Digital Transformation manifests the advancements of technology by migrating complex and lengthy business operations into automation with accuracy.
Digitalization leaves no stone unturned to transform this traditional industry into a digital-first sector, and consumers are habitual of discovering products and services in new ways.
The sector’s growth urged retailers to adopt modern and progressive software to hold on to the competitive environment.
Transition in the retail industry is valued at more than $20 trillion, and constant innovation and technology adoption will let this industry expand enormously.
However, the retail business has several specific hurdles that might impede overall development and progress.
Retailers must consider other factors more than generating leads, retaining them, and gaining profitability to keep their business afloat. It entails expanding their consumer base through many outlets, monitoring inventory, managing supply chains, conducting marketing activities, etc.
From brick-and-mortar stores and retail web stores, varied customer bases, and comprehensive product line ranges, small businesses and large businesses – everyone requires ideal digital solutions to boost their ROI, optimize resources and maximize efficiency.
Oracle NetSuite ERP is the best cloud-based solution sailing the boat of the retail industry to reach out to the shores of success– in simple words – digital innovation helps businesses overcome their daily and future challenges and drive sustainable growth.
NetSuite ERP development services solve business challenges, here’s how?
A list of a few challenges that the retail industry face and solved by the NetSuite ERP custom development services are mentioned below:
Modern Marketing
Modern firms must reach out to potential clients via several channels due to the rapid developments in digital marketing. Email, social media, and traditional paid advertisements are examples of multi-channel marketing. Customers engage with one-on-one interaction that allows retail business owners to develop a trusted relationship with them.
NetSuite ERP custom development services enable retailers to get their hands on integrated CRM and facilitate omnichannel marketing functions. It provides a 360* view of the customer, i.e., complete insights into all online channels, in-store visits, live-chat conversations, call-center interactions, and potential conversions.
You can manage, measure, and analyze all marketing initiatives across all media in a single application. This software saves all the critical information based on past behaviors and current interactions with the marketing team. Through automated marketing campaigns, you can target the right audience at the right time with the right channel.
Managing Orders
Whether you’re a brick-and-mortar-based organization or an online retail store, or both, it doesn’t matter if you’re facing order management challenges. As for the retail industry – managing and tracking orders provides key metrics to measure business success.
NetSuite empowers your business with the powerful centralized order management system and provides a single view of stock available across locations. From placing orders, delivery, and returns, you can manage and track the whole process while increasing profitability.
Digitalization
Consumers are very persistent; they keep on shifting and adopting new trends in the market. The digitalization of businesses has made many consumers move towards the tremendous expansion of eCommerce.
Even though many transactions are conducted online, research suggests that customers prefer to purchase at brick-and-mortar stores in person. As a result, you should consider it an opportunity rather than seeing this as a sign of an impending catastrophe. Expanding your business to an internet platform is quite simple.
Using the SuiteCommerce platform by NetSuite, you can take your in-person shopping to digital shopping. SuiteCommerce is a very agile and feature-rich platform that quickly accommodates you with the current trends and evolves as per your eCommerce venture requirements. Here, you can achieve any of your marketing objectives – generate traffic, engage customers, convert potential leads, and improve online income.
Managing Financials
All sizes of retail businesses encounter the problem of accurately maintaining accounts and ledgers. Netsuite’s fully-integrated financial system streamlines the process of financial planning while ensuring asset management, cash flow automation, and applicable accounting standards. The system provides real-time, insightful data to make better decisions on improving business performance.
Keeping up with Latest Technologies
In the dynamic business world, technologies regularly evolve and update. Retail owners have endless options for choosing the right technology that fits their business needs and pocket. They need to thoroughly understand what features it offers and what results it could deliver.
One of the modern technologies that every business should adopt is Business Intelligence. BI helps make better decisions based on insightful information processes through this technology.
ERP solution is integrated with powerful Business Intelligence, which empowers you to deal with the whole functions and process the enormous flow of data so that it will give your critical measurements for making quick and fact-based choices.
Final Thoughts
NetSuite ERP delivers the ideal customer experience to overcome all the customer-centric challenges and optimizes your business process by reducing unnecessary costs with tailor-made features.
Acknowledging the benefits of NetSuite ERP is easy, but the deployment process is complex. You need to look for a NetSuite development company with experience and capabilities in implementing NetSuite development services into your existing business model.
Also, evaluate the after services of best web development company as it provides custom-made features as per your current and future business needs.
