standards while implementing regulations and enabling audit trials.

Streamline Inventory and Supplier Management

Optimize your inventory and supply chain to increase sales, shorten delivery time and enhance inventory turn. Migrating to a software platform gives real-time access to vendor performance KPIs and scorecards. This leads to greater vendor effectiveness.   

Fine-tune your inventory and supply chain to improve business and boost distribution time. It also enhances stock turnover and supplies the products to customers at the right time. Using this solution also gives instant access to seller performance KPIs and scorecards directing greater vendor productiveness. With smart data tone can also mitigate inventory transporting expenses.    

All the above-mentioned features empower retailers to streamline their processes and boost productivity more than ever.

Explore how NetSuite assists in solving challenges:

Let’s see how NetSuite assists in solving major challenges faced by retailers.

1. Customer Acquisition and Upkeeping

To fix the customer acquisition issue, the software offers a cutting-edge and fully featured marketing platform. It permits retailers to aim and win customers over various mediums.   

Retailers can come out with email and web campaigns. This depends on the priorities, purchase histories, associations, history, market trends, and requirements. 

They can also unveil personalized offers and marketing campaigns on auto-pilot mode.

2. Enhancing Processes

Handling and enhancing processes to ensure greater ROI and visibility is the most significant challenge facing retailers. The cloud ERP solution solves this issue by providing a single, consolidated system. This enables retailers to handle their complete processes and gain total control over business with instant visibility and data.   

Retailers with numerous outlets can install this software to examine inventory status and, sales details. They can also inspect cash flow over every outlet. A single dashboard enables it.  

On-premises retail management features promote effective handling of retail and updated data regarding all facets. They include customer acquisition, sales, orders shipped, human resource management and more. You can customize these features based on the requirements.

3. Consolidated Payments

Retail operations today include websites, mobile applications, brick-and-mortar stores, telemarketing, and even postal mail. Keeping track of all these payment methods is a major hassle for merchants. Oracle NetSuite takes care of it.   

Customers may easily make purchases using cards or cash at a retail location. Fully featured, mobile-ready POS systems enable it. The main system instantly updates the information.    

Additionally, NetSuite offers businesses a robust and complete e-commerce solution. It enables clients to make purchases whenever they want, year-round, and quickly process payments online.    

Retailers can also utilize centralized administration to organize all their price and promotion information. Outlet, brand, and product determine this.  

They can provide the right goods to the right client, in the right place. This guarantees the proper payment in real time.

4. Customer Experience

Retail store owners are aware of the significance of providing incredible customer service. This is where this software plays a major role.    

Businessmen can better understand their consumers and provide them with the appropriate product at the right price. This ensures customer retention and loyalty. They can achieve this by having a comprehensive 360-degree picture of every customer across all channels, outlets, and touchpoints.   

They can easily place orders for the goods that are in demand thanks to real-time inventory insight across all channels. Merchants can guarantee first-rate service and a wonderful customer experience. They can do so by building their businesses on the foundation of highly targeted marketing campaigns and tailored incentives.    

Thus, NetSuite Retail ERP supports retailers in more ways than one. It also boosts their productivity and sales with its efficient functionalities.   

As an Oracle NetSuite solution provider since 2012, Jobin & Jismi can effectively assist you in improving your retail business. Connect with us today.