Importance of ERP Software For Retail Business, Industries

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In today's blog section we would be explaining to you what is Retail ERP( Enterprise Resource Planning ) all about, and how retail  ERP is so crucial for retail shops around us. Not just big companies make efficient use of this software solution but even mid-sized companies and small-size businesses, retail shops make excellent usage of these advanced Retail ERP solutions. So, let's put on the seat belt as we are now about to begin our journey on this rollercoaster of knowledge. Sit back, grab your coffee mugs and enjoy!

What is the scope of the Retail Industry across the globe?

Gone are the days when the consumer used to go to the shop and buy products like soaps, toiletries, food products, pharmaceuticals, clothes, shampoos, kitchen products, utensils, etc. The retail industry itself is worth 10B dollar business today across the globe, this so far remains the most lucrative gambit and business. A decade earlier no one thought that the FMCG ( fast-moving consumer goods ) can ever overtake the IT ( Information Technology) sector, with the With the advent of more resources and capital, the human population almost tripled itself in a decade make the desires and consumption spike. The sky  Rocketing demands of retail goods sparked global demands across the retail sector and rise to a new insurgency in the retail world. Today, you would hardly see people in urban cities going out and buying products. They prefer to shop online with the help of mobile applications. Order is placed, it is then shipped to their address, and payment is received. This is almost 87 percent of retail shopping is made online.

Also, in a recent survey by Bloomberg ET - " The future of Retail industry will magnanimously change by the year we reach 2050" Retail industry is anticipated to be the biggest contributor in the GDP of the Indian Economy. So, from this, we can rightly conclude the massive amount of potential this sector has. And thus the need to make applications, websites, software for the retail industry is a must.

So, to make the process easier and smooth, to make the customer and the dealer relation more systematic and integrated, Retail ERP software solutions are used on a large scale. Much advanced Retail ERP has been effectively launched in the market but none of them have matched the standards of Tritan Advanced ERP software solutions.  The customized integration of Tritan retail ERP is even endorsed and adopted by global retail giants. Our state of the art Retail ERP solutions ensures our customers are systematically managed your retail operations are operated smoothly.

The first fundamental question is what is ERP (Enterprise Resource Planning) all about?

ERP stands for ( Enterprise Resource Planning ), It is an integration of various core and ERP software is composed of various characteristics to organize and manage fundamental and crucial business functions: Accounting & Financials, Sales, CRM, HR, Manufacturing, Supply Chain, Services, logistics, distributions packaging, and more. Each of these features, sometimes called modules or applications, usually focuses on a single business function. ERP integrates these processes into a single system to connect every aspect of a business.

Let us first start talking at the most fundamental level when we talk about,  an ERP system that engages the core and quintessential business processes of an industry such as procurement, manufacturing, supply chain, finance, CRM, Sales, HR, Marketing, Communications, legal, distribution, packaging and many more department in one unified system of operation.  Nonetheless, elusive  ERP uses the latest and sharpest technologies, such as IoT, machine learning, and AI, to embed business intelligence, gain real-time visibility, and deliver extraordinary understandings with the seamless user-based experience across every facet of a business.

What is Retail Enterprise Resource Planning (ERP)

Retail ERP is an ERP system that is specifically designed for retailers, which means it supports the essential modules required for your unique technology stack management.

To understand why retail  ERP is, it’s crucial to first understand all the core processes needed to run a retail business. There’s order management, manufacturing, accounting, human resources, and myriad other spokes in the wheel of a retail business.  At its ultimate basic level, Retail ERP integrates or connects the numerous various spokes that make up the back-office operation. While they are complicated, Tritan retail ERP systems create a shared database that supports considerable functions used by several business units - ultimately enabling employees in different areas to have access to the same information for their particular needs.Tritan Retail ERP also involves giving you customized relation management solutions for handling your day to day customers, products, bills, taxes, and other accounting-related stuff.

Why is Retail ERP Important for My Retail Business?

Whether you are a retail business owner or planning to start a retail business then you must make yourself aware that managing a retail business involves a lot of departments such as HRM, product development and management, supply chain, distribution, logistics, payment gateway, and public relations management, etc.

Retail ERP ensures that all of the above-mentioned departments are working in tandem with others. From the moment the product is bought to your retail store to the moment, it is shipped to the customer. That is the details of the purchased product along with its details of manufacturing and expiry dates. The shipment involves the address of the customer along with the location. The payment gateway consists of the payment facilities that is cash on delivery, credit cards, debit cards, visa cards, etc. All this has to be integrated into one core software to ensure its effective management and operation in any retail business.

Additionally, many retail businesses need a point of sale system to manage their in-store sales. However, a traditional retail  ERP will need to connect to a third-party POS system to achieve this desired functionality. This adds yet another step to your implementation plan and potentially affects risks when it comes to the flow of data between the two systems. Whereas, with a retail ERP, a point of sale module is usually included as standard, equalizing the risk of siloed systems, or worse, siloed data.

How retail businesses are running profitably with Tritan Retail ERP ( Enterprise Resource Planning )solutions.

With more and more MNCs organizations, startups acquiring Tritan Retail ERP ( Enterprise Resource Planning ) software solutions to make their retail business thrive and survive. There are numerous customers which come to your retail shop or customers some customers prefer to buy products from your digital shop i.e websites, apps. Or if you are running an online E- pharmacy, involving thousands of medicines to be shipped at different locations, and with over a network of 1000+ delivery staff, so now for managing such hefty operations that involve such businesses Tritan ERP is a must.

Who Needs Retail ERP Solutions?

- Business involving retail stores such as Reliance mart, Big bazaar, MOR, Vishal Mega Mart, etc.

-Business involving Pharmacy stores,  Digital pharmacies, clothing stores, Food selling stores, Ice cream stores, clothing stores.

-Business involving Retail  Ration shops, Food mills, cash crops stores, flour mills, wheat mills, sugar mills, etc.

- Also, large-scale enterprises where retail production of goods take place,  such as factories and plants.

Killer Merits of Tritan Retail ERP( Enterprise Resource Planning ) Solutions.

1) Reliable Business Information

2) Better Inventory Management

3) Integrating Multiple Channels

4) Enhance Operational Efficiency

5) Automate Sale & Payment Recording

6) Augment Customer Management

7) Effortless Pricing and Discount Management.

Conclusion:

Tritan Retail  ERP ( Enterprise Resource Planning )is a leading global provider of industry-specific Retail  ERP solutions for manufacturers and distributors. Backed by deep industry expertise and driven by a commitment to customer service, Tritan ERP delivers best-in-class, end-to-end industry solutions built on the market-leading platform for small and midsize enterprises, SAP Business One, etc.

Tritan Retail  ERP solution generates reports based on the data compiled at the POS. These reports illustrate extensive insights on sales trends, peak sales hours, highest and lowest-grossing products, customer retention rates, and the like. With a compact view of these statistics, retail business owners would know what they are performing is the most promising, and what needs to be remade. They can give rise to well-informed industry judgments such as merchandising, replenishment, marketing strategies, and much more.

Tritan is one such retail ERP solution that gives all these advantages and a bunch of additional key features to multiple retail outlets all across the globe and enables them to revamp their retail business and thus increase their profits. Tritan retail ERP is made with empathy towards your business and dedication towards your organization's goals. Call us today to give you a free demo of our retail ERP software. Tritan solutions would love to boost  your retail business!