Keeping stock at optimal levels, avoiding theft, minimizing merchandise losses, streamlining supply processes and satisfying customers are just some of the needs of companies in the retail sector, which may have a solution through an SAP Canada implementation, which It will make it more competitive by providing transparent management, interconnected with the company’s departments, centralized and oriented towards the target audience.
Canada is one of the countries with a retail industry in constant progress, especially in the fashion and footwear sectors, which have grown considerably since 2010 thanks to the free trade agreement between Canada and the European Union, which has made products more attractive. Canadian markets for European investors.
On the other hand, Canadian consumers are increasingly interested in high-quality products, prestigious brands and high-value goods; All of this translates into a strengthened retail sector, but which faces great challenges such as greater competition between companies; And, to stay one step ahead of its competitors, SAP Canada implementation will help optimize management, increase savings and profits in the following ways:
Know consumer behavior
The Canadian consumer is active, progressive and, faced with a competitive retail sector, has several options to choose the products to purchase. In addition, although there is a buyer persona profile, the segments are changing, so the first benefit of SAP Canada is to know the market to identify gaps in needs and satisfy them profitably.
Through the data obtained by SAP Canada, companies can analyze what customers are looking for, anticipate the seasons, analyze supply and demand, anticipate supply to reduce acquisition and manufacturing costs. The main objective is to increase sales and meet the needs of customers to earn their preference.
An important key in the retail sector is stock management, since this is the basis of the business. Whether it is raw material for production, or merchandise to put on sale, it is essential to have a management software to leave behind the manual counting of inventories, theft or loss of materials, products that were not captured in the system or errors when handling expiration dates, which put the profitability of the company at risk and entail considerable losses.
In the management of a retail business, human errors can be extremely costly and with a software they can be minimized since it reduces the possibility of mistakes in prices, in the provisioning, or in the management of expirations.
On the other hand, by having inventory information, customer service becomes more agile since merchandise that is actually in stock can be offered and located quickly in case the shelves are empty.
Consumers are increasingly relying on online shopping, especially in times of COVID-19, with reduced mobility and recommendations to stay at home. The retail sector, to survive and grow, must adapt to digitization and offer its products through digital platforms, which can be connected to the ERP to update information on available merchandise, secure payments, home deliveries, promotions, among other factors.
Although consumers are lovers of quality products and prestigious brands, they highly value offers and tend to opt for stores that provide benefits to their customers: accumulate points on electronic cards, bonuses, discounts, among other loyalty programs that, As its name indicates, its function is to gain the loyalty of customers, but not only that, since they are motivated to visit the store more frequently so that they accumulate the necessary points to win the prize, or that they participate in dynamics that attract new consumers and help increase sales and enhance brand image.