We understand the need for reliable, efficient, and versatile enterprise resource planning (ERP) solutions in the retail sector. The right ERP software can streamline business processes, enhance productivity, and boost overall revenue.
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Why are ERP Systems important for Retailers?
For retail businesses of all sizes, enterprise resource planning (ERP) systems are a game-changer. Here are some of the most critical reasons why:
- Consistent Information Flow: ERP systems ensure a seamless flow of information across various departments, potentially eliminating information silos that can hamper decision-making.
- Effective Resource Utilization: ERP software allows retail businesses to optimize the use of resources, leading to significant cost reductions and improved profits.
- Inventory Management: One of the most daunting tasks in retail is managing an inventory. With ERP software, you can easily track your stock levels and automate reordering to reduce overhead and prevent stock-outs.
- Real-Time Responsiveness: ERPs enable real-time tracking of all business transactions, allowing businesses to react quickly to customer demands or company constraints.
- Integrated Work Environment: ERP solutions offer an integrated work environment across the organization that can be easily monitored and managed. This ensures consistent application of policies and procedures.
- Scalability: As your business grows, your ERP system can adapt and scale along with it. This ensures that you can manage increasing volumes of transactions without sacrificing efficiency.
Top 10 Retail ERP Software Solutions in 2024
Now, when we understand the benefits of using ERP systems for your retail business let's dive into our top 10 best list of ERP for Retail list!
- Kohezion
- NetSuite
- Brightpearl
- Sage Intacct
- Odoo
- Method:CRM
- Oracle ERP Cloud
- SYSPRO ERP
- Flectra
- Epicor
1. Kohezion
As we start our list, Kohezion takes the top spot. As a player in the ERP market, Kohezion practices what it preaches with a focus on customizability and process automation, making it a recommended solution for large-sized retailers.
Why it Made the List: Understandably, Kohezion shines when it comes to its customizability. This quality allows the software to fit into any retailer's operations like a glove. It also allows for end-to-end automation, making stock, sales, and order management more streamlined and efficient.
Top 5 Features:
- Customizable dashboards and reports
- Real-time inventory and sales tracking
- Scalable for large volumes of data
- Integration with popular e-commerce platforms
- All-in-one project management tools
Five Benefits:
- Automation saves time and reduces human error
- Increased operational visibility with real-time tracking
- Easy to analyze performance with comprehensive reports
- Scalable to accommodate business growth
- Ensures seamless synchronization between in-store and online sales
Best For: Small, medium, and large-sized retailers who need a customized, all-in-one solution.
2. NetSuite
NetSuite is a definite contender in the ERP market. Known for its extensive set of features for advanced financial management and supply chain planning, NetSuite provides its users with the tools needed to accelerate growth and drive innovation.
Why it Made the List: NetSuite offers an all-encompassing cloud-based solution favored by over 28,000 customers worldwide. Its retail-specific capabilities include in-store POS, order management, CRM, business intelligence, supplier management, eCommerce, financials, inventory management, and marketing.
Top 5 Features:
- Advanced financial management tools
- Comprehensive supply chain planning
- Integrated customer relationship management (CRM)
- Robust business intelligence capabilities
- Innovative e-commerce solutions
Five Benefits:
- Real-time visibility into operational and financial performance
- Consolidates multiple business processes into a single platform
- Automated core business processes improve efficiency
- Can integrate with CRM platforms, NetSuite eCommerce, and NetSuite Professional Services Automation
- Cloud-based for available anywhere, anytime access
Best For: Midsize to larger retailers, or for those ready to invest in enterprise-level software offering a wide array of features.
3. Brightpearl
Brightpearl, uniquely built for retail and wholesale businesses, is a comprehensive Retail Operations Platform that offers robust ERP features for sales order and inventory management, retail accounting, and more. Given its impressive set of tools and an ability to scale, it's no wonder it's on our top list.
Why it Made the List: One of Brightpearl's enticing attributes is its versatility to handle retail-specific tasks efficiently. It caters to multiple service tiers, ensuring that every retailer, regardless of size or growth, receives the right infrastructure and support for their business.
