NetSuite Unveils New Capabilities to Enable a Buy Anywhere, fulfil Anywhere, Return Anywhere Commerce Experience
NETSUITE SUITEWORLD 2016, SAN JOSE, Calif.—May 17, 2016—NetSuite Inc. (NYSE: N), the industry's leading provider of cloud-based financials / ERP and omnichannel commerce software suites, today announced the release of NetSuite Intelligent Order Management. The new capabilities unveiled today help meet rising customer expectations and streamline the constantly-evolving complexities of omnichannel order orchestration. Merchants get the intelligence and automation needed to help use inventory more efficiently, reduce shipping costs and improve the customer experience.
NetSuite Order Management is one of the most widely used cloud-based, order management solutions in the world. In 2015, merchants using NetSuite's solution transacted more than 246 million orders, a 46 percent increase from 2014. Total dollar order volume also soared, exceeding $180.5 billion in 2015, a 32 percent increase from 2014. Merchants continue to adopt NetSuite's order management solution at rapid pace, according to IDC1, for B2B and B2C channels – website, mobile, in store, phone, direct sales and system-to-system.
Built on this success and momentum, NetSuite, in this new release, adds intelligent omnichannel order allocation so merchants can automate how to best fulfil orders based on their inventory availability and the configurable business rules they establish inside NetSuite. The functionality helps turn omnichannel shoppers into brand advocates with reduced stockouts, prompt delivery and a multitude of fulfilment options from wherever a merchant holds inventory. Merchants are better equipped to meet demand, increase inventory turns and reduce safety stocks, and are better able to scale their business while keeping labour costs flat.
Designed for high order volume, NetSuite helps merchants efficiently manage fulfilment, eliminate manual work and manage only by exception. In addition, NetSuite's cloud-based technology deploys quickly and allows merchants to iterate rapidly as their business evolves.
“Getting customers what they want and when they want, every time, delivers a competitive advantage through an improved brand experience,” NetSuite's General Manager of Commerce Products, Andy Lloyd says. “In addition to satisfying customer expectations, an effective order management solution protects a merchant's margins so it can more profitably scale its business.”
True Brands is a multi-brand, global designer and supplier of beverage lifestyle accessories. The Seattle-based merchant has experienced 30 percent, year-over-year growth but its disparate systems and manual processes required increasing support, which eroded profits. In early 2015, the company replaced multiple, on-premise, back-office, legacy systems with NetSuite's cloud-based ERP platform, eliminating data silos, consolidating systems and streamlining its operations. In mid-2015, True Brands deployed NetSuite's ecommerce platform, SuiteCommerce, powering the merchant's established B2B and growing B2C channels. All of its nine brands share the same cart, providing a seamless experience as customers shop from one brand to another. True Brands now has a single, cloud-based solution from its back office to its front-end, customer-facing systems.
The company operates three, US distribution Centres and processes more than 2,500 B2B orders a week through its websites and call Centre. To further automate processes, improve margins and improve the customer experience, True Brands has added NetSuite Intelligent Order Management, eliminating its costly and best-guess practice of sales representatives determining how orders get fulfiled and shipped.
“In our business, it comes down to two things – great customer experience and business controls,” True Brands' owner Nik Patel, said. “With NetSuite, we're getting orders out fast and cost-effectively so we can pass the savings onto our customers.”
NetSuite's new intelligent order capabilities facilitate the perfect order with the following functionality:
Order sourcing and allocation. NetSuite's automatic location assignment allows vendors to optimise for reduced costs, faster delivery or a combination of factors to enable a fulfil-from-anywhere solution across all channels.
Release for fulfilment. Merchants get control over their release-for-fulfilment process with a second, automated process, which decides when to release orders and notifies each fulfilment location of which order to fulfil. Fulfilment managers get full visibility into the process – released orders, fulfilment status, and order exceptions.
Exception management. Merchants can automatically handle most order exceptions so the business scales with fixed headcount. NetSuite attempts to fulfil exception orders then informs the CSR or fulfilment manager of an unfilled order. Exceptions caused by inventory discrepancies are automatically flagged for resolution.
Store pickup. Merchants control which locations and items participate in the pickup process. NetSuite updates sales orders for store pickups and mixed orders. Once received, fulfilment requests are automatically generated, notifying a store of the order. When inventory is selected, the system notifies the customer their order is ready.
Ship from store. Merchants can save the sale by fulfiling from stores to meet customer demand, increase inventory turns and reduce markdowns. Merchants control which locations and items participate in the shipping process, while managing store capacity and inventory buffering to balance in-store and ecommerce fulfilment.
Order management insight and KPIs. Merchants empower operations managers to measure their attainment of the perfect order with insight and intelligence, from promising and allocation, to orchestration and fulfilment, through to payments and returns.
Today, more than 30,000 companies and subsidiaries depend on NetSuite to run complex, mission-critical business processes globally in the cloud. Since its inception in 1998, NetSuite has established itself as the leading provider of cloud-based financials/enterprise resource planning (ERP) and omnichannel commerce software applications for businesses of all sizes. Many FORTUNE 100 companies rely on NetSuite to accelerate innovation and business transformation. NetSuite continues its success in delivering the best cloud business management software to businesses around the world, enabling them to lower IT costs significantly while increasing productivity, as the global adoption of the cloud accelerates.
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1According to the IDC report, “Worldwide Order Management Market Shares, 2014: Digital Commerce Drives Growth,” published July 2015, “Cloud software vendor NetSuite was the fastest growing in the 2014 order management market, with 32.3% growth over 2013.”