New Tools of the Trade Needed for Retailers

New Tools of the Trade Needed for Retailers

As the holiday season ends, retail projections tell that consumer spending may weaken slightly, but it will remain active in Australia this 2019. As we close the second decade of the millennium, challenges and opportunities arose in a highly competitive market where consumers’ behaviours and expectations evolve fast.

Forbes describes Millennial as consumers that buy with their emotions instead of their wallets, they appeal to brands that promote social consciousness. Millennials buy experiences more than products, and for them, omni-channel is the new normal.

Australian Retailers that want to adapt quickly to these changes must be backed up by the right management technology. Reducing the overhead time and investment in administration and IT enables decision-makers to focus on developing better customer experience strategies.

Expanding Into Global Markets

The global cross-border eCommerce market is set to grow by 25% annually, so for retailers, their opportunities to grow often lie outside their immediate borders.

Driven by the demand for better prices and reliable product quality in countries such as China and across South-East Asia, retailers can no longer rely on their local customer base, with the need to view regional and global markets as the “new local”.

 

Australian eCommerce Market Revenue.

Source: Contevo

%

Global eCommerce market is set to grow by 25% annually

Out With The Old, In With The New

While traditional approaches to payments, fulfilment and customer service may still work for local customers in bricks-and-mortar stores, if retailers want to break into the international market, it’s out with the old and in with the new.

Retailers of all sizes and sectors need to harness the power of new technologies and processes that can effectively launch customer-facing channels anywhere in the world.

Challenges that retailers often face span across the following areas:

  • Managing inventory and fulfilment.
  • Currency and tax management processes to comply with regulations across different countries.
  • Customer service and managing relationships with global buyers.

It’s Time for New “Tools of the Trade”

One in four Australian customers expect their orders to arrive from another country within three days. And, while deliveries must be fast, the post-sales services like returns and repairs must be equally as efficient.

To cope with the above challenges, complexity, and demand that cross-border markets bring, it’s time for new tools of the trade.

So, if retail businesses want to succeed, it’s critical that they take advantage of what’s available to them in order to fulfil their customers and continue to expand the business.

This includes automating current processes, scaling to fit emerging opportunities, delivering real-time visibility and gaining insight into where future opportunities lie.

NetSuite ERP Software for Retail

In order to manage the many complexities that lie within managing a retail business, along with ensuring that cross-border customers are kept happy, an increasing number of companies are seeking retail ERP software to help them stay competitive.

Download our white paper for eCommerce and Omni-Channel Retail with NetSuite: 

Real-time visibility into inventory levels, delivery performance, order management, CRM, multiple currency management  and eCommerce all contribute to why retailers choose ERP software – but above everything, retailers must adopt an open, agile mindset about their overseas opportunities.

Today’s consumers are more demanding than ever. They want to shop whenever and however they please through any channel—without sacrificing choice, convenience or price. Choosing an effective Business Management Platform can make the difference in delivering substantial and tangible results for retail businesses.

References

Need a specialist’s free advice?

Feel free to call an expert in Retail Enterprise Resource Planning Systems today. Find out how cloud-based technology can make your retail business a real omni-channel beast.

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Mastering the NetSuite Super Search

Mastering the NetSuite Super Search

NetSuite ERP centralises CRM, accounting, financials, inventory, eCommerce and more. To navigate through this powerful software, the tabs structure is handy but knowing the system structure by memory is not an easy task. To solve this problem NetSuite has incorporated a robust global search which gives instant access to everything users need.

To make the search more precise NetSuite has included a whole set of shortcuts users can type as prefixes to narrow down the results that come back from a global search, Michael Dean, Business System Consultant writes the following tip to master NetSuite’s Super Search.

NetSuite Global Search Hacks for NetSuite Users

If you type a customers surname in the global search field, it is likely to bring back all records that are associated to that customer, and any other customer that happens to have the same last name.

To make it easier simply type CUST: ahead of the customer’s name you are trying to search. 

Becomes:

    By learning a few of this shortcuts in the search bar, you can pinpoint the information, record or page you are looking for every time, without fail.

    More NetSuite Shortcuts to Consider

    Other tips associated with Global Search Shortcuts

    1. Capitalising the first letter of the search prefix (so Cust:John instead of cust:john) will open the record selected from the list in edit mode. This simple tip saves me at least 20 minutes a day by not having to open the record view mode, then hit edit get to able to update the transaction.
    2. The keywords you are searching need to be at least 3 letters long, but no more than 32. So if you are looking for a document for example, that has more than 32 characters in the title, make sure you only capture the first 10 characters or so to search, otherwise the search will show no results.
    3. Changing the language or record naming conventions will impact the shortcuts that can be used. If you have changed for example “Customers” to “Clients” due to internal language preferences, you will need to adjust the prefix associated to your record type. E.g Cli: for clients.
    4. Default settings prevent inactive records from being shown in the search, however, you can change this setting to allow for searching of inactive records if it makes sense to your business.
    5. The WILDCARDThe percentage symbol % (Shift+5 on a PC and Cmd+5 on a Mac) is incredibly useful to target your searches even more. The standard global search will bring back any results that contain what has been searched, which can get a little cluttered. By adding the % to the start of your search, so “%howard” will bring back any record that has Howard in the title, AND any records that contain Howard within the record itself, for example, Customers who have contacts named Howard, or a Contact whose name isn’t Howard, but Howard is contained within their email address. 
    6. Quotation Marks (“John”) can be used to bring back an exact match. So… searching “john” would only bring back records that say “John” alone rather than “Johnsons”.

