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What Features to Look for in a Good Retail ERP Software

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 What Features to Look for in a Good Retail ERP Software

Retail businesses across all industry verticals are required to fulfill the needs of a varied and immensely diversified customer base. Regardless of their size, retail establishments face quite a number of problems as they have to manage multiple facets of product requirements. Retail ERP software help businesses identify these varying factors, their challenges and assist businesses in preparing standardized processes to deal with all requirements through a single platform.

With a plenty of solutions available in the market, choosing a good retail ERP software can be quite a task. Here we’ve listed eight best known features to make the selection process supposedly simpler for you. Make sure your purpose-built software comprises all these.

Multi-Location Store and Warehouse Monitoring

Retailers require to move stock quickly in and out of their warehouses or stores to get them into rotation and fulfill orders faster. An efficient warehouse management system would automate the entire processes and substantially reducing the stock handling errors that are likely to occur, if done manually.

Retail ERP software integrated with warehouse management functionality supports barcode scanning, inventory count and stock movement tracking, purchase and sales order management, thus helping businesses save time and reduce processing costs.

Real-Time Material and Inventory Tracker

Effective inventory management results in delivery consistently, on-site stocks quality control, planned material movements, reduced pilferage, and much more.

Implementing an ERP software with inventory management module would provide you with real-time and accurate overview of stocks, across all your locations. This enables you to easily keep track of the most selling products, identify the trends, and perform cycle counts more frequently to ensure quick replenishment of popular and top-selling items, as well as support in phasing out of low-selling products.

Furthermore, if you have a tailor made inventory management system it would provide additional flexibility needed to manage stocks levels based on more detailed aspects such as size, colour, and other variants any product might have.

Proper Product Handling

Displaying the right mix of products at the retail stores encourage customers buy more and thus improves sales.

A retail ERP system with efficient product management feature would help you to optimize store layout, determine where to place products, and keep track of the arrangements in a much easier way. Having the right product display enable you to have your store items shelved in the way that give the highest change for a sale.

Robust Pricing and Discount Management

Prices and discounts are barely static anymore. In order to attract customers, retail businesses prepare multiple pricing structures with varying discounts and other similar options.

To maintain a dynamic pricing and discounts, you require an intelligent ERP software that supports this feature. A retail ERP with dynamic pricing features would be able to successfully track and update prices or offers available on products in multiple stores as well as manage different offers on same product categories. This would allow users t to manage pricing and offers based on location, customer, and product specific offers that would keep buyers happy.

What Features to Look for in a Good Retail ERP Software

POS Integration

POS systems automate billing and record the details of every sales transaction. This eliminates the risk of duplicate invoices generations and other errors caused by manual data input.

Retail management software integrated with the POS system, makes sales transactions hassle-free and fast, which reduces customers’ waiting time for purchase billing. All transactions get updated in the central ERP system immediately, providing real-time sales and revenue insights to the management for different retail outlets.

Rewards and Loyalty Programs Management

Rewards and loyalty programs increase returning buyers, improve customer retention, and therefore increase sales. Retail software with rewards and loyalty programs management functionality allow you to identifying regular shoppers, look into their shopping histories, and know their preferences. With the help of this data, the module enables you to tailor various types of member programs and promotional schemes for customers to build deeper relationships with them.

Well-Defined Customer Relationship Management

Retail customers expect a consistently connected and personalized shopping experience. Keeping this in mind, retail ERP systems include a dedicated module for customer relationship management to record and store every customer transaction.

With CRM integrated systems, you would be able to gain real-time insights into your customers’ data and use them to provide a more personalized shopping experience, every time they visit your store. Furthermore, this would strengthen your customer relationships, overcome customer-related challenges, and increase sales.

Effective Returns Management

Returns are inevitable in majority of retail businesses. This means retail management software must be flexible enough to support multiple return processes.

ERP systems with return management feature eases out the process of bringing back returned products to the warehouse for resale. If the products are damaged or faulty, then place the goods into a quarantine location where they are reviewed or discarded completely, if needed.

ERP implementation is a complex process and needs expert guidance. Focus Softnet can help you choose the ideal ERP system for your company that would provide your retail business with versatility needed to scale up and achieve sustainable growth.

Click here to get consultation or free demo and know more about our software and services.

 What Features to Look for in a Good Retail ERP Software

 

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