Enterprise Resource Planning Insights Magazine

ERP Insights >> Magazine >> February - 2016 issue

The retail industry is growing at a breakneck speed in India. By 2020, retail industry in India is expected to grow to US$ 1.3 trillion, registering a Compound Annual Growth Rate (CAGR) of 16.7 percent over 2015-20 and the online retail market is expected to grow from US$ 6 billion to US$ 70 billion during FY15-Fy-20. The retail development is not taking place only in the major cities and metros, but also in Tier-II and Tier-III cities. Rising economic growth, changing demographic profile, increasing incomes, urbanization, shifting consumer tastes and preferences are some of the aspects driving growth in the organized as well as online retail market in India.

However, as more retailers seek after means to attract customers to their stores, administrating retail and hospitality in the same business can be a daunting task, given the fact that the store is hardly equipped with the required IT system. This may lead to supply-chain inefficiencies, disorganized logistics, and finally inconsistencies in financial data and loss.  

Retail companies are now embracing cost effective infrastructures that can guide towards future growth initiatives and seamlessly adapt to shifting business priorities. By leveraging IT solutions such as data management, inventory management, cost management, purchase order management, price management, customer relationship management (CRM), retail stock ledger, and others, businesses can achieve smooth operations. For instance, with inventory management, one can oversee and control orders, storages and use of components that a company will require in the production of an item or keep track of finished items for sale. Likewise, with CRM system, data stored in various departments (for example, sales, marketing, customer service and HR), can be accessed from a single location, which helps organization to develop efficient automated processes to improve business processes.

Thus, keeping pace with Information Technology is the key to solving business related problems faced by the retail industry. Understanding these requirements of businesses in the retail industry, ERP Insights brings you the list of “20 Most Promising Retail Solutions and Services Providers”. A distinctive panel comprising of CIOs industry analysts, retail industry experts, and ERP Insights’ editorial board have cherry-picked the companies who provide high quality retail solutions and services tailored to the needs of the retail industry.