Top 5 Features:
- Multichannel order management
- Comprehensive inventory management
- Detailed retail accounting capabilities
- Streamlined purchases and supplier management
- Real-time reporting on key business performance metrics
Five Benefits:
- Simplifies the management of omnichannel retail operations
- Provides 360-degree visibility over the entire supply chain
- Enables efficient resource utilization
- Has a SaaS architecture designed to scale with your business
- Integrates with Amazon, Shopify, Magento, eBay, and BigCommerce
Best For: Growth-oriented retail businesses that need comprehensive, scalable retail operations software with advanced features and integrations.
4. Sage Intacct
Sage Intacct is a cloud-based financial management solution that caters to a variety of sectors, including retail. Featured on our list due to the software's comprehensive financial features, automation capabilities, and high versatility, it is recommended for retail businesses looking for efficient financial management at its core.
Why it Made the List: Sage Intacct is endorsed by the American Institute of Certified Public Accountants (AICPA). Also, the software offers impressive automation and multi-currency support, which can streamline key financial activities for retailers.
Top 5 Features:
- Automated expense and cash management processes
- Multicurrency support for global financial operations
- Real-time visibility into financial and operational data
- Integration capability with platform-as-a-service (PaaS) solutions like Salesforce and Clarizen
- Depreciation tracking feature for accurate cost accounting
Five Benefits:
- Enhances financial efficiency with automated procedures
- Supports real-time decision-making with immediate access to critical data
- Facilitates global operations with multicurrency support
- Integrates with other key tools for extended functionality
- Improves inventory management and tracking
Best For: Retail businesses that have a keen emphasis on efficient financial management, and those involved in global operations.
5. Odoo
Odoo is renowned for its extensive array of open-source business management applications that are incredibly efficient for a variety of functionalities. This ERP platform consolidates all business processes into one interface, making it highly valued by retailers.
Why it Made the List: Odoo's strong suit lies in its versatile modular approach, enabling businesses to only pay for the apps they need. Also, it is open-source, which makes it highly customizable and integrable with other business apps, making it an ideal ERP solution for growing retail companies.
Top 5 Features:
- CRM, e-commerce, inventory management, point-of-sale, accounting, project management, human resources, and more.
- Open-source, customizable framework
- Accessible to all users in the organization
- Scalable to match business growth
- Integration with third-party applications
Five Benefits:
- One-stop solution for a variety of business functions
- Cost-saving modular approach
- Ease of use and high usability
- Capabilities for warehouse, manufacturing, and sales channel management
- Can manage a complex retail environment
Best For: Retail businesses looking for a highly adaptable, multi-function, affordable, and comprehensive ERP solution.
6. Method:CRM
Next up is Method:CRM, an innovative CRM platform that integrates seamlessly with QuickBooks. Highly applauded for its adaptability and robust feature set, it's a great choice for retail businesses relying on QuickBooks for financial management.
Why it Made the List: Method:CRM's unique selling point lies in its firm integration with QuickBooks – it's a one-of-a-kind CRM platform that benefits not just the sales but also the finance department. Its built-in payment processing facility offers customers ample convenience, making it a standout.
Top 5 Features:
- QuickBooks integration for efficient accounting
- Mobile apps for on-the-move working
- Customizable CRM to suit specific business needs
- Sales professionals can view, manage sales leads, and anticipate sales orders
- Integration with Zapier, MailChimp, and more for improved efficiency
Five Benefits:
- Two-way synchronization with QuickBooks assures an efficient sales process and accurate financial data
- The manual entry process is reduced, freeing up time for prospecting leads
- Integrates with other software tools and facilitates a smooth workflow
- The Method Sync Engine provides secure and accurate data transmission
- Convenient online payments lead to happier customers
Best For: Retail businesses that heavily rely on QuickBooks and are looking for a highly integrated, customizable CRM solution.
7. Oracle ERP Cloud
Oracle ERP Cloud, an exemplary solution for various sectors, including retail, knows how to deliver high-quality enterprise resource planning software. With vast functionalities, security, and scalability, it's designed to streamline all business processes effortlessly.
