How NetSuite Cloud ERP Can Solve Top 4 Challenges of Retail Business

Global retail business is valued at more than $20 trillion, and in the post-pandemic world, this exciting business niche is expanding at a rapid pace. 

 

Since more and more people are now venturing out, they are visiting retail outlets to buy clothes, groceries, food, accessories, gadgets, furniture, and more, and this means tremendous opportunity for the retailers out there, to maximize this boom in business.

 

However, there are some inherent challenges that the retail industry faces, which can stop its overall growth and expansion. 

 

Oracle NetSuite, having decades of experience in optimizing business operations for retailers, has introduced some stunning features and capabilities that empower retail businesses to overcome these challenges, and ensure consistent growth.

 

Here are the 4 biggest problems that retail businesses face, and how Oracle NetSuite is solving them:

 

Problem #1 Customer Acquisition & Retention

 

For solving the customer acquisition problem, Oracle NetSuite provides a highly advanced and feature-rich marketing platform, that enables retailers to target and acquire customers across different mediums. 

 

Based on the preferences, previous purchases, interactions, history, market trends, and demand, retailers can now create highly targeted email, mobile, and web campaigns, and roll out customized offers and promotions for acquiring new customers, and retaining existing customers, almost on an auto-pilot mode.

 

Problem #2: Optimizing Operations 

 

One of the biggest problems that retailers face is managing and optimizing operations in a way that ensures higher ROI, full control, and transparency.

 

Oracle NetSuite solves this problem by offering a single, integrated platform for retailers to manage their entire operations, and have full control over their business with real-time insights and data. 

 

Not only that, but retailers with multiple locations and outlets can deploy NetSuite to check inventory status, sales data, cash flow across all outlets and channels, via one single dashboard. On-premise retail management tools offered by Oracle NetSuite translate to seamless retail management, and up-to-date data about every aspect such as customer acquisition, sales, orders shipped, logistics, human resource management, and more. And yes, they can be customized as per, depending on specific business needs.

 

Problem #3: Unified Payments

 

Today’s retail business is spread across websites, mobile apps, physical outlets, tele-calling, and even post-mails. Tracking and monitoring all these channels for payments is a big headache for retailers, which is solved by Oracle NetSuite.

 

With fully-featured, and mobile-ready PoS solutions for retailers, customers can seamlessly make the payments via cards or cash, and it gets automatically updated in the main system. 

 

NetSuite also provides a powerful and full-fledged ecommerce solution for retailers, that enables customers to buy 24*7, 365 days a year, and easily make online payments for their purchases.

 

Besides, the retailers can make use of centralized management of all pricing and promotions details of their business, based on the outlet, brands, and even products, and this ensures that they are offering the right product to the right customer, at the right location, and ensuring the right payment in real-time

Problem #4: Customer Experience

 

Ensuring an amazing customer experience is paramount for any retailer, and Oracle NetSuite is present to solve this problem as well.

 

With a complete 360-degree view of all the customers, across all the channels, outlets, and touchpoints, retailers can understand their customers better, and offer them the right product, with the right pricing for ensuring retention and customer loyalty. 

 

Since Oracle NetSuite provides real-time inventory visibility across all channels, retailers can quickly make the orders for those products that are in demand and delight their customers at every step. As shared earlier, highly targeted marketing campaigns and customized promotions are the foundation based on which retailers can ensure top-class service and a delightful customer experience. 

And we have barely scratched the surface here! Consult with Inspirria, and find out how retailers can boost their business and operations with Oracle NetSuite, and ensure consistent growth and success.