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Guest Article: Benefits for retailers

Vivien Chan | April 11, 2012
Top 10 benefits that Retail Business Applications can bring to your retail business.

3. Configurable Open-To Buy (OTB)

 With retail business applications such as an OTB module in place, retailers can reduce markdowns and prevent overbuying. Retailers are able to define purchasing parameters based on customer demand data for a given sales period, and quickly establishing purchasing limits and adapting them as their business needs change. This helps retailers ensure that capital investment matches set limits for each product line. Better cost control through seamless integration between OTB and Purchasing systems - It allows retailers to take a more strategic approach to creating purchase and sales budgets to better align with customer demand growth goal. By facilitating more efficient assortment planning and enhanced purchasing control, it helps retailers achieve the right product mix for their customers, improving the customer experience and driving repeat sales.

4. Scalable In Size and Business

 The solution is designed to meet the needs of retail businesses of all sizes, from stand-alone stores to complex multi-store operations, able to increase capacity for tailoring replenishment based on specific business needs, and has the ability to manage a growing number of SKUs or locations in a scalable manner, which is a critical requirement for retail's forecasting and replenishment solution.

This single application architecture allowing retailers accessing most functions at the point of sale, head office, or both. The solution is also designed to scale linearly by adding incremental system resources as volumes grow; enhanced capability for creating channel-specific sales plan and manage sales budgets. Retailers now can configure according to the demand and build on their competitive advantage.

5. Optimising Inventory Management

ERP Retail business solutions help retailers ensure proper stock levels during regular price situations and promotions to avoid lost sales due to "out-of-stock" situations, or reduce over-stocks with correct forecasting on performance of a product or promotion. Retailers can effectively track sales by SKU and calculate turnover rates for a single item, merchandise category, or the entire organisation. They can now leverage back-office applications to centralise inventory and tracking for chain stores, catalogue operations, and e-tailing. Tracking items through the entire stocking and inventory process becomes possible, as does the ability to implement automatic price adjustments.

6. Better Merchandise Planning and Operation

 Merchandise planning is one of the biggest challenges faced by multi-channel retailers. Easy-to-use allocation and replenishment features help retailers get the right product to the right place at the right time. Retailers can make the right forecast by SKU, ensuring that the consumer finds the right product, at the right place, at the right time and the right price. The solution also supports end-to-end merchandising functions including optimising merchandising assortments, allocating products, providing planning and analytics capabilities and lastly, providing solutions to maximise value from promotions and price management. Other benefits of merchandise planning include reduced unplanned discounts and promotions, properly utilised floor space, fewer store transfers, and increased turns throughout the chain.


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