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Retailers - This Update Is For You!

Updated: Jan 21, 2022

While things may have all but stopped last year for the retail space, as we come to the end of 2021, things are beginning to look a lot different! A lot! With buyers ready to make up for the time lost as well as an influx of cash now surging back into the economy as things begin moving again, the retail space is gearing up for a colossal year! Not to mention that the National Retail Federation Chief Economist is also anticipating a 13.5% boost in sales! Things are about to get VERY busy and (for retail owners) VERY demanding.

Whenever demands spike, however, for business owners, it's critical to stop and look at the systems that are currently in place. If they’re not set up or designed to maintain such a heavy burden of traffic/needs, it could easily crumble. And with retail poised for such an unprecedented comeback, retailers will need to stay clear of a few landmines:

  • Supply Chain - issues within your supply chain can create delays or shortages

  • Labor Shortage - with less workers now available, attracting a staff has now become more tactical. Higher pay and alternative benefits are a MUST.

  • Buyer Demands - with a changing landscape, consumers have different expectations out of what to expect in their experience with you which means you’ve got to meet them! Hello free shipping and returns.

With the wrong systems in place, these landmines could be catastrophic for your business. You’ll need to make sure your supply chains are more efficient than ever and that your processes of managing your inventory is being done in a sustainable way that cannot only drive down other costs but also give you the space to elevate your store to deliver the things your customers want!

If this is making you nervous, don’t be! You know NetSuite always has your back!

NetSuite 2021 Release - Updates

With the NetSuite 2021 Release, certain updates have made the life of the Retail Business Owner easier than ever.

Seamless Customer Experiences

With NetSuite’s new NetSuite Connector, get ready to broaden your customer’s horizon! This feature now provides you with the ability to integrate marketplaces outside of your business threshold. That means you’ll have the ability to start incorporating places like Walmart, Amazon, as well as 3PLs like ShipStation! Not to mention other ecommerce platforms you love such as Magneto or Shopify. With this new feature, enjoy the function of having sales and inventory data flow between all your platforms and NetSuite. This elevation will prove a great benefit towards improving your operations as well as your overall customer experience.

Efficient Inventory Management

If you run/own your own warehouse, the updates to NetSuite WMS were built with you in mind! You can now enjoy improvements within Tally Scan (a current feature which allows you to increment inventory quantities as you scan in new items) which now allows you to manage your inbound processes like receiving purchase orders, inbound shipments and transfer orders. Outbound wise, your employees now have the ability to quick ship a pallet all from the convenience of a handheld device! With the opportunity to now add or remove pallets, you’ll be getting more flexibility in the way you’re able to pack your orders which could greatly help you manage your shipping costs!

Bonus new feature: NetSuite’s NetSuite Manufacturing Mobile app can now help you with products/items that are serial tracked!

Automated Supply Chain

As we stated earlier, having a seamless supply chain could really make or break your business! It’s because of this that NetSuite has adapted its own way of helping you with yours. Now, if your available inventory is incapable of meeting the demand of your customers in the typical timeframe, there is now the ability to “automatically prioritize the allocation of inventory to sales orders by gross profit or revenue.” This automatic feature will help your team move quicker in making sure that certain items make it to your most important accounts.

On the customer side of things, NetSuite now offers your customer base the ability to filter their options by “earliest available item”. Doing this can greatly increase the customer experience by allowing them to have more accurate expectations which would greatly decrease the chance of an unhappy customer. And for the business owner, NetSuite will also be generating suggestions for you should your inventory availability not be meeting up to your customers current needs/expectations which could in turn help you make different decisions when it comes to restocking or shipping subsequently increasing customer satisfaction once again.

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