The Indian retail market is the fastest growing retail industry in the world. It is the largest among all industries accounting to 10 percent of the country’s GDP and employs around 8 percent of the workforce.
However, due to exponential growth, this industry is facing certain daunting challenges like ensuring enhanced customer experience and loyalty, being part of the globally competitive platform, improved decision making, catching up with evolving compliances and so on.
Designed to optimize the business process of an organisation, today Enterprise Resource Planning (ERP) software has become a competitive tool for all retail business owners. The software uses a single database which allows different departments to communicate with each other, without having to maintain data at multiple locations. ERP systems comprise function-specific features that are interwoven such as Inventory Management, Warehouse locations, Inter-warehouse transfer, Order Entry, Accounts Payable, Accounts Receivable, Purchasing, etc. Retail ERP software suite has an enterprise-wide reach that offer cross-functional capabilities to the organization. ERP software market is gradually evolving in India. The overall ERP market in India is expected to grow at a CAGR of 25.4% by 2020.
Deskera’s cloud-based ERP system helps you in better time management, inventory management, customer management, and real-time data precision.
Here are the other benefits that Deskera ERP offers to the retailers:
- Retail Planning – It allows retailers to undertake planning activities as per the need of the situation. It focuses on the different strategies to be employed in order to help a retail store increase sales turnover.
- Store Operations – It helps streamline operations related to the store management function. The store operations are central to retail chains since market basket analysis, merchandising, inventory management, workforce management and much more is part of this.
- Inventory Management – Inventory often accounts for the highest proportion of the working capital as raw material, WIP and finished goods. This component of Deskera’s ERP enables retailers of all types and sizes to effectively manage the inventory levels and track goods. Inventory Management helps oversee the constant flow of units into and out of an existing inventory.
- Supply Chain Management – It manages the end-to-end supply chain for retailers. Shipping of products or materials dealing with potentially massive amounts of data scattered throughout the world, ERP systems can help ensure information stays interconnected and can be easily accessed by all relevant stakeholders.
- Customer Management – Customer management becomes easy with the automated processes for capturing customer data, preferences and activities with ERP for retail. Track and increase customer lifetime value with ERP for retail. Get new customers, identify your best customers, keep them engaged and build your brand.
Click here to read more about Deskera Retail ERP.
Other competitive benefits of ERP system include:
- Graphical User Interface (GUI) support – The GUI helps the users to interact with the software suite very easily.
- Optimum utilization of the resources – It allows retailers to utilize their resources in an optimum manner. This optimization subsequently translates into reduced costs and correspondingly high profits.
- Reduction in the overhead and excessive inventory – With real-time stock information a retailer can reduce the overhead and excessive inventory costs.
- Timely responsiveness – This integrated suite allows organizations to respond to any business constraints in real time. Thus, ensuring timely response to the customer demands.
- Integrated work environment – An integrated work environment throughout the organization that can be easily monitored and managed.
- Easy scalability and adaptability – Easy scalability options and smooth integration with legacy systems are some other benefits of ERP for retail.
ERP software is a key component of any successful business. The right ERP consistently delivers high ROI. This cloud-based retail software solution is implemented within the businesses as a long term strategic asset. The product is flexible, extensive and reliable. Additionally, the solution transforms the basic needs of a retail business into a functional application and helps you meet your business objectives.