These days customers have a lot of options when shopping. They can buy from stores, on their mobile devices, or on an e-commerce site. If your business is not offering your products online, in the digital marketplace, physical storefronts and through the social networks, you’re losing sales.
As an omnichannel retailer, your product, inventory, delivery, and customer support, needs to be consistent and interconnected across the board. However, these added sales outlets and demanding customers can put pressure on your daily operations and the current system. Without accurate product and inventory information, you’ll lose your customers.
Six Main Issues That Can Take Your Retail Business Down
When your business is expanding, your retail management system should have the ability to support the new channels. Obsolete retail technologies are not scalable and unable to support this new retail experience.
Here are six issues that can make matters worse:
- Inventory Issues – Glitches in inventory mean lost sales, unhappy customers and losing your competitive edge.
- Customer Service Issues – Constant or increasing customer returns, complaints, and replacements.
- Inaccurate Data Reporting – Can negatively impact your forecasting, sales, ordering, and inventory.
- Difficulty in Changing Business Processes – Dysfunctional processes will add stress to your front and back-office employees leading to poor customer service.
- Inability to Synchronize Your Systems – You’re losing money if your POS, stock, ordering, sales, and warehouse are not synchronized.
- Speed and Reliability of Delivery - You’re having issues delivering goods on time due to difficulties in finding the right transportation solutions for all your outlets.
Did you know that 40% of Fed-Ex deliveries go to homes? According to a study by Walker Sands, shipping is a significant incentive to online buyers. 80% opted for free shipping while 54% went with fast shipping. Same day delivery is up 9% over the previous year.
Having any of these issues in your business can tarnish your image and create substantial losses.
Have you considered upgrading your current retail management system with ERP capabilities?
Retail Management System (RMS) and ERP
ERP (Enterprise Resource Planning) is a retail management system that consolidates your business into one unified group. It takes care of everything your business needs including:
- Costing and product planning
- Sales and marketing
- Shipping and payment
Through ERP, store employees and management have access to the same information and functionality. It allows everyone to do their jobs more efficiently.
A fully integrated ERP system automates much of the daily processes in all departments.
Does Your Business Require RMS with ERP Capabilities?
It depends. Some of the indications are:
- Your system takes longer to reconcile your monthly financial statements.
- Your team has trouble keeping up with the order volume.
- Customer service and satisfaction are waning.
- Your inventory is mostly “ballpark” figures and generating accurate financial reports takes “forever.”
- You don’t have a fully integrated back-office.
- You multi-channels are disconnected.
If your company experiences one or more of these issues, it’s time to upgrade your retail management system with ERP capabilities. You’ll save money and increase sales through better efficiency.
3 Major Solutions That Will Save Your Retail Business
The retail management ERP software will consolidate multiple channels in a single platform. It provides a seamless shopping experience to customers anytime, anywhere.
- Consolidate your transaction and financial information into one single reporting tool. Your management staff, front and back-office can instantly access data from each store, online channel, and supply chain.
- Reduce inaccurate reporting because the entire system is integrated end to end from POS to purchase orders. Real-time information is available on demand.
- Increase customer satisfaction and reduce vendor disputes. Automated systems minimize overselling, handles returns, and manages purchasing based on accurate inventory and par levels.
There is one company that can offer you all these solutions for your retail business.
Brightpearl – Cloud-Based Integrated Software 'All Under One Roof'
This company provides a single integrated accounting platform and real-time inventory to automate the back office. With a cloud-based system, you and your team can access the information from anywhere.
They specialize in the retail and wholesale sectors. The system sets up in half the time compared to generic solutions such as QuickBooks, NetSuite, and Sage.
The platforms can simultaneously manage inventory, accounting, orders, customer relationship management (CRM) and fulfillment across all channels.
Here are some of the features:
Comprehensive Inventory Management - End-to-end order management tool that eliminates overbooking. You can create orders, view stock, process invoices and manage all financial transactions with the integrated accounting software.
Simplified Order Management - You have the option to create orders manually or automate the process. It integrates with all major e-commerce platforms like Shopify and Magento. The highly accurate inventory control ensures optimal stock levels. Filter information to discover what brands/products sell the best and in what channels. You’ll have real-time data to create improvement strategies to boost sales and customer satisfaction.
Automate Your Shipping and Fulfillment - The shipping management software feature supports customization and automation. It easily integrates with shipping fulfillment apps like Shipstation, Shipworks, and Metapack. You’ll have complete control over order prioritization and the shipping process based on customer, order date, and shipping method.
Usually, a retail company doesn’t have the time to set up and provide training for the new system. Brightpearl takes care of those issues by managing complete set-up and training.
Retail Consultancy Services
Brightpearl provides full service consulting in all areas of the retail omnichannel system.
Here are just a few areas they can improve your business:
- Inventory management
- API Integration
- Outsourcing your fulfillment to a 3PL
- Standardizing workflows for your team
- Multi-currency add-on
- Shipping integration
- Landed COG tracking
This is the best solution if you’re looking for a cloud-based integrated retail management system with ERP capabilities.
Can This Company Help Grow Your Business?
Brightpearl is not for every business. In fact, it is explicitly designed for omnichannel retailers and wholesalers. Their customers typically generate between $1m to $50m in sales of finished goods.
Chris Tanner and Andy Mulvenna started Brightpearl in 2007. After searching unsuccessfully to find the right software to help manage Chris’ global skateboard business, they formed the company. Today Brightpearl has over 1,400 customers in 53 countries. They have processed over $2.5 billion GMV.
Everything You Need to Run Your E-commerce Back Office
Book a free demonstration and try Brightpearl’s powerful automated back office software for free. They offer flexible pricing plans that are suitable for both small companies as well as large organizations. With a free demo, you can easily see if the features and functionalities will fit your company requirements. You’ll know right away if they can boost your company’s productivity and profitability. Need more info? Check out brightpearl.com.