NetSuite ERP for Retail: The Future of Retail Operations
NetSuite ERP for Retail: The Future of Retail Operations
Customer demands have evolved more than ever. They need quick gratification and a seamless shopping experience regardless of the channel they interact with the business. Retail companies must adopt the latest technologies and tools, such as NetSuite Retail, to offer an enhanced omnichannel experience to customers and build brand loyalty.
NetSuite Retail is a popular ERP solution designed to streamline inventory management, CRM, marketing, sales, finances, e-commerce, and in-store POS and ensure that all these activities are aligned to yield better results for your retail business operations. The NetSuite ERP streamlines operations and offers customers an omnichannel experience encouraging them to be associated with the brand for a long time to fulfil their requirements.
Critical challenges faced by the retail industry
Lack of a unified approach:
Online shopping has become the norm. More and more shoppers are interested in buying goods and services online. So, a retail company must manage its online and offline operations with the same delivery standards, which can be challenging without a centralized system.
Here, the NetSuite ERP for Retail offers a unified solution to manage retail operations across brick-and-mortar stores, web, mobile, and call centres and provides businesses with a 360-degree view of retail operations. Companies can manage their operations and customers more efficiently from a single user interface across all channels.
Lack of Optimization:
Today, customer demands have evolved, and they expect a seamless multichannel experience. The retail industry needs more visibility into the process and a unified solution to help them manage and streamline the operations via all the customer engagement channels, ensuring quality and timely delivery of the products and services without adding too much to the cost.
The ERP for retail provides a 360-degree view of retail operations with real-time data, allowing companies to make informed decisions to improve customer experience and increase sales. It provides transparency into the operations and lets the business control them with real-time actionable insights. It helps the companies to get a high ROI and opportunities to boost sales.
Difficulty managing business across multiple locations:
Retail companies need help managing business across different areas and monitoring inventory, invoicing, warehousing, logistics, order fulfilment, and post-sales services.
The ERP solutions offer several advanced tools that help retail companies to manage data and cash flows across different outlets and locations. Businesses can get updated information about customer preferences, behaviour, pain points, customer acquisition data, sales, and order fulfilment. They can ensure tremendous success in all retail outlets across different geographical locations.
No unified payment system:
Retail companies need help managing sales and unifying payments across multiple channels and platforms.
The software enables businesses to track and monitor payments across all platforms, such as websites and mobile applications. The ERP offers a full-featured, mobile-ready POS and advanced e-commerce capabilities on all devices. A business can manage pricing, discounts, and promotions from a single interface. The software supports multi-site and multi-countries and streamlines their management using a single account.
Inefficient query resolution:
Businesses often fail to get insights into customer issues and solve their problems quickly. Disgruntled customers often can ruin the company’s image with their reviews and feedback. It leads to customer dissatisfaction, and they can move to the competitors for a better experience.
The ERP ensures high customer satisfaction by quickly resolving customer issues. Companies can speed up case resolution by managing customer support cases from different channels and routing the customer cases to the correct department/ executives for their speedy resolution. It helps to create a happy customer base and build brand loyalty.
How does NetSuite ERP support businesses in these challenges? Benefits of NetSuite ERP For Retail
Improved in-store experience:
The ERP helps businesses take the customers’ in-store experience to the next level. The software enables the staff to provide customers with an enhanced customer experience with a mobile POS. NetSuite Retail provides the sales teams with relevant information about customer preferences, conversation history, and previous purchases to serve customers better. These factors help the sales personnel offer the customers the best recommendations to provide an enhanced CX.
Better query resolution:
The ERP for retail allows for integrating an efficient grievance redressal system which allows for quickly managing the customers’ complaints and responding to them at the earliest. The software enables customers to submit their complaints online, review the status, and follow up to resolve their queries quickly. Further, real–time customer feedback helps the business improve its performance and quality standards.
Omni channel experience:
The NetSuite for Retail offers a unified customer experience on different engagement channels –offline or online. You can offer them the flexibility to buy products online, provide them with an option to collect their orders/buy online, and can return orders in-store. You can allow customers to purchase, manage or exchange products via any platform they’re comfortable with.
CRM Integration:
If you look forward to providing an enhanced CX, NetSuite Retail software can help you quickly achieve this goal. The NetSuite ERP offers a consistent and relevant customer experience via CRM integration. It provides a more relevant and customized customer experience at multi-touch points. The sales team gets real-time insights into customer transactions and preferences on different channels.
It helps provide better CX, and you can retain customers and increase your customer base. You can offer your customers consistent, high-quality customer support and provide them with relevant experience.
Track marketing campaigns:
It’s essential to understand the efficiency of the marketing campaigns. You can gauge the effectiveness of email marketing, outbound calling, event marketing webinars, etc., and measure its performance in real-time. You can make better decisions and improve marketing activities for a high ROI.
Financial management:
The NetSuite Retail software helps manage the company’s financial resources. It enables the business to know the profitability of the business and improve it. A business can understand the economic feasibility of the stores across all the locations. They can get insights into the financial and operational performance of all the outlets and channels and improve profitability. The solution also provides the business with deep insights into a company’s overall financial health, enabling it to make better decisions to improve its profitability.
Efficiency:
The software automates workflows reducing human errors and making the process more efficient. Also, you can meet your compliance requirements with great ease. A business can manage risk and compliance with the NetSuite ERP for retail by complying with the accounting standards at the local and global levels to avoid penalties and reputational damage.
Inventory management:
The retail ERP helps inventory management and creates strong supplier relations with excellent efficacy. The software provides a centralized inventory management feature to manage inventory across multiple locations and selling channels. You can manage inventory efficiently, get 360-degree visibility, and meet varying demands. Demand-based planning helps reduces dead stock and reduce expenses. The inventory is replenished at the pre-planned rate, and the business need not clear the inventory with discounts, preventing wastage and losses.
Better campaigns management:
The ERP for Retail allows the automation of multichannel marketing campaigns simultaneously with equal efficacy. The software’s order management capability helps manage orders efficiently, enabling buyers to buy from across any channel and ensuring timely order fulfilment from any medium. Cross-channel inventory and order management are possible when the business gets 360-degree visibility into customer engagement.
Better CX:
E-commerce is on the rise, and you need to offer exceptional customer service to customers. You can meet the customers’ evolving demands and provide them with a better experience with the help of the NetSuite ERP. You can ensure a seamless experience across websites and mobile devices, enabling customers to access all the features irrespective of the device/channel. Companies can provide customers with the support they need – orders, purchase history, return & exchange facility, online payments, product collection option, etc. The software allows businesses to offer customers the most likely recommendations based on user behaviour and the insights gained from the website, app, and social media activities. The software helps the company provide customers with a great shopping experience. It helps brand loyalty and increases the profitability of the business.
How Cloudiotech can help you optimize your Retail operations with NetSuite
NetSuite for retail is multi-dimensional software that helps businesses improve their retail operations and satisfy customers. Companies can get in-depth visibility into inventory, finances, in-stores, and e-commerce, and this helps them deliver an enhanced customer experience. Retail companies can efficiently fulfil orders, optimize inventory, and meet demand without delays. NetSuite Retail helps you offer better CX and build a loyal customer base.
Cloudiotech is a NetSuite implementation partner assisting company in the UAE and the US in effectively implementing the NetSuite solution, including NetSuite Retail. With Cloudiotech’s robust handholding support, identify and manage your business needs with NetSuite solution. Optimize your ROI on the technology investment with Cloudiotech’s end-to-end implementation support, customizing the ERP solution to your business needs, imparting NetSuite training and complete post-implementation support.
