Retail ERP Software: Major Features and Top ERP Solutions forRetail Industry
EnterpriseResources Planning or ERP system refers to a unique software solution thatintegrates all the data and the related processes of an organization. It isdesigned to facilitate the optimization of internal business processes in acompany. Present-day, ERP software has become a competitive tool from largeretail organizations to a small one.
ERP softwareuses a single database and allows different departments to communicate witheach other. This system comprises function-specific features, created tointeract with other modules like Account Payable, Accounts Receivable,Purchasing, Order Account and more. The ERP system for the retail industryholds an enterprises-wider reach that provides cross-functional capabilities tothe organization.
Must-have Retail ERP Features
There arecertainly major factors that you need to look for when considering a retail ERPsolution. With that in mind, here we have listed here top features that youshould have on your ERP requirements list:
RetailWorkflow Automation
In theretail industry, the most important thing is to provide a consistent shoppingexperience, whether they are stepping into a brick and mortar store or orderingonline. Here, the ERP system helps retailers to consolidate all online, brickand mortar, wholesale, phone and mobile sales into one single, easy to use thesystem. It can automatically route orders to the warehouse, update orderstatuses, highlight exceptional orders and reduce fulfilment costs per orderwith advanced workflow automation.
Multi-Locationand Real-Time Inventory Management
When you useretail ERP, you will be able to easily maintain an accurate inventory throughthe automatic updates in all sales channels, visibility in different locationsand the ability to perform frequent cycle counts. Besides, it provides areal-time and accurate view into your stock that assures you for quickreplenishment of your top-selling items which help you in the phasing out oflow-selling products also.
IntegratedWarehouse Management
Reducingprocessing costs and errors is considered as efficient warehouse management andorder fulfillment. Make sure to move your products instantly in and out of thewarehouse management to get them into rotation instantly and to fulfil theorder as best as possible.
Theintegrated warehouse management having an ERP system supports barcode scanning,inventory counts, and returned inventory while being fully integrated with yourentire business. It also simplifies inventory management, sales ordermanagement, purchase, supplier management and more.
MultichannelOrder Management
It is a factthat to deliver a fast and frictionless shopping experience, whenever andwherever sales are made, is vital to tackle the needs of the present savvy Omni-channelcustomer.
Whether youare selling your products online or offline or through wholesale- the retailERP will help you manage everything within one centralized system for you,allowing you to focus on the experience and building strong customer loyalty.
The softwarealso takes care of your e-commerce orders from channels like Magento, Shopify,eBay, Amazon, and BigCommerce, while retail ERP vendors also understand theadvantages and market opportunities that can come with a brick and mortarstore. Hence, it will probably come with an integrated point of sale system asstandard as well.
The mainconcept is to make sure that all your orders can be automatically downloadedand stored centrally within your ERP system. If possible, look for anintegrated point of sales that has no offline mode also.
FlexibleOrder Fulfilment
As a complexretail business, most probably you will use a myriad of different fulfillmentoptions to satisfy the needs of your customer. Here, ERP software in retailequipped with multiple features to assist your unique process fromdrop-shipping, backorders, partial fulfilment and more.
You onlyneed to select your primary and secondary warehouses to fulfil from and letyour own process guide you, instead of limitations of one-size-fits-all legacyERP software.
IntegratedAccounting
Nativeaccounting describes an account where you know exactly what funds are owed toyour suppliers and when they are due and also allows you to keep on top of youraccounts payable.
ERPspecially created for the retail industry eliminates the risk of payingduplicate invoices or errors caused by manual data input. Besides, it providesyou the ability to capture the right discounts, enhance supplier relationshipand boost productivity in the business.
DemandPlanning and Inventory Forecasting
Today,customers get what they want, when they want it easily. If you are not able toprovide that for them, they will not waste a lot of time going to yourcompetitor. So delivering good customer services and tackling their demand atthe right time in the right way is important.
The ERPsoftware for the retail industry helps you to track past trends and for castefuture demands. The software centralized the entire process including sales,inventor, accounting, reporting data, and purchasing into one single system,you will be able to maintain the quantity of inventory on hand, optimizeinventory levels and also manage inventory movements.
IntegratedRetail CRM
We cannotdeny from this fact that in retail, the growth or failure of a company dependson customers. Customers can make or break your success. Retail ERP offers adedicated customer management module that supports the vital factors ofmanaging modern customer relationships. Also, it provides a truly integratedview of customers and supports you to overcome customer related issues.
Orders,emails and call notes are all logged against contact records and provide youwith a whole history of each relationship and the ability to function as acoordinated customer-first business. You will get access to full order historyand customer interactions, your team can easily unite their approach towardyour customer, enhancing the customer service your company offers.
ReturnsManagement
Returns arean inevitable part of the retail business. It means specialist retail ERPsystems need to be flexible enough to assist how you wish to process each return.
ERP systemhelps you to bring the item back into the warehouse for instant resale or ifthe product has been damaged in transit. It can place the goods into a'quarantine' location ready for review later.
These arethe top features you need to look for while purchasing ERO software for yourretail industry.
BestRetail ERP Software 2020
To help youfind the best ERP solution, Startup City has compiled a list of top ERPsoftware for the retail business;
So these arethe top retail ERP software for 2020. We hope you like the article, to readsuch more amazing content often visit our website. Also, subscribe to theStartup City Newsletter to get all the latest articles on your mail.
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