Retail ERP Software: Major Features and Top ERP Solutions for Retail Industry
Retail ERP Software: Major Features and Top ERP Solutions for Retail Industry
Enterprise Resources Planning or ERP system refers to a unique software solution that integrates all the data and the related processes of an organization. It is designed to facilitate the optimization of internal business processes in a company. Present-day, ERP software has become a competitive tool from large retail organizations to a small one.
ERP software uses a single database and allows different departments to communicate with each other. This system comprises function-specific features, created to interact with other modules like Account Payable, Accounts Receivable, Purchasing, Order Account and more. The ERP system for the retail industry holds an enterprises-wider reach that provides cross-functional capabilities to the organization.
Must-have Retail ERP Features
There are certainly major factors that you need to look for when considering a retail ERP solution. With that in mind, here we have listed here top features that you should have on your ERP requirements list:
Retail Workflow Automation
In the retail industry, the most important thing is to provide a consistent shopping experience, whether they are stepping into a brick and mortar store or ordering online. Here, the ERP system helps retailers to consolidate all online, brick and mortar, wholesale, phone and mobile sales into one single, easy to use the system. It can automatically route orders to the warehouse, update order statuses, highlight exceptional orders and reduce fulfilment costs per order with advanced workflow automation.
Multi-Location and Real-Time Inventory Management
When you use retail ERP, you will be able to easily maintain an accurate inventory through the automatic updates in all sales channels, visibility in different locations and the ability to perform frequent cycle counts. Besides, it provides a real-time and accurate view into your stock that assures you for quick replenishment of your top-selling items which help you in the phasing out of low-selling products also.
Integrated Warehouse Management
Reducing processing costs and errors is considered as efficient warehouse management and order fulfillment. Make sure to move your products instantly in and out of the warehouse management to get them into rotation instantly and to fulfil the order as best as possible.
The integrated warehouse management having an ERP system supports barcode scanning, inventory counts, and returned inventory while being fully integrated with your entire business. It also simplifies inventory management, sales order management, purchase, supplier management and more.
Multichannel Order Management
It is a fact that to deliver a fast and frictionless shopping experience, whenever and wherever sales are made, is vital to tackle the needs of the present savvy Omni-channel customer.
Whether you are selling your products online or offline or through wholesale- the retail ERP will help you manage everything within one centralized system for you, allowing you to focus on the experience and building strong customer loyalty.
The software also takes care of your e-commerce orders from channels like Magento, Shopify, eBay, Amazon, and BigCommerce, while retail ERP vendors also understand the advantages and market opportunities that can come with a brick and mortar store. Hence, it will probably come with an integrated point of sale system as standard as well.
The main concept is to make sure that all your orders can be automatically downloaded and stored centrally within your ERP system. If possible, look for an integrated point of sales that has no offline mode also.
Flexible Order Fulfilment
As a complex retail business, most probably you will use a myriad of different fulfillment options to satisfy the needs of your customer. Here, ERP software in retail equipped with multiple features to assist your unique process from drop-shipping, backorders, partial fulfilment and more.
You only need to select your primary and secondary warehouses to fulfil from and let your own process guide you, instead of limitations of one-size-fits-all legacy ERP software.
Native accounting describes an account where you know exactly what funds are owed to your suppliers and when they are due and also allows you to keep on top of your accounts payable.
ERP specially created for the retail industry eliminates the risk of paying duplicate invoices or errors caused by manual data input. Besides, it provides you the ability to capture the right discounts, enhance supplier relationship and boost productivity in the business.
Demand Planning and Inventory Forecasting
Today, customers get what they want, when they want it easily. If you are not able to provide that for them, they will not waste a lot of time going to your competitor. So delivering good customer services and tackling their demand at the right time in the right way is important.
The ERP software for the retail industry helps you to track past trends and for caste future 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, optimize inventory levels and also manage inventory movements.
Integrated Retail CRM
We cannot deny from this fact that in retail, the growth or failure of a company depends on customers. Customers can make or break your success. Retail ERP offers a dedicated customer management module that supports the vital factors of managing modern customer relationships. Also, it provides a truly integrated view of customers and supports you to overcome customer related issues.
Orders, emails and call notes are all logged against contact records and provide you with a whole history of each relationship and the ability to function as a coordinated customer-first business. You will get access to full order history and customer interactions, your team can easily unite their approach toward your customer, enhancing the customer service your company offers.
Returns are an inevitable part of the retail business. It means specialist retail ERP systems need to be flexible enough to assist how you wish to process each return.
ERP system helps you to bring the item back into the warehouse for instant resale or if the product has been damaged in transit. It can place the goods into a ‘quarantine’ location ready for review later.
These are the top features you need to look for while purchasing ERO software for your retail industry.
Best Retail ERP Software 2020
To help you find the best ERP solution, Startup City has compiled a list of top ERP software for the retail business;
- Oracle NetSuite ERP- Oracle NetSuite ERP is a specifically designed ERP solution for the retail industry. It can be used by startups, SMEs, Enterprises, Agencies and more. The major features of this software cover accounting, audit trail, asset management and many more.
- Tally.ERP 9- An amazing resource planning software, Tall.ERP 9 is available on Windows platforms. It features multiple tools and techniques to simplify the overall work process. The major disadvantage of this software is that it does not provide mobile support.
- MMI Xpert- MMI Xpert is major ERP software. It functions various tasks like budgeting, CRM, document management for the retail industry. The best part is that this software provides Onetime, SaaS payment methods.
- Expand ERP- One of the best ERP solutions, Expand ERP is another famous name in retail industry. It serves all businesses in the retail industry. You can buy these ERP solutions easily through monthly payment options or use its free trial.
- CAMS-Exact ERP- CAMS-Exact ERP is an On-Premises ERO solution. It is a perfect option for the retail industry that is looking to simplify their overall tasks. This software holds a wide assortment of features including Accounting, Audit Trail, CRM and more.
- Logic Enterprise- Logic Enterprise is another excellent ERP system. It is suitable for start-ups, SMEs, Agencies, Enterprises in the Retail industry. The best part is that this ERP supports the English language and provides customization.
- Ramco ERP- Ramco ERP is a quite famous and growing ERP solution for the Retail industry. It is widely used for startups, enterprises, SMEs, and it can be deployed on Cloud-based. The major features of this software cover CRM, HR and Payroll, Inventory management and more.
- PharmSoft- PharmSoft serves all businesses in the retail industry. You can buy this ERP solution through a yearly, one-time payment option with a free trial available.
- CRO- CRO is a unique ERP solution specifically for the retail industry. It provides fundamental modules like document management, inventory management, appointment management and more.
So these are the top retail ERP software for 2020. We hope you like the article, to read such more amazing content often visit our website. Also, subscribe to the Startup City Newsletter to get all the latest articles on your mail.