When it comes to the retail industry, there is one thing that is more important than anything else: customers.
Good experience equals loyal customers, bad experience equals lost customers. Since clients are your bread and butter, your goal is to keep them coming back for more and not to inadvertently send them to your competition.
NetSuite for retail allows companies to put the focus on customers through trends, forecasting, and data.
Thanks to dashboards, you have complete visibility over all KPIs, ensuring you’re in full control of customer service, sales, and inventory.
So, how does an ERP software lead you to better customer experience?
Enhance In-Store Shopping
While more and more consumers are shopping online, there’s still a strong trend of in-store shoppers that has continued. As retailers evolve their in-store experience, the need for better service has increased.
Customers who make the trek to your brick and mortar store, only to be notified upon arrival that you’re out of stock of the items they needed, will less than likely return.
NetSuite for retail ensures that your physical store always keeps up to date with inventory thanks to automated inventory management notifications. Additionally, should you ever run into the situation that you are out of stock, NetSuite’s dashboards are easily accessible to find out the nearest store that has specific items in-stock.
Implement Omnichannel Strategies
Whether you sell on Amazon, eCommerce, instore, or any other third party website, without a proper multi-channel strategy in place, it can get very complicated when it comes to returns, fulfilling orders, and purchasing.
NetSuite’s eCommerce integration custom solution, connects all marketplaces, no matter where you’re selling from. This allows you to keep track of all purchases, returns, and order fulfillments, anywhere, anytime, on any device within NetSuite.
Providing access to products and services across multiple marketplaces and channels improves the customer experience as you can serve different demographics based on their requirements.
It can be rather frustrating for consumers when the one thing they’ve been looking for forever is out of stock, with no indication of when it will come back.
It’s time to cut out manual data entry on order transfers and replenishments. This can be extremely time consuming when dealing with bulk transfers of inventory across multiple warehouses and retailers.
Thanks to an ERP system like NetSuite, retailers have a complete view of inventory (overstock versus understock) with the ability to decide where new stock should go or whether certain stock should be let go.
Automated processes ensure that all order transfers and replenishments are automatically updated no matter the location.
Inventory management is particularly important during peak consumer events (Black Friday, Cyber Monday, Christmas). Without an automated system in place that provides real-time inventory updates, you can easily lose out on profits and customers.
There are many things that NetSuite for retail can do to help you keep your customers happy and loyal. For example, NetSuite has capabilities allowing you to notify customers when items on their wishlist are back in stock.
Automatically triggered emails can serve for different types of campaigns and events that keep clients informed and up to date on everything that’s happening with your business.
We live in a time when consumers have high expectations. With Amazon Prime offering same day delivery, and groceries available for pick up one hour after ordering, we have been primed to get what we want when we want it.
Without an ERP platform, retailers will quickly lose credibility as they won’t be able to guarantee shipping times or keep track of warehouse inventory.
Therefore, an ERP for retail is crucial when it comes to shipping and delivering products on time. It automatically fulfills orders based on shipping prices, warehouse location, pricing, and store inventory.
Guaranteeing customers will receive their products on time.
High-Level Marketing and Sales
NetSuite ERP has both marketing and sales capabilities that provide users with valuable insights into top-selling products, units per transaction, shrink reports, sales per hour, sell-through figures, retail stock-ledger, and a multitude of other predefined reports, metrics, and KPIs.
Having all this data at your fingertips gives you the ultimate ability to make high-level decisions and understand what your customers are buying. Having accurate data will then help you market the right products to the right customers.
For example, customers who are known to buy pants on a monthly basis can be targeted with ads about shorts during the summer season to entice more sales.
Thanks to improved efficiencies and automated processes, all data from inventory to sales to purchase orders are updated in real time.
This makes decision-making much easier and faster thanks to accurate reports that are available on accessible dashboards. Operations, customers, finance, and more are all in complete transparency and tracked from beginning to end.
How does this improve customer experience? Well, within one unified platform, a retailer can stay focused on customer improvement and experience based on data from all departments.
Whether it’s B2B (business to business) or B2C (business to consumer), retailers can stay on top of invoices, products, and events. Everything is accessible within one platform. Companies can notify customers with automated emails, while sales can keep track of product cycles and forecast the upcoming year based on best selling products versus underselling products.
NetSuite for retail is key, for consumers at your store or even a merchandiser vendor in need of a long term relationship, NetSuite for retail is the key.