5 key Benefits of Using ERP Solution in Retail Industry

Over the past ten years or so, retail industry has seen rapid growth. Despite that, only a few retailers have been able to achieve the profitability they had vision for. According to a research over 85 per cent retailers were not meet their imaginative vision. But WHY?

As an industry grows, so do the problems to manage it. A large number of retailers encountered myriad challenges, and the key challenge is managing the sub-sectors efficiently to increase the profits.

ERP is the right solution for retailers to manage the resources with ease. But, it’s just one benefit of ERP solution; here are 5 key advantages of choosing ERP solutions in retail industry.

Customer Management – Customer is everything

Without a loyal customer, no business can succeed, but at the same time, the fear of losing your loyal customer is always there.  ERP solution plays a vital role in customer management and retention.

It analyses customer’s data such as their purchase history and active customers. On the basis of information, it enables you to understand your customers behaviour, thus you can create custom offerings for them. Also, it enables you to solve the customer’s grievances in a timely manner.

Point-of-Sale System – A step ahead

Forget about the traditional sales methods, Point-of-Sale (PoS) system would keep an strong eye on transactions happening in any retail outlet. The foremost advantage of PoS is – the system automatically feed all the transaction detail into the system, eliminating human error and saving your time.

The new ERP tools come integrated with PoS machines (both hardware and software) to take your business one step further.

Employee Management – One stop to manage various geolocations

Do you have retail stores spread over various geo locations? ERP lets you manage employees of all locations from one stop. Whether you have a small team or a huge number of employees, you wont face any challenge in managing them with ERP solutions.

It comes integrated with an employee management system and most of the vendors offer the mobile solution as well. It stores essential employees’ details including shift timings, work hours etc.

Inventory Management – Track the stock

Inventory management is one of the critical tasks because both excess inventory and inability to meet the demand can lead to financial losses. ERP’s inventory feature stores all the details of your entire inventory including the product category to individual product details. It lets you track which product is about to run out of stock and which is about to expire. Also, on the basis of your customers’ behavior analysis, it can predict the demand rise or fall of any particular product in the near future. This enables you to modify your order according to the forecast.

Sales Analytics – Make better decisions

What decision you should make to improve sales? This question arises multiple times in a year, whenever sales go stubble or retail industry boils down. ERP can help you here to make better decision.

Using the ERP analytics, you can track customer’s trends and past sales. This insight lets you decide what products have been in demand and what haven’t. Accordingly you can introduce some offer on that particular product to promote sales. On the other hand you can discard the least popular product.

Enterprise Resource Planning Solutions: What Is The Future?

ERP software, at the starting phase were designed to offer enterprise wide solution for all business tasks with one application and one data repository, nevertheless at present ERP is headed towards another way & might begin appearing pretty different in coming future. SAP & Oracle are the gigantic monsters of ERP industry & even these organizations have shown vivid indications of transforming their policy & planning to offer more practical solutions to their clients instead of adhering with the old theory of ERP software.

The transformation which ERP software looks to embrace in coming future is to have more comprehensive approach than doing efforts to resolve the issues of businesses with 1 application. In the endeavor of offering 1 application with all the functionality for all key business traits ERP software have turned out more strong and hence more & more intricate and pricey to execute. At present a lot of firms utilize huge enterprise resource planning software at their head offices & mini, simple to implement 2 tier software at work places, these software are from various firms hence many times issues with implementation and communications crop up, nevertheless firms tackle such problems since they are manageable & mete out much lesser expenditures & wastage of time as compared to implementing a huge ERP at every location.

Fabricated enterprise resource planning solutions with suite of applications where every application comprising deep functionality for a single business trait such as human capital management, customer relationship management, supply chain management, fiscal management etc with complete & effortless  integration facilities with other applicants is the next gen form of ERP. This provides user the advantage to switch onto ERP with stepwise approach & also doesn’t need commitment of all the human as well as monetary resources for ERP accomplishment. Such a suite would have more solution based applications & because all the applications would communicate with one data repository & would moreover be competent to interact with one another in real time in order that all the advantages of ERP software that were supposed at the inception would remain integral.

ERP solutions leaning and coined with more & more electronic commerce amenities & tools shall crop up in coming future. The accessibility of this feature in ERP software has made way for SMEs to make their existence felt in the international markets and so as to engage more & more users from this field, electronic commerce amenities will hold the main place in all the ERP firm’s advertising & developing techniques in future.