Why it Made the List: Oracle ERP Cloud scores high for its advanced features, such as supporting multiple ledgers, currencies, and accounting standards, and its dedication to integration. The software automates core business areas, offering useful tools for financial reporting compliance, advanced financial controls, and advanced access controls.
Top 5 Features:
- Cloud-based financials module with financial dashboard
- Procurement Cloud with a wide array of sourcing and supplier management features
- AI-based automation of accounting and procurement processes
- Extensive supply chain management module
- Built-in analytics and business intelligence tools
Five Benefits:
- Provides detailed financial views for informed strategic decision-making
- Streamlines transactions with automation of procure-to-pay system
- Features AI tools to learn and monitor activities over time
- Manages everything from logistics to product lifecycle with its SCM module
- Ensures effortless integration even with a bulk data movement
Best For: Large retail businesses requiring a comprehensive, multi-featured ERP solution that can handle high volumes of data seamlessly.
8. SYSPRO ERP
SYSPRO ERP holds a firm spot in our list with its robust capabilities in helping businesses integrate, synchronize, and control the manufacturing process. Offering a "smart factories" platform to manage inventory, SYSPRO ERP is geared towards a detailed focus on inventory optimization and cost management.
Why it Made the List: SYSPRO ERP is revered for its smart platforms that streamline inventory management. It closely monitors stocks and prevents possible bottlenecks before they happen. Also, their user-friendly integration with Microsoft Office 365 and Web EDI enhances its usability.
Top 5 Features:
- Warehouse automation and inventory optimization functionalities
- Financial and accounting management solutions
- Intelligent devices integration-ready, both on-premise or cloud-deployed
- AI and machine learning for data analysis and data-driven decisions
- BOT agents that improve supply chain collaboration
Five Benefits:
- Enables high visibility of inventory in real-time, minimizing the risk of stockouts
- Facilitates financial decision-making with detailed insights
- Offers seamless integration, leading to better data management
- Leverages AI and machine learning for data-driven growth
- Automates common processes, aiding faster decision-making and preventing disruptions
Best For: Retail businesses that require a comprehensive ERP solution emphasizing inventory control, warehouse management, and cost reduction.
9. Flectra
Nearing the end of our list, Flectra is a powerful open-source business management software revered for synthesizing the versatility of CRM and ERP systems in a single solution. Ideal for businesses that prefer a modular approach, Flectra offers an array of apps and tools specific to their operational needs.
Why it Made the List: Flexible and adaptable, Flectra won over users with its wide range of tools – from marketing automation, and customer relationship management, to warehouse management. The software particularly stands out in how it allows retailers to create personalized customer journeys through its marketing automation feature.
Top 5 Features:
- Comprehensive CRM and ERP functionalities
- Modular approach for business-specific solutions
- Marketing automation tools for lead generation, customer acquisition, conversion, and upselling
- Advanced analytics for stronger customer relationships
- Integrates with popular business systems and applications
Five Benefits:
- Combines CRM and ERP features into a singular interface and streamlines operations
- Allows for customization to meet specific business requirements
- Automates the customer journey from lead to conversion and enhances customer relationships
- Offers detailed analytics for informed decision-making
- Can be tailored to the growth and changing needs of the business
Best For: Retail businesses looking for a flexible, scalable, and cost-effective open-source ERP solution that allows for customer-centric operations and marketing automation.
10. Epicor
Capping off our list is Epicor. Tailored towards mid-sized to large businesses in retail, distribution, manufacturing, and services sectors, Epicor provides industry-specific solutions that blend business analytics, mobility, big data, and IoT in its seamless ERP system.
Why it Made the List: Epicor's service-oriented architecture stands out, offering comprehensive functionalities vital for business support. It boasts modularity, allowing customers to choose specific modules as per their needs, rather than buying the entire system.
Top 5 Features:
- Integration of business analytics and big data for smart decision-making
- Varieties of modules like finance, project management, production material planning, supply chain, etc.
