Major Trends in the ERP For Retailers to Watch Out For
8 Jun 2022
Innovative technologies have made their way into the retail sector and improving customer satisfaction has become the utmost important aspect of the industry.
According to Allied Market Research, the ERP for retailers market in Vietnam is expected to grow at a CAGR of 17.4% from 2018 to 2025. An increase in demand for ERP software among retailers to improve customer satisfaction and operational efficiency of their business and the advent of cloud-based ERP software has boosted the growth of the market in the region. Retailers are now focused on using innovative solutions and software including enterprise resource planning (ERP) software to automate accounting, financial planning processes, and human resources. Here are some of the most important trends in the industry.
1. Use of multichannel experience
ERP software has become a must-have among retailers. Since the software is a foundation for any retail company to automate their business operations and offer a seamless omnichannel experience. While some companies failed to adapt themselves and were rather slow to modernize, some newer brands have focused their resources online. The use of ERP software offers scalability and helps them monitor customer growth and business expansion. In the coming years, local fulfillment facilities and pop-up stores would become commonplace for online brands.
2. Social media plays a vital role
Social media platforms such as TikTok, Instagram, and Facebook are not only a way to connect with your friends but also a marketplace. Retailers have been slow to realize the true potential of social media but now are open to use these platforms to connect with target customers and sell their products through the interface of apps.
3. Sustainability is in demand
Customers are more aware of their impact on the environment and expect that the brands that they cherish have sustainability goals. Thus, companies now adopted eco-friendly packaging, manufacturing, and fulfillment methods to lure customers who are environmentally conscious. As consumers are concerned about the long-term viability of their habits, a brand’s sustainability goals would be a vital differentiator in the industry.
4. Artificial intelligence-based analytics
Artificial intelligence (AI) has now made its way into every aspect of the retail industry. From automation to AI-based software, every industry now relies on AI and machine learning and ERP is no exception. The AI-based analytical tools can analyze the colossal amount of customer data and improve the quality of results and efficiency of ERP tools.
5. Internet of things enabled tools
Having reliable, relevant information is key to a company’s success. As businesses have more than the workplace, they often face difficulty in connecting. In a retail business, there are multiple outlets of a brand and more than one manufacturing site. This makes it difficult in collecting data from the root level. However, the internet of things (IoT) enabled ERP software creates connectivity between multiple units and makes data processing more centralized.
Chief editor of review team at FinancesOnline
Chief editor of review team at FinancesOnline Alex Hillsberg is an expert in the area of B2B and SaaS related products. He has worked for several B2B startups in the past and gathered a lot of first hand knowledge about the industry during that time.