Counter the retail industry’s future challenges with the best fit ERP software?

Uncertainty is the predominant worry in every entrepreneur’s mind. Amidst the resurrection from the economic slump what is the most challenging fact for most businesses is unpredictability of the future. The world has changed overnight, people have evolved mentally and are more conscious of spending their money. Buying just about what is needed rather than what is desired is the trending mindset. Consumers are being more rational in terms of buying and spending. Many brands are doubtful about how to move within the current retail landscape brimming with apparent unpredictability. The pandemic has caused an economic disruption worth many years in just a matter of months. Retailers must be prepared with digital shopping patterns to persist. More and more customers are going to opt for online shopping, contactless payment and delivery, even after the situation improves. At this juncture, the use of a best fit ERP software is highly recommended. It will help streamline, consolidate and organise your business systematically and bring order to chaos.

Common challenges faced by Indian Retailers:

1. With the rapidly changing profile of consumers the world over, it remains a challenge for retailers to keep up with shifting shopping demands. Shoppers today are more discerning and better informed about products and services than ever before, expecting a certain standard of shopping experience from retailers. This might be a global trend, but in today’s globalized environment, similar consumer trends may be replicated across most local markets too — including that of India.
2. Each local market has its own distinct characteristics to which retailers need to adapt themselves to stay ahead of the game. Processes and approaches which work in the home country of a brand, may not necessarily work as efficiently in other geographies. Local preferences, traditions, tastes and preferences, besides real estate dynamics — such as operating infrastructure and costs — have to be kept in mind to ensure a successful foray into a foreign market place.
3. Despite the structural challenges and bureaucratic bottlenecks that the Indian retail market suffers from, global retailers have been queuing up to enter and establish their footprint in the market, as they are aware of its potential growth opportunities. Growth has almost plateaued in most developed markets, providing little room for retailers to drive their business expansion amid growing competition across segments. The Indian market being largely underpenetrated, offers significant opportunity for growth — especially in segments such as F&B, fashion apparel, and luxury goods — due to factors such as an expanding middle class, rising disposable incomes, and a growing appetite for international quality goods and services among Indian consumers. The Indian market, however, continues to face significant challenges to growth in the form of inadequate quality retail real estate space, restrictive legislation policies, and infrastructure bottlenecks. These challenges tend to impede India’s retail story, and restrict the market from attaining its true potential.

The following pointers may help in delivering better shopper experiences and future-proofing their retail businesses.

It’s time to bring changes to familiar silos

Gathering customer data, reassembling customer relationship management systems and point-of-sale systems, and giving up siloed media-buying practices is a good way to begin. To beat your competitors, streamline your services to ensure a smooth customer experience. Expand ERP software features a best fit customer Relationship management system with which great customer relationships can be rebuilt.

Be tenacious and evolve

Luxurious spending according to desires are increasingly being replaced by only what is must-have. Smart shipping with same-day delivery and click-and-collect are swiftly becoming standard expectations. Changing customer perceptions and actions make constant evolution a necessity. Brands who use social media for customer engagement need to take it further by owning the purchaser journey through the social media channels.Retargeting old consumers or customers who have shown interest earlier is a good way to chase. Nowadays only awareness is not sufficient, one needs to be constantly reminded of the brand to break the clutter.

Reduce the challenges further with innovative ERP mobile integration

Tackling current retail pain points becomes easy by incorporating mobile ERP integrations. From in-store wayfinding to online orders and touchless payments all these mobile integrations form major parts of modern shopping experience. Retailers need to leverage mobile devices to make buying online, pickup in-store or delivery and contactless paying modes possible for customers to drive sales in the “new normal” situation. Traffic to stores can also be controlled by direct-response ads through strong mobile services.Expand ERP has come up with 5 innovative mobile Apps — Expand HR, Expand Sales, Expand WMS, Expand Service and Expand File Attachment.

Identify the potential of your omnichannel stack

Retailers who had already recognized the potential of their omnichannel stack had an early start when the world moved overnight into a complete lockdown state. Rebuilding retailers must focus on nurturing an omnichannel primary approach. Any challenges faced by them, whether financial or otherwise, will definitely pay-off in the long run. Features like maintaining a synchronous inventory with stores, AI-powered tools and chatbots and contactless payment for faster check-outs are becoming imperative by the day.

With the changing times, Ecommerce is the main star. Retail industry is soon evaporating into thin air. Now data and the power of the audience has gained primary importance. The most thriving retailers will be seeking to improve their customer touchpoints.

The only certainty in these uncertain times is that the retailers need to focus on customer experience at the centre and build all their innovations around it, whether technological or otherwise.

Expand ERP software is India’s best fit and most innovative ERP software for mid sized manufacturers in retail industry. We promise to ease your business processes to the optimum with our best in class technology while you can focus on the bigger goals. Expand ERP software provides Innovation, Integration and Intelligence to your business according to its unique needs which results in optimum ROI. Book a demo or ERP FREE TRIAL