Amidst the ongoing pandemic, Singapore’s eCommerce scene has seen tremendous growth, expanding from a market size of about 4.6 billion USD in 2020 to more than 6.2 billion USD in 2021 alone. This growth is set to continue—albeit at a slower, steadier pace—with 2022 numbers estimated to reach about 7.3 billion USD.
However, much of the growth thus far has benefitted larger retailers who have already invested in eCommerce capabilities, whereas most small-to-medium companies have found themselves lacking the capacity to fully leverage the sudden surge in demand. After all, dramatically scaling operations is something that is more than difficult to do in a short period of time — although it’s not entirely impossible thanks to Oracle NetSuite.
Oracle NetSuite is an enterprise cloud solution software available in Singapore which provides cloud based Enterprise Resource Planning (ERP) solutions via sophisticated machine-learning algorithms and specialized software tools.
The 9 key features and benefits of Oracle NetSuite are as follows:
1. Unification of Sales Channels
With Oracle NetSuite, eCommerce businesses in Singapore can operate across multiple sales channels—be they online, mobile, social, brick-and-mortar, or even call centers—with ease. This allows for both cross-channel and multi-channel strategies that companies can leverage to capture a wider consumer base and increase sales.
2. Automation of Menial Administrative Tasks
Process automation is a popular trend that all eCommerce companies should take heed from, and Oracle NetSuite is the perfect platform that enables Singapore eCommerce businesses to do just that.
Manually entering data from one system to another not only takes time and effort, but can also lead to lower employee satisfaction due to boredom and unfulfillment, and human errors resulting in inaccurate data.
Oracle NetSuite allows you to automate data logging processes so your employees can move their focus to areas where their professional expertise is most needed, increasing productivity while also lowering operational costs.
3. Ability to Adopt Dynamic Merchandising Strategies
Enterprise software like Oracle NetSuite allows businesses to push certain products to certain consumer groups based on desired metrics such as location, purchase history, and even historical product profitability. This can translate to cost-savings in marketing efforts, and higher conversion rates and sales revenue.
4. Integrated Financial Management
Another key aspect to growth that many eCommerce businesses in Singapore neglect is financial performance analytics at nuanced company levels and business units.
Oracle NetSuite helps companies achieve real-time visibility on consolidated financial data for any and all parts of the business. These are available in all formats ranging from summary-level snapshots all the way down to intricate transactional details.
5. Facilitation of International Sales
As for Singaporean eCommerce business owners who wish to or are currently engaging in international sales, Oracle NetSuite is more than helpful in facilitating the conduct and management of cross-border sales.
The enterprise cloud solution supports multiple languages, currencies, VATs, subsidiaries, and even the tracking and documentation of international shipping prices and arrangements.
6. Access to Curated Merchandising Tools
Check-out experience and payment options are considered by most eCommerce consumers to be of vital importance.
As one of the most popular enterprise IT solutions in Singapore, it’s only natural that the cloud ERP solution Oracle NetSuite grants consumers an entire suite of merchandising tools to meet their needs. These include cross-selling options, coupon systems, gift certificates, in-built shopping cart functionalities and integrated real-time credit card processing with PCIDSS compliance to create the best eCommerce check-out experience.
7. Real-Time Inventory Management
Oracle NetSuite also gives eCommerce businesses in Singapore access to real-time inventory visibility. This empowers businesses to adopt agile inventory management strategies to fully capitalise on any surge in demand for increased sales revenue, or any dip for cost-savings in warehousing expenses and the likes.
8. Ease in Order Management & Fulfillment
Order management and fulfillment is an aspect that many eCommerce businesses struggle with, and logistics has never been more complicated than how it is in Singapore’s eCommerce scene today.
Oracle NetSuite enables companies to better deal with order management and fulfillment, through:
- customizable management workflows that can be matched to existing business processes;
- separate order review processes based off red flagging orders identified by pre-defined user-selected criteria;
- individual workflows for picking, packing, and shipping; and
- integration of internal business systems with UPS, USPS, and FedEx for real-time price information, shipping label printing, tracking number allocation, and customs documentation.
9. One-Stop Consolidated Platform for All Operations
Above all, Oracle NetSuite being a one-stop consolidated platform for all your business operations and management processes is the most invaluable and irreplaceable merit this cloud based ERP solution provides.
As a fully-integrated platform, Oracle NetSuite grants businesses visibility and congruent functionality across all funnels and pillars of their company. This offers clarity in insight and analytics to better strategize business management and growth — both of which are keys to successfully scaling an eCommerce business.
Implement & Leverage Oracle NetSuite with HAND Global Solutions
Oracle implementation is a highly complex process; so much so that a seamless experience with the cloud based ERP software can only be promised at the hands of an expert Oracle implementation consultant, which we at HAND Global Solutions are.
HAND Global Solutions is recognised by Oracle as both a Platinum Partner and an Oracle Cloud Excellence Implementer, and is the leading IT solutions provider for NetSuite consulting services in Singapore, and Oracle ERP consulting services in general.
Contact us today to implement Oracle NetSuite in your company and scale your eCommerce business.