Share:
An enterprise resource planning (ERP) system is a complex software tool that helps a variety of organizations to manage their everyday business operations. From manufacturing units to e-commerce stores, everybody needs an ERP. Most ERP products have certain things in common. They help businesses do their accounts, manage backend administration, provide customer service with the help of a CRM module, and manage staff.
However, in recent years ERP tools have diversified and have started to cater to specific industries. Hence, it is common to find ERP products targeted explicitly at manufacturing, retail, healthcare, and other industries.
In this article, let's look at how a Retail ERP system differs from other traditional ERP systems.
Retail ERP works in real time to integrate various business operations and processes unique to the retail industry. It helps retail companies to streamline their processes and automate most of their manual tasks. It is important to remember and specify that a retail ERP can do almost anything that a traditional ERP does, but has additional retail-oriented features.
In recent years, retailers have had to bring a multichannel shopping experience to customers across brick-and-mortar stores, websites, and social media platforms. Retail ERP ensures businesses manage their warehouses and inventory in real-time so that order fulfillment takes place seamlessly across all channels. In addition, it also helps facilitate refund processing and implement loyalty management, generate reports and analyses, and process payments on point-of-sale systems.
In short, a Retail ERP is more than just a back-office tool that works behind the scenes. Unlike other ERP products, it actively helps retailers manage backend and front-end processes seamlessly.
Most retail businesses find it challenging to manage dispersed business functions – such as warehouse management, inventory control, replenishment, planning and forecasting, and customer relations.
A comprehensive ERP retail management software provides businesses with a single point of contact for all stakeholders while saving valuable time and resources, helping them make informed decisions, and eliminating the need for multiple solutions for different functions.
A robust retail ERP offers a complete overview of the business's functions and allows drill down to the SKU or item level.
A modern retail ERP provides retailers with advanced capabilities to manage and control all business processes, including supply chain, financial management, inventory, and accurate demand forecasts, and gain real-time visibility while seamlessly fulfilling orders and maintaining customer satisfaction.
65% of e-commerce traffic originates from mobile devices, and 53% of e-commerce transactions are carried out on mobile devices. Modern ERP tools like Priority Retail ERP help you control all your online and offline commerce channels and business operations from a unified interface to provide customers with a seamless shopping experience, online and offline.
Loyalty management is an essential aspect of the retail industry. Using a customer loyalty management solution will help retain customers who are often tempted to buy from your competitors. Priority Retail allows retailers to uncover their customers' preferences, customize and automate their POS processes, craft personalized promo campaigns, and apply cross-channel, cross-brand, and cross-vertical loyalty programs, all from a single, centralized cloud-based Head Office management console.
A unified retail ERP platform supports business continuity by remaining fully operational in both online and offline modes. Mobile POS terminals can remain entirely functional with no internet/electricity, providing the optimal solution for pop-up stores and other remote sales outlets.
Retail ERP is essential for efficient retail business management. It helps bring an omnichannel shopping experience to customers while ensuring that all backend processes run smoothly. Thanks to a unified database that is constantly updated, it is easy for retail stores to liaise with different stakeholders such as distributors, manufacturers, and importers.
Up-to-date information helps retailers to perform complex logistic operations seamlessly, all while maintaining a real-time overview of their business, contributing to enhanced customer satisfaction.
Head of Strategy and Retail International Markets
With extensive experience in product marketing, business development and product management, Moti has a proven track record of driving growth and innovation. He has held significant positions at CNext Ventures and Fundtech, focusing on financial services technology and corporate development. Moti's expertise lies in understanding retail market trends, and leading strategic initiatives. His leadership is marked by a commitment to excellence and a deep understanding of the dynamic nature of international retail markets.
Sign up for our newsletter to receive updates straight to your inbox.
To access the file, please complete the form below.