NetSuite for Electronic Retailers

Every retailer sees the need to have the kind of customer experience rivaled only by the likes of Amazon and eBay to succeed in today’s competitive online marketplaces. The benchmark of customer expectations has been set by online retail giants, and those who cannot meet them are struggling to grow their business and will stand the risk of losing on the same.

The right technology is always very crucial for electronic retailers to compete with the new business models. Today, technology performs a very significant role in attracting customers and understanding their behavior – from social shopping to highly personalized marketing. Growth and success are thus facilitated through effective technology-driven strategies across the business process.  

In this, NetSuite Retail Edition enters the fray, providing a comprehensive solution aimed at improving business strategy, profitability, and total operational efficiency for an electronic retailer.  

How do Electronic Retailers Struggle with the Mismanaged Business Process?  

Electronic retailers struggle with manual processes and inefficient technology. This may lead to bad customer experience and in turn stagnation in business.

The reasons for the mismanagement of business processes with electronic retailers include:  

• High Operational Costs and Inefficiencies: Resources, money and time spent on manual processes lead to failure in providing an efficient customer experience. For this, the business processes should be automated.  

• Lack of abilities to support cross-channel process: Most retailers struggle to deliver seamless cross-channel services, such as "buy online, pick up in-store" or flexible return options. Most retailers struggle to deliver seamless cross-channel services, such as "buy online, pick up in-store" or flexible return options. The incapability of businesses to provide online services for purchases from all over the world, lead to customer dissatisfaction. 

• Manual data transfer: Applications are not integrated and therefore not in real-time communication, hence it delays and creates errors in business processes such as accounting, inventory control, order fulfillment, and e-commerce.  

• Lack of visibility to key business metrics: With disjointed systems and old spreadsheets, the retailers struggle from arriving at clear figures about profitability, customer behavior, and product performance.  

Electronic retailing companies squander much of their time and resources in fixing the inefficiencies listed above and are still unable to enhance their business in the industry. However, with NetSuite’s integrated model, businesses can eliminate all these barriers and streamline processes via automation and real-time visibility into key business data.  

NetSuite Retail Edition  

NetSuite Retail is a fully integrated omnichannel solution that automates and streamlines the entire breadth of retail operations across every aspect of your business to enhance efficiency and performance.  

Benefits of NetSuite Retail Edition:  

• A real-time, 360-degree view of all customer behavior history across all channels and touchpoints.  

• A single platform to assist all channels in various locations. Access all your retail channels – online, in-store, and mobile – from a single platform.  

• A mobile-ready point of sale (POS) with all custom functions.  

• Access to all e-commerce activities from any device.  

• Simplify the way you handle pricing, promotions, and discounts.  

• Full-time visibility in inventory management.  

• Multiple channel order management and fulfillment.  

• Built-in marketing tools for a better marketing strategy.   

• Customization of the system according to the specific requirements of your business.  

• Easy to manage and less expensive than the traditional, on-premise retail systems.  

Features of NetSuite Retail Edition 

Comprehensive Financial Management 

NetSuite Financials provide real-time visibility over all the transactions across the business. Businesses can automate the process of the order-to-cash and streamline the buy-to-pay and record-to-report processes. As a cloud-powered platform, NetSuite enables live visualization of key, pre-built, easily customized financial reports, as well as insights into budgeting for expenses and asset management.   

Additionally, this allows businesses to make informed business decisions in addition to flexible revenue analysis of the customer, service, or product line. Finally, NetSuite reports the entire real estate life cycle and tracking from the acquisition to depreciation until those assets retire.  

Advanced Inventory Management 

NetSuite allows the optimization of stock levels by providing real-time visibility on all inventory in warehouses and stores. The platform thereby ensures that sufficient stock is available to fill the expected orders. Some of the features include:  

• Provide real-time visibility to inventory levels across different warehouses and stores.  

• Automated monitoring of stock levels.  

• Effective prevention of stock-out.  

• Manage item reorder points and preferred stock level according to sales trends.  

• Get real-time notifications when the inventory level falls below defined thresholds.  

Fully Integrated Order Management   

Focus on order management and meet customer expectations for purchase, delivery and return from anywhere while maximizing profits by maintaining a single view of products across all channels and distribution networks. NetSuite order management enhances the growing customer expectations for multichannel fulfillment while maximizing profits and optimizing materials.  

Holistic In-Store and E-commerce Experiences  

NetSuite allows retailers to create the most engaging, personalized experiences online across every device. The business platform is designed for organizations to manage and run fully featured web stores, automate and streamline orders and supply chain fulfillment, as well as give customers easy, timely access to accurate pricing, tax, and shipping.  

A fully-featured web store is added to the business and avoids the time spent manually moving orders from the store to the shipping process. Promotions and discounts are spread quickly and easily across the web, keeping taxes and shipping fees the same as online sales. 

Additionally, the system unifies the multiple management systems to one place- and enables a worldwide web presence, including different languages, various currencies, and built-in customs documents for shipping.  

Effective Customer Relationship 

The ability to get a well-rounded view of every customer to provide the most personalized shopping experience. One can design strategies for targeted marketing and lead to long-term customer relationships with the access to purchase history and customer behavior.  

In addition, it enables personalized marketing strategies based on the location and purchase history of the customers. The system also provides users a self-service option 24/7 to view their shopping history, re-order and solve their queries. 

Organize Marketing Campaigns and Promotions 

NetSuite gives retailers the ability to produce highly detailed, personalized marketing campaigns like email campaigns. This will help in finding new customers, promoting business and increasing sales. With closed-loop marketing, businesses can track ROI in real-time and have access to advanced promotional techniques such as multiple discount options, customer-specific discounts and targeted offers. 

Gain an Integrated View of the Business 

NetSuite combines transaction data from all retail channels, warehouses, and departments into one source. Invoice and expense data are shared from the Finance Department and Consumer Data to the Marketing Department. A unified view of sales, inventory, and customers enables better, data-driven decisions by staff.  

Why NetSuite for Electronic Retailers?  

Oracle NetSuite, the #1 cloud ERP, is more than just a software. It is a strategic partner committed to your long-term success. NetSuite, built using industry-leading practices derived from more than 20 years of collective implementation experience, is designed to deliver first-day value.  

Are you looking to enhance your business operations? Look no more! Jobin & Jismi, the certified NetSuite Alliance Partner, is here to help you through the processes. With more than nine years of experience, we can help you quickly scale your business on the NetSuite platform. Connect with our NetSuite experts now to learn how we could help you succeed in the competitive electronic retail landscape.