Are you looking for a centralized platform to efficiently manage multi-store retail?
While it’s true that most ERP software isn’t tailor-made for retailers in Malaysia, there are options available with modules specifically designed for retail operations.
These modules cater to everything from Point of Sale and Sales to Purchase, Inventory, and Accounting, empowering retailers in Malaysia to streamline their operations across all departments and stores.
With the modular structure of retail ERP like this, managing multiple stores across different locations become more efficient and effective than ever before.
In Malaysia, there are now affordable and easily implementable cloud-based multi-store retail ERP solutions like Odoo available, making retail ERP accessible to businesses of all sizes and types.
However, with countless retail ERP software to choose from, it can take time to determine which one is best for your business. That's why we have identified 5 key retail ERP modules that retailers in Malaysia are looking for today.
So, you can make an informed decision when selecting a retail ERP system.
Also read: 15 Must-Have Retail ERP Features to Look For
6 Different Modules of Retail ERP Solutions
If you're a retailer in Malaysia, it's essential to get an ERP system to cater your multi-store retail business.
To help you get started, we've identified 6 different modules of retail ERP solutions. These retail ERP modules can significantly improve operational efficiency, productivity, and cash flow in your retail business.
Let's dive in and explore 6 different modules that every retailer in Malaysia should consider when choosing a retail ERP system.
Point of Sale (POS)
Inventory management system
Financial management system
Procurement management system
Sales management system
Point of Sale (POS)
If you are running a multi-store retail business, getting a good retail POS system for your cashier is a must.
The best retail POS system will keep your data accurate and record all transactions, cash registers, and sales data without being disrupted by a weak internet connection. So, you don’t have to worry about data loss when comes to analysis and forecasting.
Nowadays, mobile payments are all the rage. A retail POS system that accepts a variety of payment methods, including mobile payments could really help! As you can ensure your sales go on without any hiccups.
Also, whether you are operating a grocery store, supermarket, convenience store, eCommerce, or others, remember to look for a retail POS that is flexible enough to meet your needs.
Inventory management system
Keeping track of inventory is crucial for any retail business.
A retail inventory management system can help you oversee the entire supply chain, from ordering to delivery to sales. It ensures you always have the right amount of stock by tracking and managing inventory levels in real time.
With a perpetual inventory management system, you can analyze inventory demand and make informed decisions on when and what to reorder and replenish.
This is super helpful for avoiding overstocking or understocking that causes excess inventory costs or lost sales, which can really hurt your bottom line.
So, if you are running a multi-store retail business make sure to consider investing in a retail ERP with an inventory management system.
Financial management is a must-have module in your retail ERP system to automate financial processes including accounts payable/receivable, general ledger, budgeting, and more while keeping you in line with regulatory compliance.
With real-time visibility into accurate and up-to-date financial report (profit/loss, balance sheet, cash flow statement, general ledger, etc), the financial management module enables you to make informed decisions about cash flow, profitability, and financial performance.
And the best part? It gives you insights into where and how to reduce costs and increase profitability in your multi-store retail!
So, invest in a retail ERP system with a Financial management module for your multi-store retail. And, you will have all the tools you need to manage your finances with ease and achieve your financial goals!
As a retailer in Malaysia, you can rely on the procurement management module of your retail ERP system to handle all your purchasing processes in your multi-store retail effortlessly.
From managing vendors to tracking purchase orders, the procurement management module provides a complete set of tools to streamline your procurement operations.
With real-time access to procurement data, such as vendor details, delivery lead time, and pricing, the call for bid process becomes a breeze. You can easily make informed decisions to choose the best vendors to work with.
Automating purchase order approval workflows is also vital to prevent fraud and avoid excessive purchasing that could affect your inventory flow.
If you want to optimize your inventory cost and levels, procurement management module is essential for your multi-store retail ERP system!
Having a sales management module in your retail ERP system is crucial. It automates and speeds up your overall sales process.
With the use of quotation templates, you can issue quotations quickly and accurately. You just need to choose the quotation template, and the fields will be filled in automatically for you.
Sales management modules also allow you to set different prices for different customer segments, giving you the flexibility to reward your customers to keep them coming back for more.
Plus, the customer portal feature in the sales management module allows customers to track their delivery status on their own without the need to contact your sales team
Opt for a retail ERP system with the above features to cater to your sales process and eases the workload of your sales team!
Since the COVID-19 outbreak, eCommerce has become increasingly popular in the retail industry. Many businesses in different sectors like fashion/apparel and food and beverage industries are now selling their products online.
Amazingly, eCommerce is beneficial to both customers and businesses.
Customers can shop online to find products they are interested in and check product availability easily, saving them the hassle of going to physical stores and returning empty-handed.
For your business, eCommerce creates another cash flow channel from different locations, increasing customer reach. Moreover, the sales cycle can be shortened, and the sales force reduced.
When choosing a retail ERP system for your multi-store retail business, don’t forget about eCommerce modules. It can give your multi-store retail business a boost that you never thought possible!
For efficient multi-store retail management and supply chain management, a comprehensive retail ERP system should include 6 key modules for retail business which are point of sale inventory management, financial management, procurement management, sales management, and eCommerce which we had discuss in the above section.
At Onnet Consulting, we understand that your retail business may face unique challenges and have unique requirements. And, that is why we are here to provide you with a retail ERP software solution to address your needs. Contact us today and let us help take your business to new heights.