    That’s all for now. Feel free to connect to keep up with more NetSuite Tips:

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    Michael Dean

    Michael Dean

    Business Systems Consultant

    Read here Michael’s original post and follow him for more tips and tricks on leveraging the power of Netsuite.

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    A chart of account (COA) provides a complete listing of every account in accounting system. In NetSuite, you can manually add account records or use the CSV import assistant to upload account information. The Chart of Accounts is an excellent way to record all of these transactions for an asset, income, revenue, expense, liability, equity.

    NetSuite gives organisations the chance to consolidate their Chart of Accounts by removing segments and subsidiaries out from their chart structure as NetSuite allows users to dictate these classifications on the transaction header and line.

    Many organisations miss this opportunity and therefore underutilised NetSuite’s standard financial reporting pivoting and filtering functionality.

    Traditionally, Chart of Account numbering would dictate which segment (department, class, location etc.) the account belongs to. Now that NetSuite allows these classifications to be assigned on the transaction header and line (with defaults), Chart of Account numbering is used to create different formats of financial statements. Typical examples are Statistical and Management Income Statements.

    “Other handy tips to make the end user experience easier, when creating a new account, add the account number as the External ID, this is done via import only. This will make future Journal Entry Importing easier.” writes Henry Sack, Klugo’s Solution Consultant.

    Another tip: Netsuite OneWorld automatically adjusts the currency revaluation therefore when creating your NetSuite Chart of Accounts across multiple currencies and subsidiaries there is only the need for one Account’s Receivable and Account’s Payable account.

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    NetSuite Dashboards should be the main way that users interact with NetSuite. Whilst the “super search” and “lists” are useful to find targeted information, the NetSuite Dashboard should really be an end users NetSuite hub.

    If Dashboards are set up correctly, with the attention paid to the day-to-day requirements of the user, they will be able to be more efficient and have greater transparency over the information and data that matters to them and helps them do their jobs.

    We get a lot of customers asking “what is the best way to set up my NetSuite dashboard?”

    The truth? There is no single best way. It all depends on who you are, how you work and what information you need.

    NetSuite Tip: Over the course of a day, take a note whenever you have to navigate away from your main dashboard. If you find yourself having to navigate to other pages to find information several times over the course of a day, it might just pay to spend a minute creating a simple saved search, and have this information ready for you whenever you need it.” Writes Michael Dean, Klugo’s Business Consultant.

    There are a number of different types of NetSuite Dashboard Portlets, from a basic data entry form, right through to fully customised solutions, such as the subsidiary navigator or dashboard tiles. These different types of portlets are designed for different things, such as:

    1. Presenting Information (Lists, Saved Searches.)
    2. Adding Data or Transactions (Inline editable searches, Quick Add Forms.)
    3. Presenting Metrics (KPIs and Scorecards, KPI Meters, Graphs, Charts.)
    4. Managing your day (Calendars, To Do Lists and Reminders, Tasks, Phone calls.)
    5. Navigation (Navigation Portlet, Subsidiary Navigator, Shortcuts, Recently accessed.)

    The best thing you can do is get in a play. Find out what works for you. Also, talk to your administrator about how you would like to use NetSuite more efficiently and should be happy to help. The flexibility around end-user dashboards is one of the most powerful and most useful features to any user.

    No other system on the market has dashboards that are this powerful, this flexible and this easy to configure. Make sure you making the most out of it!!!

     

    More tips on our LikedIn

    Follow our company page on LinkedIn for more tips, how-tos, support and news from the Best-of-Class ERP software for the cloud. Keep posted with all things NetSuite.

    Michael Dean

    Michael Dean

    Business Systems Consultant

    Read here Michael’s original post and follow him for more tips and tricks on leveraging the power of Netsuite.

    Need a specialist’s free advice?

    Feel free to call an expert in NetSuite today.
    Find out how cloud-based technology can support your business growth.

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    Seize Growth Opportunities 

    Hiring equipment may initially get you the customers, but going the extra mile is what makes them stay loyal. It’s likely that your customers will pay more to have your business not only provide the equipment, but help install, service, and maintain it. It’s becoming more common for businesses to offer wider services to save their customers time and money, all while developing repeat business and potential referrals to new customers.

    Use a Solid Business Management Tool

    IBISWorld identifies the top three success factors for an equipment hire business. With ‘access to efficient technology and techniques’ and ‘ability to quickly adopt new technology’ ranking at one and two, it’s imperative that companies take full advantage of the equipment hire software available to streamline and simplify business processes. Using a cloud-based business management platform allows equipment hire companies to comprehensively manage every process within the business in real-time; from sales, marketing, accounting and finance, inventory management through to field service, resource scheduling. Having a live inventory accessible from any smart device means that admin, data duplication and reporting is kept to a minimum, allowing you to focus on strategy and growing your business.

    Mitigate Risk

    The simple truth is that your customers are your biggest risk. Of course you need your customers to hire your equipment, but they are capable of breaking or misplacing your equipment, which is your main asset. Ensure that your equipment is fully insured to avoid bigger issues down the line.

    Check Your Equipment Regularly

    While it may be a no-brainer for many, a small reminder doesn’t hurt. It’s important to make sure that your equipment is regularly checked and serviced, and if something isn’t working properly, it needs to be fixed. Your customers are paying for your equipment, so it’s important that it does the job well and looks the part.

    Do you service the equipment you hire?

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