Online fashion retailer Boohoo have announced deals this year seeing them take ownership of struggling brands including Debenhams, Dorothy Perkins, Wallis and Burtons Menswear. These aren’t the first high street brands Boohoo have purchased in recent months, turning them into online-only operations alongside their other recent acquisitions of Oasis, Coast and Karen Millen.
Recent studies from the Office of National Statistics (ONS) show that the total online retailing values in Great Britain increased 46.1% in 2020 compared to 2019, the highest annual growth reported since 2008. In particular, food stores (79.3%), "other stores" (73.9%), household goods stores (73.4%) and department stores (65.9%) all recorded record annual increases in values of internet sales in 2020 when compared with 2019. It seems the pandemic has been pivotal in the growth in ecommerce sales and the decline of the high street, with retailers having to evolve by investing into their online presence and expanding into different sales channels. Heightened customer expectations and increased demands from online shoppers requires retailers to have a website which is attractive, fast and easy to use. Consistency across all sales channels is crucial, from product descriptions to full visibility into inventory levels.
So how can retailers adapt to online retail growth and avoid falling behind their competitors who have made the move to online?
NetSuite, the world's leading cloud business management software, has created a platform to make the transition to online easier through its flexible and scalable solution, that can be adapted to the modern consumer. Firms can adopt a holistic and dynamic approach through NetSuite’s integration of ERP, CRM and ecommerce all on one unified platform. SuiteCommerce Advanced, NetSuite’s ecommerce solution, provides retailers with websites that are fast and engaging in order to deliver customers a complete shopping experience from any device. SuiteCommerce Advanced combines ecommerce with your core operations, from inventory and order management to customer support and financials, providing a complete omnichannel retail solution. Retailers can sell beyond domestic markets by expanding their online presence worldwide through NetSuite’s ability to manage multiple currencies, taxes/VAT, languages, subsidiaries and international pricing.
For businesses seeking to establish an online presence sooner rather than later, NetSuite have used their experience over the years to help businesses create a fully functioning website in less than 30 days, whilst meeting the expectations of the modern consumer through the SuiteSuccess for SuiteCommerce bundle. Within this faster implementation, SuiteSuccess delivers role-specific and predefined dashboards tailored for businesses exactly like yours.
Already have an ecommerce platform? NetSuite can integrate your key information
With the changing online landscape, businesses using other ecommerce solutions may now be experiencing an even greater challenge if ERP, CRM and ecommerce systems remain isolated from each other. This leads to inventory and product information stored in separate locations, inadequate customer management from use of disparate systems and overall disjointed processes. All of this can be easily resolved by integrating your current ecommerce platform into NetSuite. Many standalone platforms such as Shopify, WooCommerce, Magento and BigCommerce are compatible with NetSuite. Integration is key for retailers who want to deliver a consistent experience for their customers across multiple channels.
NetSuite’s ecommerce integration combines data from multiple systems, enabling retailers to have full visibility and real-time data for inventory, financial and sale operations. Businesses benefit from consistent information, automated processes, the ability to deliver timely data for well-organised operations and improved customer experience. Retailers no longer suffer from human error associated with manual processes, disparate data sources which can lead to inaccurate information and poor actions taken by your team. NetSuite’s integration enables retailers of all sizes to gain a competitive advantage in the market, providing their customers with the online experience they now demand.
Make the transition easier with FHL
With increased expectation from the modern consumer and competitors making the move online, it has never been more important to get ahead of the competition. NetSuite can help all retailers, from those who have no online presence to businesses that already have well established ecommerce platforms but are suffering from a lack of integration between customer and financial information.