While traditional retail slowly loses traction, more and more companies are looking elsewhere to stay competitive.
That being said, staying competitive doesn’t refer to innovative selling techniques and creative products. It really is all about finding the right technology that enables companies to handle the demand as business grows.
An organization may have the best products on the market, but without an enterprise resource planning (ERP) system to help manage operations - purchase orders, financials, inventory, supply chain - they will quickly fall through the gaps.
NetSuite for retail is designed to scale operations as an organization grows, especially at a time when more and more retailers are moving online.
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Quickbooks vs NetSuite: From Start to Scale
When most companies start out, they turn to the logical choice: a starter system that provides them with the basic backend necessities without breaking the bank.
For example, QuickBooks is a great starting point to get a business off the ground as it manages financial aspects like account payables and receivables.
However, as companies start to expand, basic functionalities are no longer plausible and executives go in search of ERP systems that can keep up with operational demand.
If business operations are becoming overly complicated, and spreadsheets have become the main source of data, it’s time to scale up.
NetSuite ERP for retail is an ERP system that is completely adaptable to your unique business objectives. Not only will you have a 360-view of your operations, but automation functionalities ensure that departments can easily share information and data across multiple areas.
And if a company ever decides to expand operations internationally, they can easily consolidate financial data through automated key processes and keep track of country-specific regulations through OneWorld.
Transform with Cloud-Based NetSuite
Over the years, eCommerce sales have increased two-fold. As technology modernizes, so does human behavior. Consumers are realizing that they don’t have to leave the house to get their shopping experience.
In fact, most consumers might agree that the online shopping experience outweighs that of going into a brick-and-mortar store.
On that note, if consumers are going digital, retailers must as well. A cloud-based ERP system can accommodate retailers looking to transform.
For businesses that are stuck on a starter system or for those that are experiencing growing pains, NetSuite’s cloud-based solutions have your back. Retail-specific customizations and configurations allow companies to add new marketplaces, geographies, business models, and brands.
A single source of truth is all within NetSuite’s unified system, which offers insights into customers, inventory, sales, financials, and much more. It’s flexible and scalable, so companies won’t have to worry about switching to another platform in a few years. It grows as you grow.
The best part? Every year, as NetSuite upgrades, so do configurations and customizations. No more organizing appointments with IT to get that legacy system up and running after updates.
Streamline Operations with NetSuite Integrations
There’s no avoiding it, retailers are taking the plunge and going digital. This digital transformation strategy is occurring throughout all industries in order to stay relevant.
Legacy systems are no longer cutting it, and to keep up with the ever-changing consumer demand retailers must have an online presence.
While ERP platforms, like NetSuite, are known for being accounting software, there is much more that meets the eye.
NetSuite is not only developed for financial management and operational processes, but it also ensures that a company is in great shape when it comes to selling online.
Whether it’s an eCommerce store on Shopify, Amazon, Walmart, or any other third party application, an organization can easily monitor purchase orders, add outstanding fees, and settle transactions.
Retail companies can maximize sales thanks to automated storefront to back-end processes between NetSuite and Shopify as well as access critical information on sales orders, product catalogs, fulfillment, payments, and returns.
NetSuite eCommerce is perfect for retailers looking to increase their revenue through multiple channels, while specific integrations - Shopify to NetSuite - are the ideal solutions for retailers who have one specific webstore.
Transaction Management
Depending on the product or service offered, many retailers have peak selling seasons. For example, swimsuits, outdoor furniture, and pool accessories are in much higher demand during the spring and summer seasons.
If this is the case, without ERP software, companies will quickly lose out on revenue since high volume orders can strain business systems that aren’t equipped with proper functionalities to handle high demand online.
Not only that, but system delays will cause issues in the backend as well as the frontend, which typically appears as website errors to customers.
NetSuite for retail companies is a solution that handles high volumes, providing guidance with reports and data to help businesses understand their transaction line before it hits the limit.
Inventory Forecasting
There is nothing more inconvenient than unsold inventory at the end of a season. Not only does it impact profitability but it can cause real headaches for storage.
When implementing an ERP system, it also means having access to customizations and modules that specialize in forecast inventory. With the ever-changing environment of customer and supply demand, this is particularly invaluable to companies who haven’t been able to stay in control of their inventory.
With inventory forecasting, retailers will waste less money on inventory management and instead keep inventory at a reasonable level.
In other words, they can use historical data and reports to figure out what inventory sells versus what doesn’t and use that knowledge for future decisions.
Inevitably saying goodbye to overstock issues.
The fast-paced retail industry is constantly changing, but that doesn’t mean you can't keep up. Implementing NetSuite ERP secures your foundations so that you don’t have to update systems every few years.
Once you have solid operational processes in place, focus can be placed on more important tasks, like inventory management, production lines, and customer service.
Contact our team today to learn more about NetSuite for retail and how you can scale your operations.
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