Over the past ten years or so, the retail industry has seen rapid growth. Despite that, only a few retailers have been able to achieve the profitability they had a vision for. According to 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 of challenges, and the key challenge is managing the sub-sectors efficiently to increase the profits.
ERP is the right solution for retailers to manage resources with ease. But, it’s just one benefit of ERP solution; here are 5 key advantages of choosing ERP solution in the 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 the information, it enables you to understand your customer’s 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 a strong eye on transactions happening in any retail outlet. The foremost advantage of PoS is – the system automatically feeds 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 won’t face any challenge in managing them with an ERP solution.
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’ behaviour 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.
[responsivevoice] 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 a better decision.
Using 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.