How To Choose The Right ERP Solution For Your Retail Business?
Are you getting real-time information and data from your retail customers? Is ERP unavoidable in the retail sector? The global enterprise resource planning market is expected to reach USD 65.2 billion by 2025, registering a CAGR of 8.66 % during the forecast period, 2020-2025.
Retail is one of the booming sectors and has seen growth with a vast transformation. From efficient inventory management to customer satisfaction and demands, various factors need to be taken care of. Even a minor error can lead to a disturbance of operations and disrupt the entire chain.
ERP (Enterprise Resource Planning) has massive popularity and allows you to manage the resources with ease and simplicity to streamline the operations. ERP is widely used in all industries and has the potential to fix almost all the problems and obstacles.
What is ERP?
ERP is a software that is utilized by organizations to manage day-to-day activities. All the activities such as accounting, inventory, supply chain management can be easily managed by ERP. A complete suite ties together business processes that enable the flow of data between them. Few of the business values of ERP are:
Improved business insight
How an integrated ERP solution can fulfill the needs of the retail industry?
1. Real Time Information
The customer pattern and information play the most crucial role in retail and, it can not be denied. Especially for large enterprises, it becomes difficult to synchronize the data across all the units which may lead to mismatch.
For example, A price change may not be uniformly regulated across all the units. This mismatch could lead to a delay in information propagation that in turn could delay the operations and loss of efficiency. A robust ERP system makes the most of its time and gives the most valuable feedback based on real-time data.
2. Inventory Management
For any business, small or substantial inventory management is particularly the most vital part because it allows you to keep up the demand in the market and helps you to keep a record of supplies. If you are unable to meet the demand of customers, it can lead to financial losses.
With the inventory management ERP solutions, you get a centralized system where your entire inventory, product details are kept. Also, notifications about shelf life and product expiry is displayed. Both understocking and overstocking can lead to losses. Moreover, Inventory Management ERP can make demand forecasts.
3. Customer Management
Building up trust in the customer is the most challenging task. ERP in retail plays a vital role in engaging customers and retaining them. This module helps the sellers to understand their customer preferences and buying habits.
It gives an idea to the retailer and enables them to get insights on how the customers prefer to engage with the brands.
4. Sales Analytics
Driving sales is what the entire retail industry looks for. You might take decisions that negatively affect your business. But with the ERP you have complete insights and know the customer behavior that ultimately saves you from taking any wrong step.
It allows you to perform analytics on customer trends and past sales. The various other factors like sales, discounts, offers, pricing could be improved with the ERP.
5. Point of Sales
A customer’s experience is to be maintained from the time they enter the store until they leave the store. Due to the long queues, customers drop the shopping cart near the billing counter. But Mobile counters and self-check-out kiosks help complete billing faster. An ERP software can smoothen all POS processes and thereby improve the customer’s in-store experience by proving a lower billing time.
Find the Best Vendor for your Needs
In conclusion, one can say ERP leads to the enhancement of performance. For retailers choosing the right ERP system can help you avoid troublesome tasks.
Finding a perfect ERP system can be a tricky task, and as ERP is the heart of the retail business, it is crucial to have infinite of necessary features.
jiWebTech offers smart and robust ERP solutions that seamlessly connects all your business applications and streamline all the operations. Our software solutions give you the freedom to control all your retail stores easily!