Overcoming Retail Challenges In 2023: How To Increase Data Management Solutions Empower Businesses

Overcoming Retail Challenges in 2023: How to Increase Data Management Solutions Empower Businesses

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by Micah James — 9 months ago in Business Ideas 4 min. read
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After the global pandemic disrupted the retail industry, businesses have realized the importance of establishing a solid online presence. In the wake of COVID-19, thousands of stores were forced to close their doors, emphasizing the need for retailers to adapt to the digital landscape. As we approach the end of 2022, with inflation rising worldwide, the retail sector is bracing itself for new challenges.

At To-Increase, we understand the obstacles faced by our customers and strive to provide tailored solutions for small and medium-sized businesses (SMBs) and enterprises across various industries, leveraging Microsoft Dynamics ERPs. Our expertise lies in offering business integration retail software development services that help retailers seamlessly integrate their online and physical stores, facilitating communication with suppliers and vendors through electronic data interchange. Furthermore, our data governance solutions empower customers to manage data creation, quality, security, and distribution across legal entities within Dynamics 365 Finance & Operations/Supply Chain Management.

This blog post will delve into the significant challenges the retail and e-commerce industry and retail software development services will face in 2023 and explore how our data management solutions can provide valuable assistance.

What Challenges Await Manufacturers and Retailers in 2023? How Can To-Increase’s Data Management Solutions Overcome Them?

Online and In-Store Data Synchronization

According to “The Future of Retail Report: Trends for 2022,” a significant challenge for 50% of brands in 2023 is unifying online and in-store operations and data. Manufacturers and retailers are investing in tools enabling them to sell across multiple channels to boost sales, including online stores, mobile apps, and social commerce.

On the customer front, preferences are divided between brick-and-mortar retail stores and online shopping. A considerable portion of shoppers, around 53%, prefer to physically inspect a product in-store before making an online purchase. On the other hand, 55% opt to browse products online and pick them up from a local store.

Imagine having the ability to synchronize information from both online and in-store purchases. This data could reveal valuable insights into customer behavior, enabling you to deliver more personalized marketing communications and ultimately increase sales.

With Connectivity Studio for Microsoft Dynamics 365 Finance & Supply Chain Management, you can seamlessly deliver master data to your webshop and integrate your ERP system with almost any business application or system. Retailers can connect their Warehouse Management System (WMS), Point of Sale (POS) system, and Product Information Management (PIM) system to their ERP. We also provide connectors for e-commerce platforms. EDI Studio for D365 F& SCM allows you to securely and swiftly share essential documents with distributors, suppliers, and business partners.

By utilizing Connectivity Studio, when a customer checks the price and availability of a product on your portal, the data is retrieved from the back-end repository or PIM system using web services, ensuring near-real-time exchange within the integrated ERP. This is the most essential part of the Retail software development process.

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Supply Chain Disruptions

The supply chain industry faces significant challenges due to COVID-19 and the Ukraine war, resulting in product shortages and increased global prices. According to Accenture’s report, these disruptions could lead to a cumulative loss of €920 billion to the Eurozone’s GDP by 2023. To overcome these challenges, businesses need to embrace digitization and be prepared.

Digitization involves automating business systems and leveraging electronic data interchange to streamline communication with suppliers, customers, and logistics partners. Additionally, implementing data management solutions can provide valuable insights and help make better business decisions, enabling businesses to navigate future disruptions.

Meeting Customer Expectations

While larger organizations can invest in advanced technologies like AI and VR to enhance the customer experience, startups and small to medium businesses need help keeping up with the competition. However, striking a balance between profitability and meeting customer expectations is crucial. To achieve this, companies should focus on meeting customers where they spend most of their time, such as on personal devices. Customers seek personalized, non-intrusive shopping experiences, convenient online order tracking, and real-time updates on shipping and delivery. Implementing solutions like Connectivity Studio and EDI Studio can ensure seamless integration between systems, enabling efficient order management, invoicing, and logistics, thereby meeting customer expectations.



Data Security

Data security is a pressing concern for businesses, with a significant rise in ransomware attacks on retail organizations. Compliance with privacy laws, such as GDPR and the Consumer Privacy Act, is essential. Organizations must invest in technologies that safeguard customer data and ensure adherence to privacy regulations. Our Master Data Management suite offers secure data creation, quality improvement, and distribution. Solutions like Data Entry Workflow enable role-based approvals and access control, while Data Quality Studio allows the implementation of data quality rules. Using MDM Studio, businesses can centrally or de-centrally manage their master data and restrict access to critical information using features like Dynamic Field Security.

Additionally, organizations should implement corrective measures for data outside the organization, such as using secure payment providers, adhering to data privacy guidelines, employing fraud detection tools, monitoring website certifications, and taking care of it during their retail software development.

Shipping Focus

The demand for faster and more convenient delivery options has increased among customers, with retail giants like Amazon offering one-day delivery. Customers not only expect speed but also prefer free or flexible shipping choices, which can be challenging for many retailers to provide.

A report from BIGCOMMERCE reveals that 77% of survey respondents have abandoned purchases due to unsatisfactory shipping options, while 58% have stopped shopping with specific retailers due to negative shipping experiences.

To address these concerns, retailers and e-commerce players must prioritize improving their shipping options, providing timely delivery updates, and streamlining the overall process. It’s crucial to keep customers informed and transparent about any delays.

Our Connectivity Studio solution is designed to help retailers and e-commerce platforms optimize their operations by connecting logistics systems with their ERP and other applications. With EDI Studio, you can efficiently share essential EDI documents, such as Advanced Shipping Notices (856) and Shipping Schedules (852), with trading partners.

Are you ready to enhance your supply chain network and ensure better data governance?



Conclusion

As we navigate the post-pandemic landscape, the retail industry faces new challenges that demand innovative solutions. To-Increase recognizes the hurdles confronting businesses and offers tailored data management solutions for SMBs and enterprises across various sectors. By leveraging Microsoft Dynamics ERPs, our solutions facilitate seamless integration of online and physical stores, effective communication with suppliers, and robust data governance within Dynamics 365 Finance & Operations/Supply Chain Management. In this blog post, we have explored the significant challenges that await manufacturers and retailers in 2023 and demonstrated how To-Increase’s data management solutions could provide invaluable support.

Micah James

Micah is SEO Manager of The Next Tech. When he is in office then love to his role and apart from this he loves to coffee when he gets free. He loves to play soccer and reading comics.

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