Wednesday, 17 Jul 2024
Technology

Top Retail ERP Solutions in 2024: A Detailed Comparison

retail erp solutions

Retail ERP vs Traditional ERP

A retail ERP system is specifically designed to meet the business processes and requirements of omnichannel or multi-channel retailers. On the other hand, a traditional ERP system caters to general business needs or industries like manufacturing or construction. Retail ERP software provides essential modules tailored for the retail industry workflow.

Some ERPs are designed specifically as retail ERPs, while others offer retail industry solutions as an extension of their traditional ERP systems. For example, ERP systems like Acumatica, NetSuite, Infor, Epicor, Microsoft Dynamics 365, and QuickBooks POS, integrated with QuickBooks Desktop accounting software, offer retail industry solutions.

To optimize a QuickBooks retail solution, it is recommended to buy QuickBooks products and services from a value-added reseller (VAR) with POS and retail experience. Both retail ERPs and traditional ERPs can integrate with add-on AP automation and global mass payments software, such as Tipalti, to handle accounts payable and payment workflows efficiently.

Retail ERP: Streamlining Retail Operations

Retail ERP is a real-time software system customized to connect and integrate the specific business processes used in retail operations. It enables retailers to streamline, automate, and manage front-end and back-office processes more efficiently, ultimately improving their bottom line.

Omnichannel retail includes sales from brick-and-mortar stores, eCommerce platforms, and other online sales channels. It may also involve warehouse management and inventory control for order fulfillment and returns.

Top Retail ERP Software Solutions

Retail ERP Systems Designed for Retailers

The best ERP systems designed for retailers are:

  • Brightpearl
  • Lightspeed Retail POS
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1. Brightpearl

Brightpearl is a leader in retail ERP software designed for omnichannel retailers and wholesalers. It provides a Digital Operations Platform that can handle thousands of orders daily. Brightpearl integrates with major eCommerce platforms like BigCommerce, Magento, Shopify, Amazon, eBay, and Walmart. Its functionality includes sales order management, inventory management, demand planning, shipping and fulfillment, warehouse management, retail accounting, purchasing and supplier management, workflow automation, reporting and business intelligence, payments, CRM, and POS.

2. Lightspeed Retail POS

Lightspeed Retail POS is a cloud-based software solution for retailers with physical stores and eCommerce businesses. It is scalable and suitable for growing medium-sized retailers with multi-store locations. Lightspeed Retail offers third-party add-ons to expand its functionality according to specific business needs. Its features include retail point of sale, smart inventory management, reporting, flexible payment options, multi-store functionality, and eCommerce integration.

Traditional ERP Solutions for the Retail Industry

The best traditional ERP systems used in the retail industry are:

  • Epicor Propello for Retail
  • Acumatica Retail-Commerce Edition
  • NetSuite Omnichannel Retailing
  • Infor for Retail
  • Microsoft Dynamics 365 Commerce for Retail
  • QuickBooks POS integrated with QuickBooks Accounting Software

1. Epicor Propello for Retail

Epicor offers a separate retail cloud software product called Propello for independent retailers with retail shops and eCommerce channels. It includes features like eCommerce and omnichannel capabilities, point of sale, payment processing, inventory management, analytics and reporting, customer management, pricing, and hardware.

2. Acumatica Retail-Commerce Edition

Acumatica’s Retail-Commerce Edition is a cloud-based multi-channel software for small businesses and mid-sized companies. It offers financial management, customer relationship management (CRM), warehouse management system (WMS), sales order management, customer self-service portal, reporting and data analysis toolkit, inventory management, ERP business intelligence and analytics, and purchase order management.

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3. NetSuite

NetSuite offers an Omnichannel Commerce module as part of its traditional ERP system. It is a cloud-based solution for B2C and B2B commerce, providing multi-channel and multi-location order management. NetSuite’s SuiteCommerce includes features like eCommerce, point of sale, order management, product content management, CRM, inventory, merchandising, marketing, financials, and customer service.

4. Infor for Retail

Infor offers a range of cloud-based product solutions labeled as Infor for Retail. These solutions cater to in-store and eCommerce retailers and include demand management, Infor Nexus (supply chain business network platform), Infor Talent Science (talent analytics using big data), Infor EAM (asset management software), Infor WMS (warehouse management system), Infor HCM (human capital management), Infor Financials and Supply Chain Management, and Infor PLM For Fashion (product lifecycle management).

5. Microsoft Dynamics 365 Commerce for Retail

Microsoft Dynamics 365 Commerce is a modern cloud ERP software designed for multiple industries. The Commerce solution specifically caters to mid-sized to large omnichannel retailers, offering scalability and handling global business issues. Key features of Microsoft Dynamics 365 Commerce include end-to-end unified omnichannel and retail platform, AI-driven intelligent shopping recommendations, native support for omnichannel purchasing, and a unified view of customers across channels.

6. QuickBooks POS integrated with QuickBooks Accounting Software

QuickBooks Point of Sale (POS) integrated with QuickBooks Desktop accounting software is a suitable retail management solution for startups and small to mid-market businesses with smaller budgets. It offers features like retail point of sale, smart inventory management, reporting, flexible payment options, multi-store functionality, eCommerce integration, and more. QuickBooks POS can natively sync with QuickBooks Desktop, and for QuickBooks Online, third-party add-ons are available for near real-time integration.

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Why is Retail ERP Important?

Using a retail ERP system is crucial for retail businesses as it operates in real-time and provides the necessary functionality for retail business processes and workflows. It allows retailers to review profitability at the SKU or item level, check inventory status anytime, and forecast sales demand. Real-time inventory information makes it easier to manage stock levels and avoid missed sales.

Retail ERP enables businesses to:

  • Order inventory
  • Conduct business through multiple sales channels, including physical stores and integrated web stores
  • Optimize customer experience
  • Perform functions such as inventory management, accounting, planning, reporting, business intelligence, financial management, and human resources (HR) functions.

Frequently Asked Questions

  1. What is the difference between retail ERP and traditional ERP?
  2. Which ERP systems are designed specifically for retailers?
  3. What features and functionalities does Brightpearl offer in its retail ERP software?
  4. How does Lightspeed Retail POS cater to the needs of retailers with physical stores and eCommerce businesses?
  5. Which traditional ERP systems are commonly used in the retail industry?
  6. How does Microsoft Dynamics 365 Commerce benefit mid-sized to large omnichannel retailers?
  7. Can QuickBooks POS be integrated with QuickBooks Online accounting software?

Conclusion

In this article, we have explored the top retail ERP solutions in 2024 and compared retail ERP systems designed specifically for retailers with traditional ERP solutions used in the retail industry. Choosing the best ERP for your retail business depends on your specific needs and whether you prefer a system specifically designed for retail or an industry-specific solution from a traditional ERP provider.

To learn more about retail ERP solutions and stay updated with the latest technology trends, visit Eireview.