Hosted ERP, web computing, and software as a service were all launched so as to attract SMEs by offering cost effective and simple to use solutions. The time as well as dollars comprised with on premise ERP solution frightened SME for choosing ERP solutions regardless of its big advantages, with these solutions min IT infra is needed & extremely less time is required for implementation, this provides SME firms a perfect solution to use ERP advantages for developing their business.

Microsoft Dynamics NAV is quite famous as the most resourceful ERP. It has the raw power of Microsoft.

Top Retail Point of Sale Systems: 13 Biggest Benefits!

What do you understand by retail management point of sale software?

POS software at first referred to software applications developed to hasten sales till checkout procedures. Since the time of its origins, nevertheless, POS has enhanced to comprise a lot of features that it’s now more generally known as retail management software.

Nowadays, fine retail software could be anticipated to provide the below given functions:

·         Point of sale software

·         Inventory management

·         Automatic buying order formation

·         Automatic cost updates

·         Common ledger

·         Client tracking

·         Client follow-up

·         Electronic commerce

·         EDI

To assist you comprehend what a top retail point of sale systems could carry out for your business, here is TRG guide to the key advantages.

1.       Enhanced profits

No doubt, there is little bit investing in devoted retail software in case you are not going to get a ROI investment, and fine software has a lot of profit increasing capabilities.


2.       Lesser pricing faults

Leaving your employees to price products could bring about costing faults which cost you dollars. POS facilitates you to set and manage the cost of each product in your store, lessening such faults. It would also determine the real price of any discounts you pick to make, for instance how many more products you require to sell it in case you lessen the cost by 10%.

3.       Manage price points

Each product has a ‘magic’ cost point that enhances profits; however locating out what that cost point is could consume a lot of research. POS could evaluate your sale records and give you the perfect price for every product, which is the greatest you could go whilst still selling as more as you could.

4.       Minimize dead inventory and increase turnover

Do you actually understand what sells and what does not? You may have an unclear idea nevertheless POS could tell you accurately which products are going off the shelves and which are heaping up in your storehouse, facilitating you to point out not so popular lines & concentrate over those that sell rapidly, hence enhancing your money flow.

5.       Minimize staff theft

Individual logons together with everyday profit margin, management of inventory and cancelled sale reports imply any thefts could be marked right off the bat. And by making your staff knows about the inclusive competencies of your POS, they would less susceptible to attempt & steal from you.

6.       Important information

In case a line abruptly stops selling (or abruptly begins) it may consume you a while to find out. Nevertheless your POS would tell you right away so you could adjust costing to max. profit or lessen loss.

    

7.       E-check verification

Bad checks are still a major issue for retailers. Nevertheless associating your POS system to an e-check verification service could assist you lessen the damage carried out by bad checks. Checks verification services is displayed to facilitate retailers enhance their collection rate over bad checks to as many as 75%.

8.       Greater prices from suppliers

 By tracking any difference b/w sale volume as well as profit margin, POS could assist recognize what supplier deals you must be re-bargain! Displaying a supplier how much of his items you are selling is an important tool in assisting you obtain greater deals.

9.       Enhance your advertising

It is more cost effective to avail business from present clients as compared to go out and seek new ones, nevertheless are you carrying out all you could to make your clients to revisit your store time and again? Good POS could assist you with this.

10.   Sale letters to clients

After a sale with a thank you letter, info regarding related items or specific offers is a big way to obtain repeat business. Comprehensive purchase records together with expert, stylish letter generation could assist you keep in touch with your clients and have them visiting back for more.

11.   Automated mailings

Regular mailings (by post or electronic mail) facilitate you to carry out drip advertising, a tested technology in retail. Utilizing client segmentation you could ensure you aim for the correct clients with the correct offers & items.

12.   Reports

Monitoring various kinds of advertising campaign and ensuing sales could tell you what is functioning & what is not, facilitating you to find out what kinds of campaign work for which items.

13.   Customer relationship management compatibility

In case you already have a CRM system, your POS system could interface with it & facilitate you to store comprehensive sales info for each client.

If you are looking for retail software solution in Dubai, you can do a quick Google search. 

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