What is Retail ERP Software?
Retail ERP (Enterprise Resource Planning) software is a comprehensive business management solution created specifically for the retail industry. Its predominant function, integrating business processes from procurement to sales into a unified system, provides businesses with a holistic view of their operations. It helps streamline workflows, enhances decision-making, and improves overall efficiency. The success of retail companies, from small clothing shops and mom-and-pop groceries to large home depots and supermarkets, is bolstered thanks to this software.
Benefits
Managing retail stores is incredibly complex due to diverse operations, inventory, and compliance issues, especially for large enterprises. An ERP solution can simplify various workflows, making it an invaluable tool. Here are the top three reasons for companies to consider leveraging this technology:
Boosted Workflow Efficiency
Data silos and poor visibility result in inefficient processes. By providing all departments real-time access to data, every personnel can do their tasks better. For instance, warehouse staff can go through the digital inventory of what the shop has and what it needs to procure through any mobile device, making this job easier and faster.
Improved Financial Management
Retail industries rely on accurate accounting for success. By automating tasks (e.g., invoicing, billing, and reporting), the company does not have to worry about cash flow issues. And with the help of analytics, they can audit their finances better and make improvement plans.
Enhanced Stakeholder Relationship
Businesses in this industry deal with people all the time, from suppliers and vendors to customers and potential clients. By centralizing data, companies understand what stakeholders need and how they can provide these. With this platform, overall retail management can be directed towards customer satisfaction and better relationships with their partners.
Key Features
While numerous applications help companies deal specifically with inventory, store audits, employee management, and analytics, comprehensive ERP for retail includes all those as a module. Check out its essential functionalities below:
Selecting the Right Retail ERP Software
The primary purpose of ERP software for the retail industry is to consolidate and speed up core business activities, including inventory management, order processing, customer relationship management (CRM), financial management, and more. The options described above can enable your company to manage all those workflows seamlessly. Take another look at the named platforms in this summary:
Retail ERP Software | Free Version | Paid Plan | Mobile App |
SafetyCulture | Yes | $24/user/month* | Yes |
Lightspeed | Yes | $69/month * | Yes |
NCR VOYIX Counterpoint | No | Contact for pricing | Yes |
Erply | Yes | $39/month * | Yes |
RELEX | No | Contact for pricing | No |
Brightpearl | No | Custom quote | Yes |
Retail Pro | No | Custom quote | Yes |
* billed annually