Ecommerce is a fast-growing industry, with e-retail sales accounting for 14.1% of all retails sales globally in 2019. According to Statista, this number is expected to reach 22% in 2023. Statista goes on to state that global e-retail sales reached $3.5 trillion last year, with sales made via mobile and tablet devices catching up with traditional online orders.
Given the rate of expansion the eCommerce industry is experiencing, it is understood that businesses are looking for ways to increase the efficiency of business operations, especially by integrating different business processes. This can be done through enterprise resource planning or ERP software, which can collect, store, manage, and interpret data from different teams and departments of a business.
While ERP software can benefit the eCommerce industry in several ways, a cloud ERP system has additional benefits that will boost the industry. These benefits affect eCommerce businesses in different ways and these are some of the key benefits a business can enjoy if they integrate a cloud enterprise resource planning or customer relationship management (CRM) software into their current system through, for instance, a NetSuite partner in Sri Lanka.
As technology improves, the need for real-time data has increased. The decision-makers of a business can no longer wait days for data to be analyzed in order to make decisions that are vital to growth and expansion. Instead, they will look for instant updates and reports on the required data.
Real-time data gives businesses increased visibility on business processes or transactions that are currently taking place. This means that a business can observe an ongoing purchase and intervene to ensure the customer completes the order.
Through warehouse and fulfillment features of a cloud ERP system, a business can also get a better understanding of inventory and warehouses, which will enable them to offer customers a better service.
This is extremely important in e-retail, where the slightest inconvenience or mishap can redirect a customer to a competitor in the industry. It is thus vital that an eCommerce business uses a cloud ERP system or a cloud CRM solution to ensure the customer’s experience when ordering a product is seamless.
One of the biggest concerns businesses have about software and tools is regarding cost. Not all eCommerce businesses can allocate a portion of their budget to enterprise resource planning or customer relationship management software. They would have to consider different rates from a NetSuite partner in Sri Lanka, for instance, before making a decision.
However, industry concerns about cost are addressed by cloud software like a cloud ERP system. Cloud-based tools are cheaper, especially in terms of the infrastructure and resources required and maintenance that will be carried out as needed.
Traditionally, a business would have to allocate space and resources for local software. Updates that are required to ensure data protection and functionality may disrupt business operations. These are all factors that have a negative impact on the overall eCommerce business.
A cloud ERP system, however, does not take on a physical presence at the office premises and requires less in terms of infrastructure and resources. Updates are not as disruptive and teams can access data stored on the system remotely. This makes a cloud enterprise resource system, as well as a cloud CRM solution extremely beneficial to a business in terms of value and costs.
A cloud ERP system not only costs less overall but is also definitely worth the investment because it can be customized so it is the perfect fit for the business. A cloud ERP is flexible, with features that cater to the unique challenges of the business as well as the industry.
This means that a business can ensure their cloud ERP solution is exactly what they need. A NetSuite partner in Singapore can help an eCommerce business better understand how ERP features can be used to address the specific requirements of the business.
The collection of valuable customer data gathered through a cloud CRM solution as well as a cloud ERP system enables businesses to track important data and information in order to understand the customer better and plan strategies to boost sales and expansion.
This is especially important for the eCommerce industry as it depends heavily on past and present customers and potential customers as well as their buying habits. Studying and analyzing customer insights will give any eCommerce business the opportunity to cater exactly to customer expectations and ensure improved customer experience.