NetSuite for Retail Review - Jun 2024

Shlomi Lavi / updated: Jun 03, 2024

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What is NetSuite for Retail?

NetSuite for Retail is a comprehensive software solution designed to help retail businesses manage their operations efficiently. Launched in 1998 by Oracle, NetSuite has gained a strong reputation in the industry for its robust features and user-friendly interface.

The softwares main features include inventory management, order processing, customer relationship management, financial management, and e-commerce capabilities. With NetSuite for Retail, users can streamline their processes, improve visibility into their operations, and enhance the overall customer experience.

NetSuite for Retail has received several industry awards for its innovative approach to retail management software. It is also known for meeting industry standards and certifications, ensuring that businesses can trust the software to meet their needs.

In terms of security measures, NetSuite for Retail offers top-notch data protection and encryption to safeguard sensitive information. The software is also equipped with AI features that help users make data-driven decisions and optimize their operations.

NetSuite for Retail is a cloud-based solution, providing users with the flexibility and scalability needed to adapt to changing business requirements. Implementation time can vary depending on the size and complexity of the retail operation, but typically takes a few weeks to a few months to complete.

Who is it best for?

NetSuite for Retail is an ideal software solution for retail businesses of all sizes, including small, medium, and large enterprises. Small businesses can benefit from its user-friendly interface and cost-effective pricing plans, while medium and large retailers can leverage its scalability and advanced features to manage complex operations.

In terms of specific industries, NetSuite for Retail caters to a wide range of retail sectors such as apparel, electronics, furniture, and more. It provides industry-specific functionalities that can streamline inventory management, sales tracking, and customer relationship management for retail businesses.

Moreover, NetSuite for Retail is also suitable for online retailers looking to integrate their e-commerce platforms with back-end operations. Its omnichannel capabilities enable retailers to provide a seamless shopping experience across multiple channels, including brick-and-mortar stores and online marketplaces.

Main features and functionalities

NetSuite is an effective Retail management system that offers cost-effective and simple solutions to your retail management needs. With this retail management software, even small retailers can reap the benefits of cloud computing. All the retail applications bundled in the software are integrated with NetSuite cloud ERP platform, thereby linking every aspect of a POS business, from order management and eCommerce to CRM and financials.

NetSuits offers a great deal of flexibility allowing users to turn on additional functionality as the organization grows. In addition, it is a complete retail management suite and eliminates the need to install any third-party tools. This enhances productivity and also reduces cost of operations. Data confidentiality and security are important to every business, irrespective of the size. NetSuite implements several layers of data redundancy, thereby providing comprehensive security.

NetSuite Retail Management Suite also offers direct integration with on-premise POS besides giving a single view of customers across multiple channels. That is not all NetSuite provides necessary technical assistance so that users get the most out of the retail management software.

What is the actual cost?

Software price

NetSuite for Retail offers a range of pricing plans to cater to businesses of different sizes and types. The software operates on a subscription basis with costs starting at $999 per month for basic functionalities. For more advanced features and increased user access the price can go up to $5000 per month. The pricing also varies based on the number of users with costs for 1 user being significantly lower compared to prices for 100 or 1000 users. Global enterprises can opt for custom pricing based on their specific requirements and scale of operations.

Implementation Cost

Implementing NetSuite for Retail can be a complex process depending on the size and complexity of the business. On average the implementation cost can range from $10000 to $50000 for small to mid-sized businesses. Larger enterprises might incur higher implementation costs due to the need for more extensive customization and data migration. The implementation process can take anywhere from a few weeks to several months with costs varying accordingly.

Cost of Customization

Customization of NetSuite for Retail is optional but can be beneficial for businesses looking to tailor the software to their specific needs. The cost of customization can range from $5000 to $20000 for small to mid-sized businesses with larger enterprises requiring more extensive customization potentially incurring higher costs.

Cost of Training

Training costs for NetSuite for Retail also vary based on the size and type of the business. On average training costs can range from $500 to $2000 per user. Larger enterprises with more users may opt for group training sessions which can impact the overall training costs. Additionally ongoing training and support may incur additional expenses for businesses.

Hardware/Servers/Migration Fees

NetSuite for Retail may require specific hardware or server configurations for optimal performance. Businesses might need to invest in hardware upgrades or additional servers incurring one-time fees ranging from $1000 to $5000. Additionally there might be one-time setup fees ranging from $1000 to $10000 for initial configuration and deployment.

Other Costs

Aside from the mentioned costs businesses should also consider potential costs for integrations with other systems data migration and ongoing maintenance and support. These costs can vary significantly based on the complexity of the business operations and the level of support required. Its essential for businesses to factor in these additional costs to have a comprehensive understanding of the total cost of ownership for NetSuite for Retail.

