Why is Retail ERP Software Solution Important for Retailers?

April 7, 2020 in Accounting

Why is Retail ERP Software Solution Important for Retailers?

Owning a retail business is no small feat. There are a hundred things to take care of simultaneously to ensure that the business is running without complications and giving returns. As the business expands, retailers will need more than just record books to track the business. A software solution is the best way to streamline various business aspects and stay up to date.

Be it inventory, accounting, taxes, sales, or customer satisfaction (loyalty), everything can be recorded and updated in the software, on a single platform. From accepting payments through various methods to automatically generating reports, there is much the software can offer to retailers.

The interface is easy to use and understand. The various features allow retailers to access the information in the database with just a few clicks. Moreover, the software supports multiple languages. This makes it easy for retailers from any part of the country to use the software. Retailers do not have to be fluent in English or hire new employees to help them in tracking the business using the Retail ERP Solution software.

Let us take a look at some of the best features of the software that have been specially developed to assist retailers in improving the business operations and generating more profits.

  • Multi-currency
    • The retail business doesn’t have to be limited to a single country (or currency). Accept and make payments in more than one currency. Set default primary currency and convert the rest using the software. The amount will be added to the accounts and database by the software.
  • Sales and Inventory
    • Maintaining the inventory to sales ratio is quite important for the business to run without any interruptions. Especially when a retailer has stores in more than one location, the stock has to be monitored and moved from the warehouse to the respective stores as and when required. Placing orders for more stock on time is crucial to not keep customers waiting.
  • Accounting
    • Accounting is yet another complex business process that is time-consuming. Even a small mistake could prove to be fatal when money is concerned. The Retail ERP Solution tracks the transactions from purchases, sales, inventory, employee payroll, and other expenses to create a comprehensive accounting sheet. Retailers can check the overall financial status of the business at any given point in time.
  • Order Management
    • Sales orders can be generated and converted into invoices when they have to be sent to the suppliers or customers. Multiple orders can be clubbed to create a single invoice, with the taxes and other shipping (transportation) charges included.
  • Employee Management
    • Retailers can keep track of employee details with ease. The business generated by each employee, the sales processed by them, etc. can be recorded and assessed to analyze employee performance.
  • Customer Relationship Management
    • Customer Loyalty Programs are a major part of CRM. Apart from maintaining the customer database, retailers can send SMS or email alerts and plan exclusive reward programs to increase customer satisfaction.
  • Manage Franchise
    • Does the retail business have a franchise? The retail ERP software can help manage the various franchise heads, the purchase and sales prices, etc.

During the current Covid-19 lockdown, retailers already using the software are effectively managing the orders and inventory while ensuring that customers are being delivered with the purchases. They are taking care of retaining the stock levels, so that customer satisfaction doesn’t take a hit and push customers away from the business. Small and medium scale retailers can contact the software providers for more information about the retail ERP software and request a free demo today.