All across the globe, health and beauty companies are selling more products online, increasing their investments in digital technologies and prioritizing digital channels in order to capture and convert the attention of both existing and new customers. Because of these and other trends, it’s becoming increasingly important to have the right websites, shoppable social-media platforms, and marketplaces in place, McKinsey reports.
Companies that entered the pandemic period without a robust, enterprise technology platform in place are now in a race to “catch up” in order to remain profitable, competitive and relevant.
Harnessing Growth in Health & Beauty
According to SEO search firm Terakeet, total global beauty industry spending in 2020 was $483 billion, and the annual total is expected to reach $716 billion by 2025. Historically, it says the lion’s share of beauty products have been purchased in brick-and-mortar stores, but that’s changing rapidly, with online sales projected to make up 48% of the total by 2023.
The health products industry is also growing. Globally, the market reached $9.92 billion in 2020 and is expected to hit $16.2 billion by the end of 2027. Between now and then, the total market is expected to post a compound annual growth rate (CAGR) of 7.3 percent.
Companies operating in the health and beauty space have a lot of opportunity out in front of them, but they may also face challenges as they attempt to harness and optimize these opportunities. Those that still rely on highly manual processes that require a lot of labor, disparate systems that rely on spreadsheets, and other time-intensive approaches may miss out on certain growth opportunities.
For example, when health and beauty companies patch together applications using “hit-or-miss” integrations, they miss out on opportunities to optimize their workflows and business practices. Rather than allowing automated systems to handle the mundane, day-to-day tasks, these companies rely heavily on spreadsheets and manual labor.
Also, disparate systems can’t bring data together onto a single platform for easy access to reporting comprehensive analytics. So even though each data set may be valuable in its own right, the fact that it’s not integrated with the rest of the operation can significantly reduce its value at the enterprise level.
ERP to the Rescue
For help overcoming these and other challenges, growing companies in the health and beauty sector are turning to unified, cloud-based enterprise resource planning (ERP) solutions like NetSuite. Implemented by an experienced, reputable organization like ERP Success Partners, NetSuite helps organizations efficiently manage the complexities of their businesses; eliminate manual work, redundancies and errors; and take advantage of new market opportunities.
Some of the key functionalities that NetSuite offers health and beauty companies include:
- Inventory management
- Multi-order management
- Customer relationship management (CRM)
- Point of sale (POS) for real-time visibility anytime/anywhere
- Supply chain management (SCM)
- Order management
Through these and other capabilities, NetSuite helps health and beauty companies deliver a seamless, unified shopping experience for customers across web, mobile, in-store and call-center channels in a single platform. The ERP helps companies differentiate their brands and shopping experiences with a cloud-based platform built for the modern business. And, it enables the “buy anywhere, fulfill anywhere, return anywhere” experience that all customers are looking for right now.
6 Reasons to Choose NetSuite
An end-to-end cloud software solution for health and beauty companies to achieve omnichannel success, NetSuite helps organizations:
1. Real-time Insights & Reporting
Increase staff productivity, close the books faster and leverage robust reporting tools that deliver real-time insight into financial performance.
2. Omni-channel Inventory
Eliminate inventory silos between channels and achieve the perfect product assortment. Avoid stock-outs, free up cash flow and deliver on promises with a unified instance of inventory data across all channels.
3. Improved Financials
Accelerate the order-to-cash process, decrease inventory holding costs and enable omnichannel operations by tying sales, finance and order fulfillment to pricing, sales order management and returns management.
4. Streamlined Operations
Increase efficiencies, streamline operations and gain a better understanding of bottom-line costs while maintaining the right inventory mix across the business.
5. Comprehensive CRM
Track campaign performance, manage sales incentive compensation and gain a real-time view of customer interactions across all channels of the business.
6. 360 business overview
Arm sales associates with a 360-degree omnichannel view of inventory and customer information to engage customers more effectively, drive more sales, fulfill orders and provide an outstanding shopping experience.
NetSuite also helps health and beauty companies scale operations and support their global wholesale, retail and multi-brand business from a single commerce platform. Whether they’re selling direct-to-consumer, to retailers, or both, NetSuite’s omnichannel software has the health and beauty segment covered by simplifying all of their wholesale and retail operations on a single, unified platform.