Why a Retailer Requires ERP Software
- ERP (Cloud) August 27,2019
Today, most of the traditional retailers face increased competition from new retail formats such as e-commerce and web stores. Operate on tight margins have to deal with continually moving stock, the high number of employees at multiple retail outlets, discount, and different pricing applied to hundreds of products. Managing a retail business has become a tough job, and retailers need to streamline their processes continuously. Manual methods cannot handle all these processes. This is where a retail ERP software steps in. ERP software helps to work on every aspect in a reorganized way, which is according to the demands of the market.
An efficient retailer requires to keep everything in balance and satisfy its customers. He has to be on top of everything to improve sales and overall productivity.
Customer Management in Retail
In retail business, customers are the king, and you have to serve them to make their needs satisfied. That’s why it gets essential to get a customer management module by getting Retail ERP systems. Web based ERP helps the retailer to get closer to the customers and overcome challenges. This module lets you keep your customer's data safe such as shopping history, payments, and preferences. A retailer can quickly get to know their loyal customers and offer them loyalty cards, grade points, and special discounts, etc.
Now a day’s customers are quite demanding and conscious about products. It's essential to full fill their demands so that they do not switch to any other competitor of you. You need to be very active in terms of providing them excellent services and supply. Demand forecasting turns very important in such a case. Retail ERP software helps retailers in tracking past trends and forecasting the future demands of the customers. As every customer purchase history is being maintained, and it helps to check the trends, the customers are following. In this way, a retailer can estimate what they need to do for their customer's satisfaction. In this way, you can maximize sales, maintain customer satisfaction, and handle reduced inventory carrying costs through demand forecasting.
Sales and Reporting Analytics
ERP Software provides an actionable dashboard for stores’ sales, orders, and other data such as how much revenue retailer is making on each product. A retailer can quickly identify and focus on top money-making items. Helps to drive sales by identification of slow-moving inventory. The gathered information can lead to decision making whether to offload such inventory through offers and discounts or keep it in hand. Therefore, retail ERP systems with reporting, dashboards, and analytics in real-time is a must for retailers. In manual working, it's hard to keep a check on everything actively, and there is always shudder of errors. Making analysis might take a long time and possibly things get skipped
Integration of eCommerce with ERP
E-commerce represents the modern face of the retail industry. Online store nowadays needs of every retailer. However, maintaining it could be a difficult task if it is not integrated with the retail ERP software. Web store’s integration with ERP Software will enable to function more effectively as a business by reducing data redundancy and eliminating the scope of error, reducing operational and inventory costs, increasing customer satisfaction, increasing productivity, generating financial reports; thus, providing overall better control of the business.