ComparesTo pricing score is 7.8 out of 10 (10 is most expensive). Access ComparesTo pricing guide for NetSuite for Retail.

Pros

• The software is robust and fully customizable
• NetSuite Retail Management Suite provides real-time visibility and anytime access to critical information.
• Ability to integrate multiple currencies for multiple locations
• NetSuite Retail Management Suite offers seamless integration with ERP systems such as SAP and Oracle.
• NetSuite provides adequate training resources

Cons

• NetSuite does not offer a free trial and version
• NetSuite doesn’t offer on-premise deployment something that can be quite necessary at times.
• Useful features like ‘quoting’ missing from the software.
• Although the software has a cloud based model, it isn’t optimized specifically for different OS platforms, like many of its competitors.

How it stacks up?

Access a head to head analysis of NetSuite for Retail vs alternative software solutions.

NetSuite for Retail vs. Shopify

Price: NetSuite for Retail is known for being more expensive compared to Shopify. The cost of implementation for NetSuite can be higher due to its robust features and capabilities.

Features: NetSuite for Retail offers a comprehensive suite of tools for retail management, including inventory management, order management, and customer relationship management. Shopify, on the other hand, is more focused on e-commerce and provides a user-friendly platform for online store management.

Pros: NetSuite for Retail is well-suited for larger retail businesses with complex operations, while Shopify is popular among small to medium-sized businesses looking to establish an online presence quickly and easily.

Cons: NetSuite for Retail may have a steeper learning curve due to its advanced features, whereas Shopify may lack some of the advanced functionalities required by larger enterprises.

Typical Customers: NetSuite for Retail caters to larger retail businesses with multiple locations and complex operations, while Shopify is ideal for small to medium-sized businesses looking to sell products online.

User Interface: NetSuite for Retail offers a comprehensive desktop interface with a wide range of features, while Shopify provides a user-friendly and intuitive interface for managing online stores on both desktop and mobile devices.

Integration: NetSuite for Retail supports integrations with various third-party applications such as Magento, Bronto, and SuiteCommerce, while Shopify integrates with popular tools like Mailchimp, QuickBooks, and Xero.

Scalability: NetSuite for Retail is highly scalable and can accommodate the needs of growing retail businesses with a large number of users, whereas Shopify is more suitable for smaller businesses with fewer users.

Security: NetSuite for Retail is known for its robust security features and has received recognition for its security measures, while Shopify also provides a secure platform for online transactions.

Reporting and Analytics: NetSuite for Retail offers advanced reporting and analytics capabilities, including sales reports, inventory reports, and customer insights. Shopify provides users with essential reports such as sales reports, customer reports, and store performance analytics.

NetSuite for Retail vs. Lightspeed Retail

Price: NetSuite for Retail is typically more expensive than Lightspeed Retail, which is known for its affordability and scalability for small to medium-sized businesses.

Features: NetSuite for Retail offers a wide range of features for retail management, including inventory tracking, order processing, and customer engagement tools. Lightspeed Retail is focused on providing a comprehensive POS system with features for inventory management, sales reporting, and customer loyalty.

Pros: NetSuite for Retail is suitable for larger retail businesses with complex operations and multichannel sales, while Lightspeed Retail is ideal for small to medium-sized businesses looking for an easy-to-use POS system.

Cons: NetSuite for Retail may require more extensive training and customization due to its advanced features, whereas Lightspeed Retail may lack some of the advanced functionalities required by larger enterprises.

Typical Customers: NetSuite for Retail caters to larger retail businesses with multiple locations and diverse sales channels, while Lightspeed Retail is popular among small to medium-sized retail businesses looking for a user-friendly POS solution.

User Interface: NetSuite for Retail offers a comprehensive desktop interface with advanced features for retail management, while Lightspeed Retail provides a user-friendly and intuitive interface for managing sales transactions on desktop and mobile devices.

Integration: NetSuite for Retail supports integrations with various third-party applications such as Shopify, Magento, and Bronto, while Lightspeed Retail integrates with tools like QuickBooks, Xero, and Mailchimp.

Scalability: NetSuite for Retail is highly scalable and can support the growth of retail businesses with an increasing number of users and sales channels, while Lightspeed Retail is designed to scale with the needs of small to medium-sized businesses.

Security: NetSuite for Retail is known for its robust security features and has received recognition for its data protection measures, while Lightspeed Retail also provides secure payment processing and data encryption for retail transactions.

Reporting and Analytics: NetSuite for Retail offers advanced reporting and analytics tools for retail businesses, including sales performance reports, inventory insights, and customer behavior analytics. Lightspeed Retail provides essential reports such as sales summaries, inventory tracking, and customer purchase history.

Frequently Asked Questions (FAQs)