What is Retail Business?
The retail business sells goods and services to customers through different distribution channels, such as stores, catalogues, and online stores. Retailers may sell various products, from clothing and electronics to groceries and home goods. Retailers typically have a physical location, such as a store or warehouse, where customers can come and purchase the goods and services. Retailers may also use various methods to reach their customers, such as advertising and promotions.
What is ERP?
ERP stands for Enterprise Resource Planning. It is software that helps organizations manage and integrate their business processes. It covers a variety of activities, such as inventory control, accounting, customer relationship management, supply chain management, and more. ERP systems automate and streamline the many processes needed to run a business.
What is Cloud ERP?
Cloud ERP is a type of ERP software hosted in the cloud, meaning that it is hosted on a provider's servers and accessed through the internet. This eliminates the need for a business to purchase and maintain its hardware, making it a cost-effective solution for most organizations. Cloud ERP also provides scalability, allowing organizations to add or remove users and resources as needed quickly.
Why is Cloud ERP essential for Retail businesses?
Cloud ERP provides various benefits for retail businesses, allowing them to manage their operations more efficiently and effectively. Cloud ERP enables retailers to track sales, inventory, and customer data in real time, giving them visibility into their operations and making informed decisions. Cloud ERP also provides scalability and flexibility, allowing retailers to add or remove users and resources as needed quickly. Finally, Cloud ERP enables retailers to integrate their systems with other external applications, such as finance, accounting, and HR, allowing them to streamline their operations.
NetSuite for Retail
Why is NetSuite the best cloud ERP?
NetSuite is one of the most popular cloud ERP solutions available today. It offers a range of features and benefits to help businesses succeed, including real-time visibility into operations, scalability, and cost-effectiveness.
NetSuite also provides a range of integrations with third-party applications, allowing companies to streamline their operations and eliminate manual processes.
Additionally, NetSuite offers a variety of industry-specific solutions, such as Retail, manufacturing, and eCommerce, making it an excellent choice for businesses of all sizes.
Why is NetSuite the best cloud ERP for retail businesses?
Forrester Research has estimated that cross-channel shoppers spend 30% more than single-channel shoppers. 68% of U.S. multi-channel shoppers prefer to buy from brands with a presence in multiple channels.
NetSuite provides a platform that allows retailers to take advantage of this trend, increasing their revenues while reducing operational costs and maximizing profitability. NetSuite is a complete system covering inventory, order management, in-store POS and eCommerce, CRM and marketing, business intelligence and financials.
NetSuite for Retail Provides:
NetSuite for Retail provides an integrated, comprehensive solution to manage your entire retail business. Customers gain a complete view of the customer across all channels and touchpoints. At the same time, retailers benefit from real-time inventory visibility across all channels, cross-channel order management and fulfillment, a full-featured and mobile-ready POS, powerful eCommerce capabilities on any device, central management of all pricing and promotions, marketing tools to target and segment offers, and easy customization for your specific retail requirements. And all at a lower cost and less hassle than on-premises retail systems.
1- Single platform across all channels
NetSuite for Retail provides a single platform that covers all business channels, from brick-and-mortar stores to web, mobile, and call centers. It provides complete visibility across the entire business and a single view of the customer across all channels. This allows retailers to serve their customers better while driving growth and profitability.
2- Complete Customer View
NetSuite for Retail provides businesses with a comprehensive view of their customers by connecting customer interactions across all channels. This is achieved through lifetime order history, targeted and personalized marketing and a complete customer view. With NetSuite for Retail, businesses can easily manage customers across all channels, helping to create a more efficient and effective customer experience.
3- Online Commerce
NetSuite for Retail is a comprehensive business solution to help retailers succeed in the digital economy. It offers powerful online commerce capabilities, optimized web stores for smartphones, tablets and desktops, multi-site and multi-country support from a single account, B2B and B2C web stores on the same platform, multiple payment options, dynamic merchandising, powerful search and guided navigation, and self-service account management. With NetSuite for Retail, businesses can leverage the latest technologies to deliver a seamless, personalized and engaging shopping experience for their customers.
4- Optimize Business Operations
NetSuite for Retail provides a comprehensive solution that helps optimize business operations and boosts efficiency. It offers multiple features such as GL accounts receivable, accounts payable, inventory management and fulfillment, time and billing, and purchasing. It also takes into account pick/pack/ship and drop shipment/special orders. Moreover, it has integrated FedEx, UPS and USPS shipping functionalities, enabling businesses to ship orders more efficiently. Businesses using NetSuite for Retail also gain access to business intelligence features such as single data sources from all channels, analyze results and identify trends in channels, suppliers and customer behaviour, measure marketing campaign effectiveness, role-based dashboards, real-time key performance indicators and direct drill-down. This helps them gain actionable insights from more intelligent decision-making organization-wide.
5- Transform the In-Store Experience
NetSuite provides an innovative POS solution that bridges the gap between physical and digital shopping, enhancing the in-store experience. With this modern technology, you can equip your sales associates with mobile devices that give them access to complete inventory and customer data, enabling them to engage customers more effectively, increase sales, and provide an enjoyable shopping experience.
6- Deliver Cross-Channel Functionality
NetSuite's single commerce platform allows you to provide customers with the convenience of purchasing products online and picking them up in-store, returning items bought online to a store, and ordering items in-store and having them fulfilled from any location. By leveraging this platform, you can bridge the gap between channels and meet the demands of today's consumers.
7- Get Closer to Your Customers
NetSuite gives you a comprehensive view of each customer, so you can deliver personalized service and create a memorable, relevant shopping experience. See what they have bought and how they interacted with your company, whether online or in a physical store. Personalize your marketing based on their purchase history and demographics.
Furthermore, customers can self-service by viewing their purchase history, reordering and finding answers to questions 24/7.
8- Engaging in Online Commerce Experiences Across All Devices
With NetSuite's SuiteCommerce platform, you can easily create a personalized and engaging online shopping experience for your customers across any device. Our simple-to-use tools make it easy to build a high-impact web store from the ground up. This web store integrates seamlessly with your business, eliminating the need to manually transfer orders from your web store to inventory, shipping, and accounting. You can take advantage of discounts, promotions, and tax and shipping charges for online and offline sales. In addition, NetSuite allows you to manage multiple web stores and catalogue businesses in one place and offers a global web presence with multiple language and currency options, plus built-in customs documentation for shipping.
Lovesac, after implementing NetSuite, said,
"We use NetSuite to deliver a holistic, omnichannel experience that drives customer satisfaction and repeat business while streamlining our operational business processes."