The retail business faces tough competition now more than ever. Most retailers have to sell wares online as well as in-store to compete with giants like Amazon. Also, customers now have higher expectations for retailers. Consumers also expect similar benefits—like free shipping, live customer support, price comparison and same day delivery—that they get from big names like Amazon and eBay. It can be difficult for a small retail business the stay competitive in this cutthroat market.
The key to succeeding as a modern retailer is technology. Software and tech like cloud can streamline your business and make expedited services possible. Small businesses, therefore, benefit the most from enterprise resource management software. Here are the primary
reasons why your retail business needs a fully integrated ERP system:
1. Keep Costs Low
Think of your business as a machine with a lot of cogs. Over time, these cogs can get rusty and overwhelmed and not turn as good as before. Getting an high-tech system therefore is like oiling these cogs. Management software can make keeping track of your inventory, suppliers and customers a piece of cake. You can significantly reduce the amount of money you have tied up in staffing and inventory with this software. Overall, you will be able to automate many tasks, which will save your business a lot of money on the long run.
2. Make Accounting More Transparent
Maintaining and managing the books at a growing company can be cumbersome. Your business may end up hiring more and more accountants to maintain good practices. You can make your accounting team lean and dramatically improve their efficiency with an ERP. This system can also make it easy for your accountants to comply with ethical principles and compliance practices.
3. Benefit from Cross-Platform Support
Does your business have a retail store as well as an online store? Many retailers with shops also sell inventory online on sites like Amazon. Managing all this manually can be extremely time-consuming and draining. ERP software can easily integrate all these different platforms where you sell inventory. You will be able to better keep track of sales, provide customer support and gather data. You will be able to connect your in-store point-of-sales system with your online store. This makes it possible for customers to place an order online and have it picked up in store. Essentially, the ERP software can act like a hub where you can oversee all the channels where business is conducted.
4. Provide Better Customer Service
Customer service is key to a successful retail venture, whether online or not. ERP software will make it very easy, affordable and fast for your company to provide customer support across several channels. You don’t even need to spend money on expensive phone centres. ERP software will make it possible to provide customer support online and via email. You will also be able to reach customers across multiple channels including online, email, and SMS text.
Above all, ERP software will make your retail business more efficient. It will reduce or eliminate many mundane time-consuming tasks such as data entry or filling out forms. You will be able to centrally manage your online and offline stores.