Retail Industry is one of the biggest hit industries in the world right now with the wide popularity of eCommerce and online marketplace. When everything is available at your doorstep with anytime exchange/return policies, why would someone waste time stepping out to a retail store?
However attracting buyers to the retail store is the primary challenge for retailers. Revamping retail experience to perform amidst the e-commerce hypergrowth is imperative. Positive customer experience is the new competitive battlefront and stores can offer experiences that are impossible online.The preference is for brands and stores that permit customers to weigh multiple options. Customers want experiences that are abundant with choices, convenience, and digitization to meet expectations.
Retailers across the globe are undergoing major transformation from a traditional environment to a highly integrated system. To thrive in the current business scenario retailers must have a presence in all the channels, physical stores, online apps, mobile apps with the right set of tools to make supply chain and marketing operations operate cohesively.
Enterprise Resource Planning software is a highly recommended tool that can benefit retailers to achieve desired targets and thrive in the competition seamlessly.
It provides a host of benefits to retailers and improves customer experience
- An ERP software allows the marketing team to analyze the effects of a sales promotion, event campaign, store footfall, product sales and much more. It helps the marketing team study customer behavior patterns and replicate similar promotions in different locations.
- The merchandising team is able to plan inventory and margins. Further, distributors must have access to demand analysis reports to plan efficient inventory. An integrated ERP solution can smoothen the collaboration between both retailer and distributor to yield better results.
- From the vendors point of view, back end rebates can be recovered. The ERP system will allow the synergy between merchandising and finance teams to recover the agreed rebates for easy planning of further events and campaigns.
- Retailers should have shelf or bin management solutions which provide a graphical representation of the store or warehouse so that inventory can be managed at the right time and place to attract customers.
- Point of sale kiosks should provide the ultimate customer satisfaction before leaving the store. A customer’s shopping experience is to be maintained from the time of entrance till they leave the store. With an ERP software all POS processes can be executed smoothly to improve customer’s in store experience. This can reduce billing time. Mobile counters and self checkout kiosks help complete billing faster.All integrations like credit/ debit cards, digital wallets and loyalty programme must be a part of the POS system, kiosk and mobile counters. ERP software tools are integrated with the PoS machines, which gives real-time data. ERP takes advantage of PoS machines one step further by reflecting all transactional data instantly not just in the retail outlets, but in the central ERP system too.
- E-commerce is indispensable for retail, which is why ERP tools now come with e-commerce integration. Like PoS machines, e-commerce integration allows the ERP software to get access to real-time data about transactions. This data can then be used for inventory management, demand forecasting etc.
- ERP allows retailers to analyse customer trends and past sales. It gives you insights into what products have been popular and what haven’t, which helps you in deciding which product you should promote and which you must discard. The various factors associated with sales, like pricing, discounts, sales offers, etc. can be improved with ERP.
Expand ERP is India’s best-fit cloud ERP software for mid-sized manufacturers in the Retail industry.
Expand ERP software offers the best-fit cloud ERP software for the optimal business efficiency and revenue growth of your manufacturing business. We provide ready ERP solutions for sand retail businesses. From our long standing experience of over 15 years we have realised that an ERP that is best compatible to your business will give you the best ROI.