Important Features of ERP Software for Retail Business
Choosing the right ERP software is a difficult and important step to make it useful for your business. As every business operates differently, it’s important to find an ERP solution that works for your retail business where you need to be unique and customer-centric.
Let’s check the important features an ERP software for retail must-have. These features can help you choose the right solution for your business.
Retail business has changed over the years and continuously evolving with the latest technologies, systems, and channels. One important concept in the retail industry these days is omnichannel. It is more than just a buzzword and considered a way of life for retailers. It is an idea of offering a seamless shopping experience no matter which platform a customer is using and comfortable with. You can’t force customers to come and shop from just one platform, so it is important for your ERP to support all of your sales channels. ERP for retail must be able to update your inventory in real-time and update channels with relevant shipping information. Ideally, integration with various channels must be supported by your ERP vendors.
The ERP system you choose must come with a CRM module as standard so that you can deal with the customer-first approach in the retail sector. CRM systems allow retailers to understand buying habits and preferences of customers as well as how they interact with your brand. All this information gives you a record of all previous notes and interactions. It is very important and crucial to view ERP systems with a critical eye when it comes to CRM. Your system must have all the information related to customers when they engage with your brand online, by phone, or in-store.
Integrated Warehouse Management
Your ERP system must be integrated with one efficient and fantastic warehouse management system. Whenever you update the inventory during the inventory count, you will want these changes reflected across your sales channels and financial reports. While receiving inventory, this also needs to be reflected accurately.
Integrated Accounting System
Some ERP systems require you to manage your financial records and bookkeeping in separate systems like QuickBooks or Sage. This means records are siloed, preventing you from accessing records in real-time. It costs you valuable time and money when making important business decisions. It is good to have an ERP system that comes with traditional accounting features with every aspect of your business including sales, purchase, inventory management, warehouse management, and point of sale.
Your point of sale must be more than just a cash register. It should work in a similar way to the rest of your ERP providing all the relevant information including important customer information, product details, purchase history, and inventory availability. Your POS needs to be able to speak to your ERP or back-office system in real-time, at any time of the day.
Here are some of the tips that can help you choose the right ERP software for your organization in general.
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August 2, 2021