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Why NetSuite is Ideal for the Retail Industry?

Retailers across categories would agree with the fact that the customer is no more making a choice among few options, the choice is between hundreds of options. These options do not just involve brands, it includes products, categories, channel, pricing, promotion and medium.  A lot of this dynamism has been around for some time now, the pandemic just spurred this even more.  

Retailers struggle with attracting and retaining customers, keeping up with their ever-changing expectations, delivering a delightful shopping experience. They also need to be aware of supply chain related constraints. All decisions of retailers revolve around how to extend the right multichannel experience to customers, how to build customer loyalty, how to reduce the COGS, how to identify and execute the right marketing activities.  

NetSuite_for_Retail

As retail businesses expand with multiple outlets in multiple locations, it complicates business flows and processes even further. A good amount of their challenges stem from traditional stand-alone software that are not designed to accommodate & streamline complex workflows while scaling up. 

Only data and business intelligence can help Retailers respond to these concerns. 

what are the challenges retailers face while managing using POS systems?

Data Integration between outlets: A retail store or a restaurant business with multiple chains, would need separate POS system for each outlet that would record customer’s data, invoice details, payments, purchases, and other records depending on the business type. Integrating all these data across stores is a challenge.  

 Administrative hassles: A complete view of the entire business is possible only after integrating the scattered data across all functions and outlets. This means that staff must spend additional time in gathering, collating, and analysing these data.  

 Data Errors: Since data presentation involves manual intervention, there are higher chances of errors in accounting, inventory updating and such other data points.

Absence of complete visibility In absence of real time visibility of information like inventory, order, customer & financials, decisions with regards to inventory management, order- fulfillment, customer support will be ineffective and delayed.  

Siloed inventory & Order Management:  Traditional systems will contribute to siloed inventory & order management. This contributes to absence of order orchestration and inventory visibility issues.  

How can NetSuite support Retail businesses?

NetSuite has a deep understanding of retail businesses and the unique challenges across domains. NetSuite is designed and built incorporating the leading practices for retailers. It is built with a Customer Lifecycle Engagement process, more than hundred pre-built reports and pre-configured roles with business intelligence metrics and much more. NetSuite ties together the best-of-the-breed capabilities with extended ERP capabilities, offered at a competitive price point affordable for an emerging mid-market company without the need to venture into larger tier solutions.

Key Features of NetSuite Retail:

Instore POS: Offers a comprehensive Point of Sale system, that integrates with both back office & front office. NetSuite POS combined with the financial package offers an ideal solution in capturing those voluminous POS transactions. Get faster checkout with integrated payment processing, easy-to-use touchscreen interface and safe and secure transactions.  

It offers rich functionality & real-time visibility of inventory, customer order across both on-line & off-line channels, facilitating omnichannel capabilities. 

Order management: Manage orders from across channels like POS, web (eCommerce), mobile or kiosk, at one place. Get a real-time view on inventory from warehouses, stores, 3PLs and drop-ship locations. Easily manage returns and exchanges. Pursue intelligent fulfillment by channeling online orders fulfillment with the right warehouse or drop-ship location. 

Inventory & Supplier Management:  Get real-time inventory visibility, track transfers between subsidiaries or locations, track and manage inventory adjustments and their impact and audit current inventory positions at defined intervals. Through the supplier portal, allow vendors to interact with the business and let them access invoices and orders, track purchase orders for each supplier, prepare for incoming supply with delivery date management and setup KPIs to manage with success factors and compliance.  

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Ecommerce: Connect ecommerce with your operational business systems, maintain user experiences with responsive designs, manage with real-time inventory data displaying availabilities and much more. It offers optimized web stores responsive across devices, supports dynamic merchandising and multi-site and multi-country support.  Manage promotions and marketing with coupons and cross-selling offers too.   

Financials & Accounting: Supports accounting functions like general ledger, accounts receivable, accounts payable in real-time with drill-down capabilities to report better from financial statements, integrate vendor payments and optimize procure-to-pay, prebuilt tax compliance to process sale transactions and assess by summary financial reports for any part of the business anytime.  

CRM & Marketing: Get a 360-degree view of your customer across all channels, build customer loyalty through focused programs, define customer profiles with rich data for sales and marketing usages, target customers with personalized messages, manage customer service with fully integrated case and support tracking.

Why should Retail organizations go for NetSuite?

Single Commerce Platform: NetSuite offers an omnichannel shopping and service experience. Reduce your integration costs with a single cloud platform across front-end and back-end. Smoothens communication and integration with other applications, improving capabilities.  

360 Degree view of the Customer: Get a complete view of customer’s shopping activity, preferences, and design effective marketing campaigns based on the insights.  

Intelligent Order Orchestration: NetSuite enables omnichannel fulfilment with a centralized order management and get a single view of inventory across all channels and supply chain.  

Transforming In-Store Customer Experience: Offer delightful shopping experience with a modern POS solution that unifies the physical and digital experience perspectives. Give your sales associate complete inventory and customer information on their mobile to engage with customers more effectively, drive more sales and customer satisfaction. 

Metrics based Management: NetSuite equips your organization with dashboard analytics covering inventory and sales reports, expenses, marketing campaign ROI and get customized reports to your requirements. View all these statistics as KPIs, graphical report snapshots and trend graph in real-time.

How can the right NetSuite Implementation Partner help?

An award-winning software solution by itself will not be able to transform your business digitally. It takes a collaboration with a competent team to do that. In addition to selecting the best cloud ERP solution out there, it takes a capable team with expertise in NetSuite implementation across domains.  

A right NetSuite implementation partner would collaborate closely with the Retailer organization’s functional teams to understand processes and workflows, based on which processes would be mapped to the solution. This must be followed with extensive project planning and design reviews. A right execution approach with right training enables smooth transition to the new system. Once the project goes live, support and metrics evaluation help in delivering superior customer value.  

About ennVee

With more than twenty years of domain experience and presence over more than five geographies, ennVee has been assisting businesses in their digital transformation pursuits as their NetSuite solution provider. We serve a global clientele with ERP solutions consultation, implementation, customization, integration, and managed support services. 

Contact sales@kaladi.in  to know more about Kāladi Consulting and for a quick demo of Oracle NetSuite.

Request more information

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14 February 2022
NetSuite support services can be termed as the range of services offered to minimize...
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28 January 2022
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05 January 2022
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26 November 2021
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