Let’s face it… customer expectations are evolving.
While basic consumer data was once all it took for a retail business to establish themselves as leaders in data-based marketing, customers now expect a retailer’s omnichannel shopping experience to be perfectly attuned to their unique preferences, buying habits and individual path-to-purchase. These elevated consumer expectations can be difficult for retailers to meet without the help of an Enterprise Resource Planning, or ERP system with equally evolved capabilities.
It takes a completely integrated retail operation to effectively respond to the modern customer’s demand for a faster, more accurate and completely personalized buying journey. Perhaps this is why, according to recent data from Forbes, 44 percent of supply chain leaders are enhancing their ERP systems to gain greater visibility across their enterprises.
Let’s investigate the methods which adept retailers are employing to advance and integrate their ERP operations in order to create an omnichannel shopping journey that’s perfectly tailored to each of their unique customers.
Synchronicity Across Company Branches
In response to increasing customer expectations, retailers are working with expanded ERP systems which encompass even more branches of a company’s business functions. This enables them to synthesize back-of-house processes, such as inventory management and accounting, with their Customer Relationship Management (CRM) systems to provide customers with pertinent, real-time information throughout their path-to-purchase. This translates into faster product availability updates and more accurate reporting.
In addition, the data pulled from CRM systems can also be used to create relevant targeted messaging campaigns. Keeping this in mind, a report from Forrester revealed that 84 percent of companies admit that the accuracy of their marketing data is one of their top weaknesses. When a retailer fully integrates their ERP system, however, the system automatically updates customer data through their POS. Beyond this, modern ERP systems can facilitate a retailer’s ability to segment and target customers who have made past purchases with their company by using data-based insights drawn from customer behavior such as past purchases, browsing history, and interaction with the brand to create a personalized marketing campaign.
Shorten Implementation Times
According to Panorama Consulting, the average mid-size company’s ERP implementation time is 14 months. This is a broad span of time in which that company is not getting the benefits of having a functional ERP system and this lag time can lead to both lost profits and back of house errors.
However, retailers are awakening to the benefits of using an ERP system that is created for their particular business model. Opting for a retail-specific ERP system instead of a catch-all shortens implementation times so that retailers can see faster ROI and eliminates the inevitability of paying for an all-encompassing ERP system where they are charged for multiple capabilities which they don’t use.
Using an ERP system such as Brightpearl that is built specifically for retail use can help business owners get set up in under a third of the time it takes to implement other, wide-spectrum ERP systems:
"With Brightpearl’s support, we got set up in just 24 days; automating several time-consuming processes and putting all of our orders and inventory in one place. With Brightpearl up and running, we spend far less time on admin and have more flexibility with our resources." - Kasia Konwinska, Managing Director, Arthauss Furniture
This means retailers don’t have to pay or wait for the implementation of over-generalized technology and pay a lower cost for ERP ownership – instead offering an alternative business integration system which is focused on one specific area of expertise.
Simplification Leads to Profitability
Forbes reports that 44 percent of supply chain leaders are enhancing their ERP systems’ functionality and integration in order to create greater visibility across their enterprise and supply chains, as well.
While a complete system overhaul is a daunting prospect and often unnecessary, Brightpearl offers retailers the ability to keep the elements of their business that are working while only switching up the parts that need a little renovation. What does this mean exactly?
Clients can keep the connections and solution providers that they’ve built relationships with over the years while enjoying building new partnerships where necessary, thanks to Brightpearl’s thriving partner ecosystem.
It is more essential than ever for retailers to personalize their customers’ omnichannel experiences in real-time with a fully-integrated ERP system.
Brightpearl helps retailers streamline every aspect of their operation - from product updates, to accounting, to CRM and more – so that they can create a more exciting retail journey for their customers and immediately begin to increase ROI.
Learn how Brightpearl is helping retail businesses like yours achieve a 25-35 percent increase in annual growth by connecting with a Brightpearl representative today, and begin the important process of integrating your business’s omnichannel operations for maximum cross-platform profitability!