4 Nov, 2022

How NetSuite Retail ERP Helps the Future of Retailers

Are you seeking new ways to advance your retail business? Look at the incredible capabilities offered by NetSuite Retail ERP for upcoming retailers.  

Thanks to globalization, the retail industry is undergoing tremendous changes regarding customer expectations. Since technologies advance, so does the need for retailers to enhance themselves. They should often think of ways to satisfy the requirements of customers as well as improve the customer experience.  

According to market research firm Million Insights, there is a huge demand for the ERP market from the retail sector. Among the numerous ERPs available, NetSuite Retail ERP is considered to be the most admired among retailers. How did NetSuite Retail ERP gain prominence? Dive in to learn more. 

NetSuite Retail ERP allows you to make your retail business long-lasting with cloud-based solutions that are installed and modified to fulfil your distinct retail requirements. It allows you to ideally include the latest channels, business models, geographies and brands. 

According to new research conducted by Slintel, the top three industries using NetSuite are Retail (76%), Ecommerce (58%), and Technology (50%).  

There are certain factors that demonstrate the need for utilizing NetSuite Retail ERP solutions.

Improves your in-store experience 

Distributes a single picture of your brand 

Handles your customers

Consolidates your database 

Influences Business 

Simplifies Financial processes

Manages inventory and supplier operations 

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

One of the major difficulties retailers confront these days is satisfying the retailing requirements of customers within the limit of the stores. NetSuite Retail ERP not only allows you to fulfill these requirements of single medium buyers with an advanced POS solution but it also helps you to consolidate and boost the transaction process. 

With immediate inventory visibility and a complete picture of buyers and the organization, NetSuite Retail Software delivers the omnichannel features that are required to provide a distinct shopping experience and boost customer loyalty. Using this ERP, you can also organize and automate front-end features instantaneously with background operations, facilitating you to develop a clear enterprise. Inwardly, this software helps you reinforce your sales department by supplying them with equipment and details that assist them to develop better customer relationships and vend more stocks. 

Convey a Single Picture of your Brand with NetSuite eCommerce

As the number of customers preferring online purchasing is increasing, it is vital for retailers to develop powerful online brands. Ones that connect with customers and realize their requirements. Be it a desktop, laptop, smartphone or tablet, NetSuite Retail ERP, using its SuiteCommerce platform, efficiently delivers engaging brand experiences to online customers. This enhances your power to direct more traffic to your websites and keep the cash register ringing with an adaptable platform that is strong, adjustable and versatile. 

Handle your Customers Better with NetSuite CRM 

Personalizing experiences by putting consumers at the heart of your business is essential for any retail experience. NetSuite retail CRM provides you with an omnichannel picture of every user, allowing 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 with a full view of customers’ omnichannel lifetime value.  

NetSuite Retail ERP lets you build a troop of brand followers by aiming 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 anticipation. Gaining a complete picture of your inventory across various locations and channels can help in organizing the supply chain in methods. NetSuite Order Management offers the capability to fulfill and surpass increasing customer expectations for omnichannel fulfillment while accelerating productivity and improving inventory.

Make Use of Business Intelligence and Reporting

NetSuite enables you to handle the expansion of your retail business with major indicators, helping you to make prompt and authentic decisions using systematic dashboards and retail reporting. In addition, this retail ERP permits you to observe this data completely and immediately as Key Performance Indicators (KPIs), KPI scorecards, trend graphs, and graphical report snapshots. Everything blended together empowers you to recognize problems, trends, and choices and immediately scrutinize basic reasoning to proceed. 

Simplifying Financial Processes with Integrated Financials

NetSuite's completely integrated financial management solution enables you to increase organizational efficiencies and develop your business by providing detailed insights, optimizing processes, and managing risk/compliance. NetSuite provides real-time access to your retail enterprise's financial, accounting, and operational performance, and 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 trails. 

Effective Inventory and Supplier Management

Streamline your inventory and supply chain to increase sales, shorten delivery time, enhance inventory turn, and deliver products on time and on demand. NetSuite provides real-time access to vendor performance KPIs and scorecards, resulting in greater vendor effectiveness. 

Enhance your inventory and supply chain to improve business, boost distribution time, enhance stock turnover and supply the products to customers at the right time meeting the requisite. Using NetSuite, you gain instant access to seller performance KPIs and scorecards directing to accelerated vendor productiveness. With smart data to utilize inventory over the supply chain, it also helps you to mitigate inventory transporting expenses.  

All the above-mentioned features make retailers capable of streamlining their processes and enhancing their productivity more than ever. 

There are many challenges that retailers confront in their business, let’s see how NetSuite assists in solving these challenges.  

1. Customer Acquisition and Upkeeping

In order to fix the customer acquisition issue, NetSuite offers a cutting-edge and fully featured marketing platform, that allows retailers to aim and win customers over various mediums.

Depending on the priorities, purchase histories, associations, history, market trends, and requirements, retailers can now come out with email and web campaigns and spread out personalized offers and marketing for gaining extra customers, and maintain current customers, fairly on an auto-pilot mode.  

2. Enhancing Processes

The most significant challenge that retailers deal with is handling and enhancing processes to ensure greater ROI, complete control, and visibility.  

NetSuite resolves this issue by providing a single, consolidated system for retailers to handle their complete processes, and gain total control over their business with instantaneous visibility and data. 

In addition, retailers with numerous locations and outlets can install NetSuite to examine inventory status, sales details, cash flow over every outlet and medium, through a single dashboard. On-premise retail management features provided by NetSuite transcribe to effective handling of retail, and updated data regarding all facets including customer acquisition, sales, order shipped, human resource management, and more. These features can be customized based on the particular requirements of a business.  

3. Consolidated Payments

Retail operations today include websites, mobile applications, physical stores, telemarketing, and even postal mail. For merchants, keeping track of and monitoring all these payment methods is a major hassle that Oracle NetSuite takes care of.

Customers may easily make purchases using cards or cash at a retail location with fully featured, mobile-ready POS systems, and the information is instantly updated in the main system. 

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

As well as, merchants may utilize centralized administration to organize all of their price and promotion information by outlet, brand, and even product, ensuring that they are providing the right goods to the right client, at the right place, and guaranteeing the proper payment in real-time. 

4. Customer Experience

Any store knows how important it is to provide incredible customer service, and NetSuite offers great help. 

Retailers can better understand their consumers and provide them with the appropriate product at the right price to ensure retention and customer loyalty by having a comprehensive 360-degree picture of every customer across all channels, outlets, and touchpoints.

Retailers can easily place orders for the goods that are in demand thanks to NetSuite's real-time inventory insight across all channels, delighting their consumers at every turn. As was said before, merchants may guarantee first-rate service and a wonderful customer experience by building their businesses on the foundation of highly targeted marketing campaigns and tailored incentives. 

Thus, NetSuite Retail ERP enhances retailers in various ways and 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. We have an excellent professional team to serve you better. Connect with us today.

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