Retail ERP Software: 15 Must-Have Retail ERP Features to Look For
Running a retail business these days can be quite challenging, especially if you have multiple retail stores across the globe.
Keeping track of stock movement, employee management, loyalty and discount program, bookkeeping, and other such tasks can be really tough, not to mention the stiff competition from online stores eating into your margins.
All these are enough to give you nightmares.
But wait! There’s good news!
You can streamline your retail store management, improve overall productivity, and make your customers happier, all while increasing your profit margin effectively.
The solution? Retail ERP software.
Forget about using spreadsheets because they just won’t cut it.
However, with so many options out there, finding the right retail management software can be a daunting task, especially if you’re in Malaysia.
That is why we have put together a list of 16 must-have features that any modern retail ERP software in Malaysia should have.
Let’s get cracking and find the perfect one for your business!
From wholesale and distribution industry?
Check out Top ERP Features To Look For In Warehouse Management System Today.
15 Must-Have ERP Features Malaysia Retailers Need In 2023
Multi-retail store management
Point of sale (POS) system
eCommerce
Multiple payment gateways
Sales commission tracking
Mobile compatibility
Complex pricing management
Customer loyalty program
Product configurator
Inventory management
Purchasing & supplier management
Customer relationship management
Purchase and supplier relation management
Automated accounting
Full integration retail ERP software
Sales reporting and analysis
- Manage multiple retail locations from a single platform, streamlining operations, and reducing costs. Multi-retail store management enables business owners to oversee inventory levels, track sales performance, and manage employees across all locations.
- Point of sale (POS) system ensures all the transactions, sales orders and payment processes are accurately recorded at all times, keeping your every retail store operating even if the connection breaks.
- Sell your products online through an eCommerce platform, reaching customers who prefer to shop from the comfort of their own homes. You can manage an online store, process customer orders, and track shipments too.
- Allow your businesses to accept payments from various sources (credit and debit card, online banking, cash). Multiple payment gateways provide an uninterrupted transaction process for customers, even if one server is experiencing downtime.
- Accurately calculate the sales commission even with a complex commission structure. Now, you can always record and track the sales commission faster, allowing correct and timely payout to your sales team.
- With mobile compatibility, you can manage your retail store operations on the go, providing you greater flexibility and control anywhere and anytime.
- Complex pricing management helps to accurately price a large number of products in your retail stores, ensuring all products are sold at the right price point and maximizing profits for the business.
- Set up a loyalty program to reward your customers such as discounts, free gift,s or cashback for their repeat purchasing, encouraging them to buy more and shop more frequently in the future.
- Set up a product configurator on your online stores to enable customers to personalize their purchases, giving more flexibility to cater to customers’ unique requirements.
- Real-time inventory management ensures you have the right products in stock in your retail store at all times, reducing the risk of stockouts, slow-moving inventory, and product wastage.
- Retailers can manage purchase processes and suppliers efficiently with the retail ERP system to keep all the purchase vendors' details, price lists, and others up-to-date as a future reference to save money and choose the best deals.
- With customer relationship management, you can interact with customers and better understand their preferences. And, you are able to tailor the offerings to meet their needs, improving customer satisfaction greatly.
- Automated accounting processes such as invoicing, payments, and reconciliations reduce manual data entries, saving up a lot of time and effort required in financial management and reducing human-prone errors.
- Retail ERP system that can integrate all retail business operations aspects, from sales to inventory to accounting into a single platform can streamline the overall retail business operations and make data-driven decisions.
- Business Intelligence (BI) converts the mountains of your retail business data from the retail ERP system into understandable strategic insights and performance metrics. So you can better identify market trends, and areas of improvement and make data-driven decisions with confidence.
In general, these features of a retail ERP system can provide various benefits to businesses in the retail industry, such as improving their operational efficiency, customer satisfaction, sales, and profitability. Contrary to popular belief, a retail ERP system is no longer a luxury but a real necessity, especially if you want to stay ahead of the competition and grow your business.
Also read: 6 Key Retail ERP Modules To Look For In Malaysia
From managing customer relationships and sales to inventory and purchasing to accounting and eCommerce, a reliable retail ERP system can assist you in every phase of your business and provide significant value to your operations. If you are still trying to decide which retail ERP system is best suited for your business, have you considered Odoo ERP?
Why consider Odoo? It has all the features we mentioned earlier and can undoubtedly provide you with the full benefits that you need for your retail business.