NetSuite 2020.2 Release Features New Ecommerce Updates Amidst Pandemic
Podcast Post #1
NetSuite 2020.2 Release Features New Ecommerce Updates Amidst Pandemic, Keeping Supply Planning in Mind
As the NetSuite 2020.2 Release approaches, the cloud-based software company has worked tirelessly to reflect the ever-changing environment of this year. Through many new enhancements, including various automated features, and even the creation of a community marketplace, NetSuite is looking to meet their customers’ needs now more than ever. Through their 2020.2 Release podcast Lisa Schwarz, Senior Director of Product Marketing, discusses what we can expect from the company in their second release of the year, along with how NetSuite is working to assist their customers with the navigation of 2020. Listen here.
Pandemic Preparedness
With the presence of the COVID-19 pandemic, and the significant increase in demand for PPE materials, NetSuite launched their Community Exchange using NetCommerce. The exchange helps NetSuite’s 20,000+ customers find and share essential supplies and services that have been in high demand during this time of uncertainty by connecting them to the sellers through the marketplace. After browsing the Community Exchange Marketplace, which features over 60 different products, NetSuite customers have the ability to purchase PPE products by registering or logging into their Community Exchange account and applying for the products. Once the request is approved, the customer will be connected with the buyer and the purchase will take place off-line. Products such as paper goods, hand sanitizer, masks and other essentials are available through this preeminent service.
To view a demo of the exchange, you can visit NetSuite’s Youtube channel, here To get started with the marketplace, visit the Community Exchange website.
E-commerce
The Community Exchange has been just one of the ways NetSuite has helped strengthen the connections between business owners during the 2020 pandemic.
Between March and April, the retail industry observed a shocking combined 23% decrease of sales nationwide.The significant drop can be accredited to the unstable environment 2020 provided us with, but sales began to climb in May, with a record-breaking one month increase of 17.7%.
Similar statistics have been proven for NetSuite customers through the software’s aggregate data. The numbers prove there’s been an upswing of purchases not only in regards to the essentials, but shopping overall, during this period of the COVID19 pandemic.
With increasing demands in the eCommerce space, a need for new and improved systems will be implemented through the 2020.2 release. The enhancements and updates made to NetCommerce through the approaching rollout will be pronounced with the intention of keeping retailers prepared and proactive for the unpredictable circumstances that may come their way. Smart website themes, optimized performance tools, and the new Merchandise Hierarchy Workbook are just some of the new features you’ll see.
Website Themes
The website theme enhancement will not only provide top-notch customer experience, but will also run automated updates to ensure that sites stay current upon every NetSuite release. Themes also include multi-language support and added layout flexibility.
Optimized Performance Tools and Automated Alerts
Retailers now have the ability to easily analyze activity, performance, and data allowing them to be proactive within their businesses. This enables businesses to identify slow performance issues and detect errors within their NetCommerce site.
Merchandise Hierarchy Workbook
This new feature presents pre-built KPIs and reports to NetCommerce customers. Best utilized to analyze inventory and sale data, the Workbook allows retailers to interpret purchase trends through categories and organization. The SuiteCommerce Behavioral Analytics helps retailers maximize shopper behavior based on in-depth data collection.
Autonomous Supply Chain
NetSuite has added support for their MRP, including a dedicated planning repository that will allow retailers to make supply decisions in a time-based manner. With the dynamic supply chain for the past 6 months, this feature will guide companies to make more effective decisions that can ensure fulfilled sale and purchase orders.The updates will be utilized to make decisions upfront, causing companies to become more proactive and less reactive in the realm of supply planning.
Warehouse Management
NetSuite’s WMS (Warehouse Management solution) will now have the ability to receive, transfer, and pick orders inside a location without bins. Smaller warehouses and storefronts will see the benefit of this feature, which will create streamlined, organized processes. With curbside pickup becoming increasingly popular, the new WMS enhancement will optimize order fulfillment with the ease of hand-picking inventory without the storage of overhead bins. Retail stores may be at their advantage as we move into a diversified holiday season this year.
Wholesalers
NetSuite will roll out an enhanced sign up extension for the 2020.2 Release. The extension, which will be available on NetCommerce, will manage and approve wholesalers directly on your site. This will deviate the need to call the wholesaler directly and will, once again, streamline this ecommerce process.
For more information on the NetSuite 2020.2 Release, visit the NetSuite website and check in with the podcast.