The retail sector is gearing up for a big year, with moderate demand and cash flow accelerating a revival. Retailers face the challenges of meeting this historic need - the most important of which is the delay in supply chain problems and the lack of components required to build their products. The job shortage drives retailers to increase wages and benefits to attract workers. All of this adds to the cost as retailers are under pressure to provide certain services - shipping and returns - for free.
Retailers need more efficient distribution networks and inventory management processes to reduce costs, and they need to continue improving e-commerce and omnibus capabilities to deliver the experiences that customers want. The improvements in the NetSuite Release 2021. 2 can help retailers with these requirements.
Enhancements in Customer Experiences
• The new release reduces the setting of the SuiteCommerce site. Now, the administrators can enjoy the new website set up in one single click and can run it in the background. This saves up to five hours over the earlier setup process.
• SuiteCommerce site managers can access the latest integrated website behavior data with visits, keyword searches, item views, page views, quote requests, and NetSuite CRM, SuiteAnalytics, and Saved search.
• New NetSuite connector helps in integrations with marketplaces and e-commerce platforms. In addition, The connector enhances the operations of a business and their customer experience along with the sales and inventory data flow.
Frictionless Inventory Management
• For retailers running their warehouses, NetSuite WMS Tally scan has several enhancements: which increases inventory volume when scanning new items and starts to support inbound processes such as receiving purchase orders, transfer orders, and inbound ships. In addition, workers can quickly send a pellet with a handheld device. Cartons can be attached or removed on a pellet that gives shippers more flexibility in packing multiple orders to the same destination and optimizes shipping costs until a palette is filled.
• Serial tracked items are now supported by the NetSuite Manufacturing Mobile app.
Autonomous Supply Chain
• When the available goods are unable to meet all the requirements within the promised time frame, the new function automatically prioritizes inventory for sales orders by gross profit or revenue. This enables inventory managers to quickly deliver goods across key accounts, eliminating time consumption and error-prone manual allocation.
• Current supply chain conditions make it difficult to deliver goods reliably. Users can now quickly filter using "Earliest Available Items" to know when an item is available in stock and its location. This figure contributes to supply chain lead times, business preferences, and existing sales channel allocations and reservations. If the export time does not meet customer expectations, NetSuite can also create suggestions for redeploying goods. This allows users to send data faster while having control over allocation rules, time, and exceptions.
• In the planning workspace, users can now receive reports by day, week, and month, allowing planners to better visualize trends according to product availability. Once they reject those recommendations, planners can automatically exclude past recommendations from future predictions, reducing confusion in an already complex process.
• Users now have access to a step-by-step guide to help administrators upgrade to the new distribution planning capabilities.
Smart Financials and Operational Automation
• Receiving accounts can now send invoices with a link to an online payment portal that automatically records payments in whole or in part to improve cash flow.
• Facilitates ACH Bank-to-Bank Electronic Payment via SuiteCommerce MyAccount for vendors to pay bills. This enables the retailers to decrease the processing fee in card payments and helps them to include greater invoice transactions as there is no limit in the payment amount.
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