Enterprise Resource Planning (ERP) software are integrated management software that helps to keep an eye on core business processes, usually in real-time and mediated by combining software and technology. They are specific business software that are built from the ground up and customized according to the specific needs of the user.
ERP software are generally used by retail businesses in order to streamline various tedious and time-consuming business operations and avail real-time stock data, pricing, loyalty discounts applied to products, etc.
Retail businesses involve a huge number of transactions on a daily basis both internally and externally. They have to deal with vendors and customers and also maintain records of all types of customers and transactions. Implementing an ERP software that is specially created for retail businesses will enable the retail companies to manage and sync all their data together without wasting a lot of resources.
‘Retail’ means thousands of different business models with thousands of different variations and the answer to ‘which is the best’ question is impossible to answer. It is difficult to offer a single choice software for the entire retail industry. It depends on various factors such as:
- Retail vertical – Food and Grocery, Fashion and Clothing, Restaurants, Hardware etc. (Currently there are more than 30+ retail verticals.)
- Number of stores – Single store or multi-stores
- Format of the stores – Linear or Hypermarket types
- Location of the stores – Same city or multicity locations
- Operations – centralized vs. decentralized purchase, etc.
- Size of the store – single store, small mom and pop store types vs. organized retail shops
To run a retail business effectively, you should choose an ERP software that has the ability to store the list of all products with necessary details. They should be able to not only deliver to you the necessary information through charts and tables but also notify you when the product is finished, expired, and required.
Few important features that you should look for in an ERP software for your retail business are:
- Product management (ledger creation)
- Inventory at each level
- Storage/ warehouse management
- Pricing of product
- Management of discount schemes/ coupons
- Barcode generator
- GST compliant (must for India)
- Integration with bank
- Management of Customer/vendor data
- Delivery management
- Expiry management
- Employee management
- Sales reporting and analytics
- Point of sale (POS) system
For most retail stores a POS system and an accounting system have become more mandatory. Stock maintenance and CRM, though not a priority, are gaining more importance.
There are tons of ERP solution providers for retail industry available in the market and which ERP solution is best for your business completely depends upon your business requirements. Given below is a list of a few top ERP software companies that provides ERP software for the retail industry in India:
- SAP
- ORACLE
- Netsuite
- Infor
- Microsoft
- Epicor
- Focus
- Sage
- RAMCO
You should do the appropriate research and compare the ERPs before choosing the one that best suits your requirements. They will definitely help you to gain more profit and reduce errors and time wastage.
PC Soft is a premier ERP solution provider in India. We offer you the perfect ERP software that are specially customized for your business.