- ERP system blends with Internet of Things (IoT) for a flexible platform
- Capabilities for B2B integration and EDI-managed services
- Dedicated support through on-demand data integration
Five Benefits:
- Uses data to deliver actionable insights for decision-making
- Offers a flexible system that can be customized to reflect a business's changing needs
- Facilitates effortless business expansion with IoT integration
- Enables better collaboration and communication with B2B integration
- Provides indispensable support through on-demand data integration
Best For: Mid-to-large businesses in retail, in need of a flexible, data-centered ERP solution that integrates IoT for its real-time capabilities, and B2B integration for better collaboration.
How to Choose the Best Retail ERP
Choosing the best retail ERP isn't a cookie-cutter process – it largely depends on the needs of your specific business. However, follow these tips to guide your selection process:
- Identify Your Needs: Carefully evaluate what your business needs - whether it's better inventory control, warehouse management, automated financial management, streamlined purchase orders, or all the above. Your needs will guide you toward the ERP that best provides these features.
- Budget: Apart from the initial purchase or subscription costs, consider other expenses such as implementation, training, and possible hardware upgrades, which can all add up.
- Ease of Use and Implementation: The best ERPs will be user-friendly and have minimal disruption to usual operations during setup. Excessive complexity can lower productivity, lengthen setup time, and even demotivate staff.
- Consider Your Growth Plans: If you plan to expand your business, ensure that your chosen ERP can scale with your growth. Some ERPs are specifically designed for small to medium businesses, while others cater to larger businesses.
- Customer Support: Round-the-clock customer support can be invaluable. This is especially true if you're not technically savvy or if a significant part of your operations depends on your ERP.
Important ERP Functions to Look Out For
When considering an ERP system for your retail business, pay close attention to:
- Accounting and Financial Management: An ERP system should enable financial control, tracking all the costs, revenues, and ultimately, the profitability of your business.
- Multichannel Order Management: The system should have the ability to manage orders from multiple channels seamlessly, including e-commerce sites, mobile apps, and physical stores.
- Inventory Management: This feature will help you efficiently track and manage stock, even if it's spread across various locations.
- Customer Relationship Management: This involves managing data for a personalized and improved customer experience. It aids in cross-selling, up-selling, and accurate product delivery.
- Sales and Reporting Dashboards: Be on the lookout for ERP systems with extensive reporting capabilities that offer real-time insights into your retail operations.
- Purchasing and Cost Control: ERP solutions should help manage purchasing and ensure optimal usage of budget.
- Quality Assurance: Manages the quality of the products as it reduces return rates due to faults or damages.
- Mobile Accessibility: Choose an ERP solution that lets users access key business information from anywhere, at any time.
Build a Retail ERP System with Kohezion
Are you ready to supercharge your retail business? With Kohezion, you can build a powerful, custom-tailored retail ERP system designed to conquer your unique challenges and drive your success.
Whether it's tracking inventory, managing orders, offering superior customer service, or streamlining accounting, you can do it all within the platform. Offering extensive customization options, you're able to hand-tailor the solution to perfectly meet your brand's requirements and provide your customers with the impeccable shopping experience they deserve.
Plus, with Kohezion at the core of your retail operations, you'll have the confidence to adapt to market trends, meet customer needs, and above all, continue growing your business.
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Frequently Asked Questions
ERP software for retail stores is a system that integrates key business processes like sales, purchases, inventory management, human resources, customer relationship management, and financial management into a single, centralized system. It enables retailers to streamline operations, improve efficiency and productivity, ensure accurate data reporting, and ultimately enhance customer satisfaction. The primary aim is to give business owners a clear and holistic view of their business operations, aiding informed decision-making for growth and profitability.
The cost of retail ERP software can greatly vary based on factors such as the size of the retailer, the number of users, the needed features or modules, and the initial setup fees. Some lean retail ERP software can cost less than $100 per user, per month, while others may have a base cost in addition to the monthly price tag. There are also instances where ERP partners charge a one-time implementation or training fee aside from the regular monthly fee. A rough estimate for such a setup fee can be around $1,500. Ultimately, the overall cost depends largely on the specific needs and structure of the retail business.
