These days customers demand lots of options when shopping. They expect to have choices, from brick and mortar stores to online stores and social media outlets like Instagram. As an eCommerce retailer, you need to provide them with those options.
Everything in an omnichannel retail operation needs to mesh. Your product SKUs and descriptions, inventory, delivery, and customer support, must be consistent and interconnected across every channel. Each new sales outlet can put pressure on your daily operations and the current system. Without accurate product and inventory information, you’ll end up with unsatisfied customers.
As eCommerce business consultants, we’ve found a solution to the complex world of inventory and fulfillment management. Let's take a look at Brightpearl ERP and why it can save midsize and enterprise businesses massive bottlenecks and headaches.
Six Main Issues That Can Take Your Retail Business Down
Obsolete retail technologies are unable to support new retail ecosystems. A retail management system should have the ability to scale and support the new channels and must overcome these six issues:
- Inventory Issues – Glitches in inventory mean lost sales, unhappy customers, and losing your competitive edge.
- Customer Service Issues – Increasing customer returns, complaints, and replacements indicate a broken system.
- 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 - Difficulties in finding the right transportation solutions for all your outlets results in reduced on-time delivery.
Having any of these issues in your business can tarnish your image and create substantial losses. Upgrading your current retail management system with ERP capabilities is the answer.
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 across all departments.
Does Your Business Require RMS with ERP Capabilities?
It depends. Some of the indications are:
- The 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.”
- The back office is not fully integrated.
- The 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. The increase in efficiency and sales offsets the upfront cost.
BrightPearl Solves 3 Major Retail Business Issues
BrightPearl’s ERP retail management software will consolidate multiple channels into a single platform. It provides a seamless shopping experience to customers in multiple countries and currencies. Solutions include:
- Consolidates Transaction and Financial Information - Your management staff, front and back-office can instantly access data from each store, online channel, and supply chain from a single reporting tool.
- Reduces Inaccurate Reporting – Complete, end to end system integration from POS to purchase orders. Real-time reporting on demand.
- Increased Customer Satisfaction - Automated systems minimize overselling, handles returns, reduce vendor disputes, and manages the purchasing based on accurate inventory and par levels.
Brightpearl is Cloud-Based Integrated Software
With a cloud-based system, you and your team can access the information from anywhere.
BrightPearl ERP specializes in the retail and wholesale sectors. The system sets up in half the time compared to generic solutions such as QuickBooks, NetSuite, and Sage.
This ERP 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 - Create orders manually or automate the process. It integrates with all major e-commerce platforms like Shopify, BigCommerce and Magento. The highly accurate inventory control ensures optimal stock levels. Real-time data creates improved strategies to boost sales and customer satisfaction.
Automate Your Shipping and Fulfillment - The shipping management software supports customization and automation. It easily integrates with most shipping fulfillment apps like Shipstation, Shipworks, and Metapack. Gain complete control over the entire order prioritization and the shipping process.
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. Managing shipping and fulfillment is critical to customer satisfaction and repeat business.
Retail Consultancy Services
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. Together with our full-service marketing company, the two teams work together to generate a seamless implementation and post-launch growth support.
Brightpearl also provides full-service consulting in all areas of an 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
If you’re looking for a cloud-based integrated retail management system with ERP capabilities, Brightpearl is the best option.
However, Brightpearl is not for every business. It works best for omnichannel retailers and wholesalers who generate between $1m to $50m in sales of finished goods.
Everything You Need to Run Your eCommerce Back Office
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 and processes over $2.5 billion GMV.
Contact the eCommerce experts at Eventige for a free Brightpearl demo. Experience the features and functionalities with your team to see if it will fit your company’s requirements.