Retail moves fast.
If you’re juggling stock and orders with outdated systems, you’re already falling behind.
According to a 2022 report by Gartner, 53% of retail businesses consider implementing or upgrading ERP solutions a top priority for operational efficiency.
Why? Because mistakes pile up, time gets wasted and sales slip through the cracks. Sound familiar?
The good news – retail ERP software fixes this. It streamlines operations, eliminates errors and keeps your business running smoothly.
Here’s how it tackles five major retail headaches:-
1. Inaccurate Inventory Tracking
Are stockouts or overstocking hurting your bottom line?
Managing inventory without the right tools leads to mistakes, customer complaints and wasted money.
According to a 2022 IHL Group study, retailers worldwide lose around £1.4 trillion annually due to what’s called “inventory distortion” (overstocking and out-of-stock scenarios).
That’s a lot of potential profit down the drain.
Whether you’re running a physical store, an online shop or both, a robust ERP solution offers real-time updates on stock levels, locations and product movement across all channels. No more guesswork and no more lost revenue from wrong inventory counts.
How much of that £1.4 trillion could you save by getting inventory right?
2. Disconnected Systems
Do you waste hours jumping between spreadsheets, standalone software and emailed data?
Disconnected systems lead to errors and confusion.
A 2023 Deloitte report found that 64% of retailers cite “system fragmentation” as a key reason for operational inefficiencies.
By unifying your data – inventory, orders, finance etc – ERP software acts as a single source of truth.
Everything is in one place, so you can spot issues and make decisions faster.
Why juggle multiple platforms when you can manage it all in one?
3. Time Consuming Manual Tasks
Does your team spend hours on repetitive tasks?
From manually updating stock levels to processing orders, these tasks eat into valuable time.
According to a 2023 PwC survey, employees spend up to 30% of their working hours on manual, low value tasks.
An ERP solution automates these processes. With daily tasks taken care of by the system, your staff can focus on activities that actually grow your business – like serving customers better and strategic planning.
Could your team’s time be better spent on boosting sales rather than updating spreadsheets?
4. Slow Order Fulfilment
Today’s customers expect fast shipping.
A KPMG report “The truth about online consumers,” found that 43% of British online shoppers would be unlikely to shop again with a retailer after a negative delivery experience.
That’s a lot of potential repeat business lost.
With ERP software tied into your e-Commerce platforms, orders flow directly into the system for quick fulfilment. Automatic order tracking and shipment updates keep everyone informed, from your staff to the customer awaiting delivery.
How many more repeat customers could you keep by speeding up fulfilment?
5. Lack of Business Insights
Do you have the data you need to make the right decisions? Many retailers rely on gut instinct or limited information, which can lead to missed opportunities or costly mistakes.
A 2023 Forrester study showed that data-driven businesses are 23% more likely to acquire customers and increase revenue than those relying on gut feeling alone.
ERP systems centralise your data and present it through dashboards and custom reports – all updated in real-time.
Armed with these insights, you can identify trends, reduce costs and plan for maximum impact.
Isn’t it easier to make solid decisions when the numbers back you up?
Invest in the Right Tools for Retail Success
Retail ERP software isn’t just another expense – it’s a game-changer.
From slashing inventory errors to speeding up fulfilment, it keeps you competitive and profitable in an ever evolving market.
Ready to transform your business with ERP?
If retail chaos is slowing you down, Stok.ly Cloud ERP helps you smash through the productivity barrier – bringing precision, speed and control. Say goodbye to outdated systems and hello to a smarter, faster way of working – saving time, unlocking insights and driving revenue.
Why stay stuck when you can move forward?
Click here for more information about Stok.ly Cloud ERP
Call us on 01432 804333
Author: Iain Coplans CEO Stok.ly