An eCommerce or E-commerce business is dynamic. It needs regular monitoring of how it is performing and growing. Disparate systems and software solutions hinder real-time monitoring, inventory control, SCM, and customer experience. It eventually impacts the growth and returns on investment. Having a comprehensive Ecommerce ERP software integration solution connects various dots and streamline operations with ease.
This article will give you the gist of the top 6 signs that your eCommerce business needs ERP software integration. Let’s take a look at the growth of eCommerce business in the USA and how it impacts the overall retail industry.
Ecommerce Market Growth in the US
E-commerce business is growing at a fast pace across the States by adopting new technologies to improve customer experience and ROI. The eCommerce market is growing by double-digits for the past ten years.
Furthermore, it is expected that US consumers have spent around $586.92 billion on eCommerce in 2019, representing an increase of 14.0% vs. 2018 and 10.7% of total US retail spending. Brick-and-mortar retail accounted for 89.3% of total US retail spending in 2019 while driving 55% of retail growth.
The above stats show how E-commerce is leading the US retail market, and customers are spending time and money on it. Let’s talk about the factors that raise the necessity of Ecommerce ERP software integration.
Having multiple software tools for individual functions:
An Ecommerce business comprises inventory management, order management, check out + shopping cart processes, shipment+logistics, and customer services. Having various software deployments to handle these operations can be disastrous at some point in time. It also limits the operational capabilities and productivity as well. Now, E-commerce ERP software integration enables control and managing all the above processes from a single source. Thus, you can focus on business strategies instead of spending more time to accumulate and update data.
Finding accurate information is a nightmare:
Data is vital in the eCommerce business. The legacy systems lack the real-time aspect especially when sending and receiving necessary to truly learn the key performance metrics (KPIs) of business. With the legacy systems or manual data entry process, there is a chance to have human errors from double-data entry, incorrect data entry, etc. These actions impact the entire business operations and decisions adversely. Once integrated, an ERP software would automatically fetch the data from various divisions in less time and with no errors.
The business is struggling with accounting tasks and compliances:
Accounting and regulatory compliances are imperative for any growing eCommerce business. Unfortunately, legacy accounting applications like spreadsheets, tally, or QuickBooks fail to scale with your business and hinder the chances of growth. According to a survey, over 70% of small and mid-size company CEOs prefer cloud ERP solutions that scale with business requirements. NetSuite implementation partner like Amzur will help you with eCommerce ERP software integration that allows your business to expand with global accounting and tax compliances.
The customers are experiencing inventory errors:
In any Retail and eCommerce business, both over and under inventory impacts the business growth and customer experience. Imagine how you would feel when you see a product in a catalog, but can’t purchase the product right away with a click of a button because the item is listed out of stock. It certainly impacts your experience with the brand, and eventually, you don’t refer it to your friends and/or family.
Unlike the legacy systems, ERP Ecommerce integration maintains a real-time inventory that reflects the product status once the order is raised and suggest from replenishment after the dispatch.
Why inventory management is important in eCommerce and Retail industries? [Stats]
- 43 percent of small businesses in the United States don’t track inventory or do so using a manual system.
- The average U.S. retail operation has an inventory accuracy of only 63 percent.
- 34 percent of businesses have shipped an order late because they inadvertently sold a product that was not in stock.
- Reducing stock-outs and overstocks can lower your overall inventory costs by 10 percent.
- As of June 2019, U.S. retailers are sitting on approximately $1.36 of inventory for every $1 in sales.
Customers are chasing orders:
Order delivery is imperative in eCommerce business growth. When your customers place orders and regularly follow up to know the delivery status, the system will not add any value to your business. Businesses that use legacy delivery systems are still dealing with monotonous calling processes and lack of information. Whereas, Ecommerce ERP software integration ensures real-time tracking of goods and informs consumers with timely messages. Thus, it can help your business to interact with consumers in person and improves the trust factor.
Handling business across multiple channels is becoming difficult:
With the emergence of various marketing channels, every business is exploring new ways to reach out to customers. If you are struggling to handle orders from different channels and entering data by logging into the various systems, it will impact productivity and accuracy. Whereas, Ecommerce ERP software integration enables omnichannel experience for consumers regardless of their devices.
NetSuite’s omnichannel experience allows you to understand how a customer buys, marketing channels they engage, and the driving factors to purchase. Thus you can make up sell and cross-sell the products for better revenue and sales growth.
Omnichannel experience statistics to know in 2019-2020
- 77% of strong omnichannel companies store customer data across channels, compared to 48% for weak omnichannel companies.
- By 2020, the demand for omnichannel customer experience will be amplified by the need for nearly perfect execution.
- Omnichannel shoppers have a 30% higher lifetime value than those who shop using only one channel.
- 50% of shoppers expect that they will be able to make a purchase online and pick up in-store.
Failed to delight customers:
When you don’t have the right data, you can’t take the necessary actions to nurture customers. This might lead to the wrong product information, delivery, and customer experience. Whereas, Ecommerce ERP software integration helps in delighting customers by streamlining operations with ease & accuracy. Moreover, ERP Ecommerce integration benefits businesses in personalized marketing and generating significant revenue.
Above are the top 6 symptoms or signs that your eCommerce business needs an upgrade to a modern ERP system. Amzur Technologies Inc. has been working with eCommerce businesses for over two decades, providing the right technology and training to maximize efficiency and unlock the full potential. We are leading NetSuite ERP software solution providers in Tampa, Florida, employing the best technology and process-in-place to ensure omnichannel shopping experience for customers.
What to expect from Amzur’s Ecommerce ERP software integration?
Our state-of-the-art NetSuite ERP eCommerce integration services ensure effective inventory management, customer information, and order management. It enables real-time customer notification when the order is out for delivery. Furthermore, it also provides real-time repository updates that help in controlling productivity, supply chain management, and in turn, profitability.