Best Retail ERP Software in 2024

What is Retail ERP Software?

Retail ERP software is one of the best applications for retail supermarkets billing and inventory management. It is fitting for all small retail businesses in verticals such as food, grocery, clothing, etc. For example, a grocery store can use retail software to obtain transaction data from cash registers. They can forward this data to their employees and let them know of products sold today. Additionally, they can also use this software to let vendors know about stock demand and volumes they have to ship.

Small Businesses need Retail ERP Software to: -

• Optimize business workflow & profitability
• Maintain a detailed database with all necessary documents and customer information accessible through one place
• Improve operational efficiency and modernize their inventory management
• Generate extensive reports about sales, purchase, and inventory, which help improve strategic decision-making.

What is Retail ERP Software?

Retail ERP software for supermarkets billing, hypermarkets, multi-storage grocery stores, e-commerce retailers and other similar businesses. It is a combination of software and hardware which helps to automate retail distribution business. This Retail ERP covered billing, pos machine, distribution, and Inventory management. It is an integrated business management tool that allows retailers to collate, store & manage data from their different functions at a single place. Best ERP software for Retail comes loaded with specific functionalities, making different processes efficient and result-oriented

Any retail business, be it a brick and mortar shop or an online e-commerce store, has a lot to gain with top retail ERP systems. Retailers who want to keep a track of sales and purchases, manage customer service through a unified platform, and seek further assistance across verticals, can gain a lot with retail erp software. Businesses can use retail erp software for managing inventory, account receivables, payments, feedback, online ordering, etc.

Modules of Retail ERP Software

• Retail Inventory Management

This feature enables retail businesses to effectively manage their inventory level and track goods. Retail inventory management is the process of tracking & managing the constant flow of units in and out of an existing inventory. Inventory for any retail business accounts for the highest proportion of working capital and includes the raw material, WIP and finished goods. With this module, one can easily manage stock, procurement, supply chain and logistics, warehouse, inter & intra warehouse transfers, stock planning and more.

• Retail Billing for Supermarkets

Billing invoicing is an important part of any retail business. This module automates receipt generation and helps in performing calculations, maintaining a detailed financial record for bookkeeping, and registering information about products sold/exchanged. Additionally, the billing & invoicing module helps in maintaining different elements of accounting such as tax registry, ledger, dues tracker, budgeting, bank reconciliation, balance sheet maintenance, etc.

• Retailer App for Sales Tracking & Reporting

A Retail ERP system keeps comprehensive sales records that help retail businesses in understanding sales status, demand & supply, products that aren’t selling and the most popular day/time when customers purchase more. This module works alongside the inventory management feature, by updating sales and inventory logs in real-time. Sales reports generated by these modules highlight products that need to be purchased and products that need to be cleared from the shelf, based on demand forecasting.

• Employee Management

Employee management is an add-on module that helps you keep tabs on your employees. Using this module, you can track attendance and shift timing adherence, as well as, assign tasks to employees. Hypermarkets & large-scale grocery stores are particularly benefitted by this module as they tend to hire in dozens and have many employees. Managing such volumes manually can be very tiring & time-consuming. With the employee management module, you can assign shifts to employees, maintain a detailed time-sheet, and keep track of employee leaves /absence in real-time.

• Retail CRM Software

A vital aspect of any retail business. CRM module assists businesses in improving the customer’s journey- informing them about events happening in your store and piquing their interest in your products & services. Using the CRM module, businesses can obtain customer feedback and better understand what customers like and dislike. Additionally, it helps in maintaining constant communication through promotional messages, emails, and texts. The goal of CRM, after all, is to keep customers happy, eventually, turn them into loyal patrons. After all, happy customers yield a better word of mouth publicity which results in more sales.

• Analysis

The analysis module helps in generating detailed customized reports. The reports generated shows you all the details in a synchronized manner - Product wise sales analysis, purchase analysis, stock summary, sales summary, stock aging & depreciation, etc. Additionally, these reports can be downloaded in PDF & Excel formats, as well as shared over email.

Features of Retail ERP Software

• Streamlined Store Operations

Supermarket software helps streamline operations related to store management by streamlining merchandising, inventory, employee management, billing and much more.

• Retail Planning

Best retail ERP systems allow retailers to partake in planning activities, as per the store need. It helps businesses focus on different strategies which would help them increase sales turnover.

• Ease of Product Transfer

Retail ERP comes with modules that allow you to transfer goods from warehouses to stores and between warehouses. Using the best ERP software, businesses can keep their stock level balanced across locations.

• Easily Manage Customer Data

Retail software can store all the data related to a customer- their name, contact number, address, etc. Additionally, you can use their purchase data to know which products are demanded more by a customer. Is the customer a frequent shopper? What is their average purchase value? Detailed information like this helps you formulate better sales strategies that include a customer loyalty program.

• Simplified Graphical User Interface (GUI) Support

GUI helps users interact with the software easily. Retail ERP’s GUI is critical to make retail management software popular with the not-so-technical industry users.

• Optimum Utilisation of Resources

Retail software helps retailers in utilizing their resources in an optimum manner. Optimization subsequently translates into reduced operating costs and correspondingly high profits.

• Reduction in Overhead and Excessive Inventory

The retail ERP system outlines your inventory cost and subsequently, lets you optimize it for maximum utility & minimum cost. Additionally, it can also be used to track additional expenses in your business, like stationery, lighting, etc. This allows a business to significantly reduce its overhead and reduce unnecessary costs to the company.

• Timely Responsiveness

ERP software for retail enables retail companies to respond to any business constraint in real-time and extend timely response to any customer feedback.

• Integrated Work Environment

It offers an integrated work environment which can be easily monitored and managed. All teams can work in a collaborative manner with the help of network infrastructure.

• Hypermarket

Hypermarkets deal with a lot of inventory spread across categories. Hypermarket retail ERP software helps in streamlining these different verticals effortlessly. The solution can also be used in supermarkets, as a supermarket ERP software, to serve the same purpose.

Retail ERP Software Solution Cost

The cost of Retail ERP depends on different factors, so the answer will vary by company. Most retail ERP solutions are priced on the basis of the number of users/licenses procured, implementation services, and deployment methods (whether you want a cloud-based or on-premises solution). Depending on the deployment method, there are specific factors that contribute to cost. These include license fees for on-premise implementation & setup, maintenance fees for upgrades, data migration (if any), training and set-up, customization costs, infrastructure upgrade, and other additional costs. In the case of cloud-based solutions, infrastructure fee does not apply as the software is hosted on a server.