The 5 Best Retail ERP Systems in 2024

The 5 Best Retail ERP Systems in 2024

Are you searching for the best retail ERP systems in 2024? We know that managing multiple operations in sync and collaborating with every team can be challenging in a retail business. Consequently, the creation of retail ERP software has been a massive discovery for retail businesses. 

The global ERP software market was valued at $38.12 billion in 2020 and is projected to grow to $84.41 billion by 2027 at a CAGR of 12.7%.

The market for retail ERP systems is a huge pool of several ERP retail providers, which makes it difficult to choose the best one for your business. Five of the most extensively used retail ERP systems globally dominate the market of retail ERP solutions. These systems are known for their exceptional performance, ease of use, and innovative features, which attract retailers to simplify their business processes. 

Read on to discover the five best retail ERP systems and their features to make a better decision.

Key Takeaways:

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1. Microsoft D365 for Retail

Microsoft Dynamics 365 for Retail is a multichannel platform for businesses that include Retail Management, Point of Sale, Loyalty Management, Merchandise Management, and the potential to integrate with ecommerce and mobile application platforms seamlessly. Microsoft Dynamics 365 for Retail is an effective tool that allows businesses to give customers an unparalleled experience across the entire buying process.

Dynamics 365 Commerce has been created to be adaptable and versatile, allowing organizations to expand and react to evolving market conditions. It is adaptable to the unique requirements of any business and may be connected with other programs, like ERP and CRM.

Features of Microsoft D365

Microsoft D365, a leading ERP software for retail industry, offers several interesting features, such as the following: 

  • Create personalized B2B websites and user-specific catalogues
  • Bulk orders can be placed by item, variations, or template
  • Simple data updates and uploads between retail and ERP
  • Comprehensive multichannel sales and efficiency statistics
  • Money and payment processing
  • Account protection, as well as loss and fraud prevention 
  • Computer vision to improve your area by providing statistics and notifications
  • Inventory access is provided in real-time
  • Product data management
  • Inventory management and restocking
  • Sorting, organizing assortments, and assisting with catalogs

2. SAP S/4HANA for Retail

SAP S/4HANA has been recently launched as a new sector-specific system for merchandise management in the retail market. It was created entirely on SAP HANA. It offers an innovative, SAP Fiori-sized user experience, a streamlined data model with integrated analytics abilities, and end-to-end support for all retail core processes, including product listing, promotion operation, price maintenance, and improved data entry.

SAP S/4HANA Retail for merchandising management substitutes the conventional SAP Merchandising a method also known as SAP IS-Retail and SAP ERP Retail, which is going to be served by SAP until ongoing maintenance is completed in the coming years. 

Features of SAP S/4HANA

As one of the leading ERP retail solutions, SAP S/4HANA offers the following features:

  • Dashboards for store managers and real-time business analytics
  • Provide smooth click-and-collect alternatives along with faultless omnichannel shop fulfilment
  • Real-time inventory, product searches, and RFID-enabled inventory movements to provide new standards of customer care
  • Organize limited inventory by assigning supplies and segmenting stocks
  • Empty stock is processed using the complete item bill of materials
  • Manage a verticalized retail company by combining wholesale distribution, production, and retail stores onto a single platform

3. Oracle Cloud ERP

Oracle Retail is a collection of cloud-based retail operations tools. It has several advantages for customers who want to use cloud solutions, including adaptability, stability, and privacy. It was among the first product suites offered on the Oracle Cloud. It is provided as a SaaS (software as a service) product.

Users may use the internet to gain access to cloud-based applications and data. It gives a pay-as-you-go pricing structure that helps lower consumers’ total IT expenses. Every facet of retail is supported by Oracle Retail Solutions, covering employees, order handling, POS, merchandising, inventory, and customers. It also enables customers to scale their systems according to their requirements. 

Features of Oracle Cloud ERP

Oracle Cloud ERP is considered one of the best ERP systems for retail. Some of its features are as follows:

  • Reduce IT expenses by generating efficiency
  • Encourage “one version of the truth” while giving end users a greater say
  • Facilitate more smooth entry into new markets and worldwide expansion
  • Boost real-time communications to make the user experience better

4. NetSuite 

Oracle NetSuite offers retailers a comprehensive platform that connects all channels and interactions. Oracle NetSuite offers a unified and tailored experience for customers interacting with your brand in person, on mobile devices, or online. NetSuite for Retail and eCommerce enables merchants to create important, appealing, and engaging customer experiences across channels. You may design distinctive retail experiences based on user analysis with this cloud-based tool.

The NetSuite CRM solution provides numerous strategic benefits for every retail business. NetSuite ERP for retail targets high lifetime value (LTV) consumers in order to increase business revenue, in addition to providing more personalization through various customer interaction and marketing strategies.

