Versa Cloud ERP Software for Retail Business
The retail landscape today is more competitive than ever before. With tight margins, complex operations, and fickle consumer demand, retailers need to make data-driven decisions quickly to stay ahead. However, wrangling insights from all the data floating around in siloed systems is easier said than done. This is where modern retail ERP software like Versa Cloud ERP comes in. With its built-in business intelligence and data visualization capabilities, Versa Cloud ERP gives retailers a single source of truth to tap into analytics and make timely, informed choices that impact the bottom line.
In this article, we’ll explore how Versa Cloud ERP’s retail-ready ERP platform can help you:
- Analyze historical sales data
- Visualize sales metrics through interactive reports and dashboards
- Identify high and low-performing products with the help of our reporting metrics
- Optimize inventory management
- Enable data-backed decision-making across teams
- Spot emerging trends and growth opportunities
So if you’re a retail manager, owner, or executive looking to demystify data analysis for faster and better decisions, read on.
Analyze Historical Sales Data of Your Retail business with Versa Cloud ERP
Making decisions without insights into past sales data is like walking blindfolded. You’re bound to stumble.
Versa Cloud ERP gives retailers an aerial view of all transactions over any duration. Granular sales analysis is crucial to spot trends, anomalies, and opportunities that impact future strategy.
With Versa Cloud ERP, drilling into historical sales data is intuitive with the flexibility to filter on multiple parameters like:
- Date and time range
- Store location
- Product Categories and SKUs
- Payment modes
- Customer segments
- Retail Sales agents can quickly view sales across channels like in-store, online, mobile app, etc. Side-by-side channel analysis shows where most sales originate.
Versa can incorporate custom fields into sales orders, purchase orders, bills, invoices, and customer records. These custom fields can be integrated into custom data sources for the Customer, which can be used to generate Reports. To use this feature of adding custom fields, please navigate to the following path: (Setup > Feature Settings > Custom Fields).
In addition, as Versa supports multiple entities businesses can easily get the entity related reports. This makes the business owners well-equipped to do an analysis by location and see high and low-performing areas at a glance.
In short, Versa Cloud ERP provides complete visibility into past transactions from any axis. Historical data combined with external sources sets the context to interpret performance.
Visualize a Retail business’s Sales Metrics through Reports and Dashboards with Versa Cloud ERP
Poring over rows and columns of sales data is painful. Retail execs need actionable insights at a glance without filtering countless parameters.
Versa Cloud ERP delivers easy-to-understand visualizations through interactive reports and centralized dashboards. Retail analytics visualized via charts, graphs, gauges, maps, and more makes trends instantly perceptible. Versa Cloud ERP comes stocked with several pre-built reports and dashboards covering:
- Sales summary (total sales value, units sold, average transaction size, etc.)
- Channel-wise sales split
- Category and sub-category sales mix
- Sales by Entity/Facility
- Weekly/monthly sales snapshots
- Year-on-year sales comparison
- Top and worst-performing products
- Inventory stock levels
- Customizable reports.
The visual elements automatically update as new data enters the integrated system so information is always current. Users can drill down into reports to investigate details. Or quickly toggle views to get the big picture.
Retail managers get on-demand access to visually represented data to course-correct strategies in real time. They are no more guessing in the dark.
Identify High and Low Performing Products
30% of retail products generate 70% of sales. Identifying winning and losing products is pivotal for profitable merchandising.
Versa Cloud ERP makes underperforming products stick out like a sore thumb through:
- Sales Velocity Reports
This report plots products by sales rate and volume over time. Versa Cloud ERP’s algorithm highlights fast selling items vs slow movers. Focusing marketing efforts on proven winners while phasing out laggards is smart.
- Sales Contribution Charts
This graphical chart shows the total revenue contribution of each product segment. Overlay costs to gauge true profitability. Low performers draining resources get the boot.
- Automated Reorder Notifications
Get alerts when fast-selling products hit reorder thresholds. This prevents out of stocks that can cost 5-10% of revenue. Automated signals ensure shelves are always stocked with customer favorites.
Optimize Inventory Management
Out-of-stocks are a retailer’s worst nightmare. But overstocks also eat into profitability due to warehousing costs, waste, spoilage etc. Getting inventory levels just right is key.
Versa Cloud ERP optimizes inventory planning using:
- Historical Sales Data
- Seasonal Demand Analysis
- Lot Tracking for Medical Businesses
- Inventory Value Analysis
- Replenishment of Inventory via PO Planner based on re-order point levels.
Granular data, smart forecasting, and real-time visibility enable data-backed decisions to align supply with actual demand. This minimizes waste, improves turns, and prevents lost sales.
Enable Data-backed Decision Making Across Teams
Siloes between in-store staff, online ops, marketing, procurement, logistics, and leadership is common in retail. Different versions of ‘truth’ breed confusion and disjointed strategies.
Versa Cloud ERP with its all-in-one solution demolishes data siloes to create one integrated platform accessible enterprise-wide. Real-time inventory visibility, for example, allows store managers to fulfil online orders from in-store stock. Unified data stretches beyond internal teams. With supplier and distributor portals (partner portal), inventory positions, costs, orders, and payments are transparent across the retail supply chain.
End-to-end data sync across departments and partners nurtures data-driven decisions across the board.
Spot Emerging Trends and Growth Opportunities
Customer preferences evolve rapidly – what’s hot today could be not tomorrow. Retailers need to stay ahead of trends to grow sales. Versa Cloud ERP reveals emerging opportunities through dynamic and customizable reports, which provide the business tools that enable businesses in their decision-making.
With the opportunity pipeline insight significantly shortened, retail leaders can quickly adapt strategies and capitalize on potential growth drivers before their competitors have a chance.
Why Retail Businesses Prefer Versa Cloud ERP
Managing a retail business without harnessing data is impossible in today’s complex marketplace. Versa Cloud ERP provides an integrated platform to analyze historical patterns, visualize sales metrics, optimize operations, and spot emerging opportunities.
With a single source of truth connecting retail processes across the value chain, data-backed decision-making becomes the norm, not the exception. And that is the hallmark of an insights-driven industry leader.
A Retail Business in the modern day is complex and requires resources to deliver on its goals and achieve its full potential. To create a small business success story business owners need an ERP system that grows with them.
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