How Can Retailers Balance Pricing Amid Ukraine-Russia War?

Global supply chain strains and increasing inflation remain one of the top concerns of global retailers as they navigate the after-holiday sales season. However, Russia’s invasion of Ukraine has made its way to the list. The only way out is to allow digitalization into your business such as LS Retail ERP. Various retailers have suspended operations in Russia, either due to corporate condemnation of the war or because of the impact of sanctions against logistics.  

Some ventures like Victoria’s Secret, are signing about the uncertainty this war creates. It can put pressure on the business in the first quarter and probably beyond. An analyst with Gordon Haskett, Chuck Grom said, its duration is the major concern of the crisis. “You have to think the longer it goes the more problematic it gets.”  

In an interview with economic times, PTI, Chakraborty says, high-frequency information states that in various nations, inflation has crossed the expected rates. There are more supply chain disruptions and greater volatility in financial markets.  

Retailers need a way out of this distress. They desperately require digitization in their businesses. LS Retail ERP tremendously helps balance pricing, especially amid the Russia-Ukraine Crisis. It reduces the cost of inventory management, saves your business from loss and fraud, enhances supplier and vendor performance, boosts staff functions, and improves customer services tremendously.  

How can LS Retail ERP Ease Business Disruptions and Uncertainty Amid the War? 

LS Retail ERP covers all the areas which can help balance pricing during the war. It forecasts demands and upcoming challenges while ensuring enough time to think of a tackling strategy. Given below are some of the benefits firms can avail themselves of globally.  

Demand Forecasting 

On one hand, where businesses are trying to lure customers back into their business as people are getting immune, a Pittsburgh-based apparel retailer American Eagle Outfitters said the outlook on the war could not define the definite fiscal impact this war will lead to the customers. 

Under so many uncertainties, retailers fail to forecast demand accurately. Hence, they make mistakes and end up overstocking and understocking. Embedded with Power BI tools, LS Retail extracts data from different touchpoints, brings it into the data center, filters them, and creates actionable reports forecasting demands and potential challenges. Demand forecasting becomes easier and more accurate, leading to balanced pricing throughout the market. This powerful AI-driven demand planning decreases inventory costs and out-of-stock planning errors. LS Central can be enhanced using LS Forecast, an Azure cloud-driven predictive suite leveraging the advanced algorithms of Microsoft Cortana Intelligence.  

Financial Management  

The world’s largest food group, with well-known brands such as Nestle coffee and KitKat chocolate, has successfully passed on higher costs to their customers. They claim they stepped up pricing in a responsible manner and witnessed sustained customer demands. Followed by increasing inflation, which further requires mitigating and pricing action over the year.  

Furthermore, American Eagle Outfitters’ Chief Financial Officer Michael Mathias said at an earning’s conference that the retailers are aware of numerous factors currently impacting the economy: increasing inflation. American Eagle has begun to lap a period during which stimulus was issued to several consumers and followed supply chain disruptions in the global supply chain. 

With this ERP Software for Retailers, you can access LS Retail POS, eCommerce, and inventory on the same system. Therefore, synchronizing your costs and revenues across all the channels. You can access the needed information anytime, filter, analyze and view your data and run the report of your choice. The robust financial management ensures you stay agile in all situations.  

Stock Replenishments  

Retailers are trying to guess customer demands in a yet unpredictable period and keep their shelves stocked without ordering a lot of merchandise. Further leading to unfavorable repercussions. LS Retail ERP, being an efficient Supply Chain Management Software, manages your stock seamlessly, and manages stock-outs, with a blend of automated replenishment features.  

Stock replenishment is one of the critical processes in a retail supply chain / (and has become the most effective aspect for balancing prices in this chaos). A robust inventory replenishment software can help you purchase an exact number of stocks while distributing them optimally. This Retail Cloud ERP Solution involves a sophisticated suite of supply chain and replenishment tools.  

EPOS and Mobile POS  

Retailers must not compromise on the quality of services their customers deserve amid the supply chain strain. LS Retail ERP provides an integrated POS solution that your employees can use to see product details and other relevant information. They can assist their customers in finding the product of their choice and make the whole experience seamless. It will still work even with a patchy internet connection. Hence, you can continue with your business and sell products even on the offline mode.  

Robust Planning  

LS Retail ERP allows you to build your strategies based on reliable insights and reports while allowing the decision-makers to make successful and robust survival and growth strategies. Having all the channels, businesses and industries integrated, the user can easily track their stock and supply chain across the channel. Understanding customer demands and needs using AI technology can provide a competitive edge. Furthermore, configuring the system to comply with each region’s legal and fiscal requirements becomes a lot easier. Especially in this situation where different laws are imposed during the war.  

The Russia-Ukraine war has shaken the entire world. It has impacted retailers globally. Some countries have witnessed a harsher backlash than what was expected. The only way out in this situation is to implement digitization into your business. LS Retail ERP is Microsoft Azure Cloud-driven software that provides ERP and CRM (Customer Relationship Manager) on the same platform. This unified platform is especially needed to streamline complexities in this already complicated area. More automation will only boost your employee productivity.  

If you are Looking for an LS Retail ERP implementation partner, you can connect with us anytime. Trident Information Systems is a Diamond LS Retail Partner and Gold Microsoft Dynamics 365 Implementation Partner. With a robust record of accomplishment and a massive team of experts, we have managed to achieve multiple awards.