Features of NetSuite

NetSuite is counted among the best ERP systems in the ERP retail industry. Here are some of its amazing features.

  • Retailers can access real-time financials and accounting
  • Get instant access to your retail business’s operational and financial performance
  • Minimize the manual entry of data and automate the transaction process to reduce errors and increase time to value
  • Enable audit trails, create control, and uphold conformity with relevant accounting rules
  • Increase profitability by using company-wide access to inventory to manage inventory more effectively
  • Cut down on transportation expenses because of unforeseen restocks
  • Reducing the frequency of the real transfers of an item in the storage facility to lower the cost of goods sold (COGS)

5. Infor M3

Infor M3 is a cloud-based production and distribution ERP system that uses cutting-edge technology to deliver a superior user experience and strong analytics across multiple companies, countries, and sites. Infor M3 and its associated CloudSuite industry solutions provide industry-leading features to the chemical-based, shipping, machinery, fashion, food and beverages, and industrial manufacturing sectors.

Future-proof solutions from Infor are designed to satisfy the most adaptable, constantly evolving needs from a wide range of industries. Customers of M3 can now fully benefit from the most recent improvements to the product.

Features of Infor M3

Infor M3 has been an excellent ERP software for retail industry. It offers the following features:

  • Collaborate with your suppliers in real-time
  • Manufacturing Performance system that gives users a unified set of information to monitor and manage the whole manufacturing process
  • Permit clients to adjust to daily fluctuations in demand
  • Users can optimize productivity from shift to shift by evenly allocating work to save overtime and eliminate unproductive hours
  • Setting up, cost, and quotation of equipment
  • Visibility throughout the supply chain, including raw materials and aftermarket supplies
  • Real-time analytics enables quicker decision-making
  • Oversee both forward and backward logistics
  • Effectively manage part trades and warrantied components
  • Keep track of correspondence, verify orders, gather advanced shipment notices (ASNs), and get updates on transportation.

What do experts say?

“Implementing the ERP system and realizing the promised benefits are two different ball games. Implementation can be a success, but if the operational phase is not planned and organized properly with the support of all the people involved, then the promised benefits will not materialize.”
-Alexis Leon

Get Interactive & Customized ERP Training Sessions with Onboard

Implementing a retail ERP system for your business is a major step for your end-users and clients. However, the process starts with choosing the right ERP retail system for your business. It is important to understand the workings and features of an ERP system before you get started with one, as no ERP is a one-fit-for-all solution. Each business is unique, and thus, your ERP system should be unique for your operations. 

To help your end users with a proper ERP implementation, Onboard offers experienced and skilled ERP consultants who will lead the implementation process and further operations efficiently. The implementation of the Onboard ERP retail system is a very significant step that can impact your business massively. Contact us today to have a smooth ERP implementation at your business.  

Common Questions on the Best ERP for Retail 

Q1. What are the 3 common types of ERP?

The three most prevalent types of ERP are on-site, cloud-based, and hybrid ERP. Cloud-based ERP runs on a distant server owned by a third party, whereas on-site ERP is hosted on the business’s facilities on its servers.

Q2. What does Microsoft D365 do?

Dynamics 365 is a suite of innovative business tools that offers ground-breaking customer experiences together with exceptional operational efficiency, allowing businesses to lower costs while improving agility and simplifying operations.

Q3. What is the next-generation ERP?

Next-Gen ERP is made to be adaptable, so it can easily change to meet your changing demands. Next-gen ERP uses sophisticated analytics to turn raw data into insightful knowledge, enabling you to see patterns, make precise forecasts, and implement smart strategies.

Q4. What is SAP S/4HANA used for?

SAP S/4HANA is an ERP business platform built on the SAP HANA in-memory database, which enables businesses to conduct deals while analyzing business data in real time.

Q5. What database does Infor M3 use?

Whether hosted on IBM DB2 or Microsoft SQL Server, the data connector M3 Database provides a direct connection to the M3 database. Setting up a Websphere Application Server is a prerequisite if your M3 database is located on IBM DB2.

Q6. How does a retail ERP system differ from traditional retail software?

A retail ERP system is different from traditional retail software as it has an integrated approach to business management. Traditional retail software focuses on particular functions such as POS, inventory management, etc. Retail ERP system provides a holistic solution for managing all aspects of a retail business.

Joanne Harrison
Joanne Harrison
Director of Sales

Joanne has worked for Onboard’s parent company Optimum since it was established back in 1998 and has progressed through the organization to Director of Sales. She has overall responsibility for business development and leading the growth of the company. Her role is to expand the value proposition to our clients and target markets, identify new markets, implement strategic partnerships and build valuable relationships with existing clients and system partners.

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