The health and beauty industry is a highly competitive yet profitable market. Which is why it’s no surprise that personal care products and beauty retailers were worth $493.34 billion in 2018 and are projected to grow to a whopping $756.63 billion by 2026, according to a report from Fior Markets.
“The global beauty and personal care products market is expected to grow from USD 493.34 billion in 2018 to USD 756.63 Billion by 2026, at a CAGR of 5.81% during the forecast period from 2019-2026. The growth is mainly driven by the young and aspirational population who want to invest in grooming, looking beautiful and maintaining their health in the process.”
Due to adverse effects of the coronavirus pandemic along with the recent economic slowdown, the past year was challenging for all industries. The cosmetic industry, however, shows resilience. L’Oréal, a leading global beauty company, estimates that the skincare industry is expected to grow 10% in 2022 and will account for 34% of the global beauty market by 2024.
Like all industries, many cosmetics manufacturing and beauty companies have separate and dedicated systems for each department that have distinct processes. Unsurprisingly, projects that involve multiple departments are tricky due to lack of integration and too many resources to maintain. Businesses utilizing point systems like separate accounting, inventory, supply chain, and CRM software find themselves trying to piece everything together with APIs and clunky integrations. This results in duplication of efforts, manual data entry, data silos, poor reporting & forecasting capabilities, and lost revenue.
NetSuite to the Rescue
With the cosmetics, skincare, health, and beauty industries increasing demands, they will need a robust and agile ERP software that will support their rapid growth. To overcome these demands, health and beauty retailers are turning to unified, cloud-based enterprise resource planning (ERP) solutions like NetSuite.
As the world’s leading cloud-ERP, NetSuite allows beauty brands to manage every aspect of their business including accounting and finance, HR, marketing, sales, inventory, warehousing, and more all from a single cloud-based solution. NetSuite gives health and beauty companies a comprehensive view of their sales processes by gaining visibility into retail operations, e-commerce channels and wholesale distribution, an increasingly important factor as omni-channel sales become the norm. This unification of data creates a seamless customer experience across all channels while simplifying the back office.
Implementing NetSuite ERP Software helps you gain total visibility into your e-commerce and retail operations, and which provides you with actionable insights to make informed and strategic decisions for your future growth.
NetSuite ERP Software for Health and Cosmetic Companies
Implemented by an experienced, trusted organization like ScaleNorth, NetSuite helps organizations by efficiently managing the complexities of their businesses, eliminating manual work redundancies and errors, and taking full advantage of health and beauty market opportunities.
Watch: NetSuite sales order management for tracking order fulfillment and cash flow.
Watch: How to use NetSuite dashboards to manage your business with visibility.
Features of NetSuite for Health And Beauty Companies
NetSuite ERP for beauty companies is tailored to meet the industry’s requirements and find solutions for any challenges. Its features include:
- B2B and B2C – No matter your business model, NetSuite allows you to seamlessly manage all sales channels from a single system. From brick-and-mortar, to e-commerce and wholesale distribution, you’ll have complete control of a user friendly and consistent sales strategy.
- CRM and marketing – Manage the sales pipeline from lead to prospect to customer while gaining actionable insights about your sales process. Launch attention stealing marketing campaigns and equip your sales force with the automations and assets they need to win customers.
- E-commerce – Expand your sales channel with NetSuite’s powerful e-commerce platform that allows for easy store creation, sales automations, and world class user experience.
- Financials and accounting – You’ll get real-time visibility into your finances with detailed reporting that far outpaces accounting platforms like QuickBooks when you adopt NetSuite for your health and beauty company. Close the books faster, automate routine processes, and increase accuracy with NetSuite’s advanced accounting capabilities.
- Inventory management – Track and optimize inventory levels, manage and predict fluctuations in demand, eliminate inventory silos, improve cash flow, and boost customer satisfaction with NetSuite’s robust inventory capabilities.
- Order management – Seamlessly manage orders across all sales channels to ensure a consistent and efficient customer experience.
- Point of sale – SuiteCommerce InStore unifies point of sale with your back office operations and systems, allowing for a single source of truth amongst items, inventory, customers, and order level data.
- Supply chain management – Understand your demand, appropriately allocate resources and schedule and oversee production to ensure that personal care, cosmetic, and beauty products are available to sell as promised.
Elevate Your Business to the Next Level With ScaleNorth
ScaleNorth is one of the top NetSuite ERP providers in the country. With extensive experience in the cosmetics, health, beauty, and wellness industries, ScaleNorth will help transform your business through:
NetSuite Implementations
As a premier NetSuite Solution Provider, we manage the sale of NetSuite licenses to health and beauty brands, then implement and optimize it for their business. We go beyond typical NetSuite implementations. With roughly half our staff holding the CPA credential, we understand the business strategy side of your organization as well. We’ll stand your business up on a NetSuite in a way that’s strategically aligned with your organizational goals.
Data Migrations
Whether you’re coming from a legacy system like QuickBooks, or have been managing off of spreadsheets, ScaleNorth’s team of data experts will migrate and map your data into the new system. Our calculated approach ensures accuracy, preservation, and a seamless transition.
Development and Customizations
NetSuite ERP software for health and beauty retailers can be customized to meet your business needs and can be scaled to keep up with future business growth. Our team of certified NetSuite consultants can implement new modules, customize dashboards, create process flow automations, and more. Essentially, if it can be dreamed up, our team can handle it. Plus, our extensive network of tech partners gives you access to best-in-class technology to optimize your warehousing, FP&A, integrations, and more.
Business Process Outsourcing (BPO)
Navigating to a new ERP system can seem intimidating. Afterall, your accounting and finance teams will be used to the legacy system. ScaleNorth’s team of outsourced accountants can manage your beauty & cosmetics brands’ accounting and finance functions before, during, and post-migration. Our CPAs can handle everything from basic bookkeeping and reconciliation all the way up to fractional controller services for less than or equal to the cost of hiring in house.
Conclusion
As a cosmetics brand, you have lots of options regarding how to run your operations. However, when you factor in the need for a single cloud-based solution that can run everything from the warehouse and supply chain to the financial reporting, the need for NetSuite becomes clear.
As one of the top NetSuite Solution Providers, ScaleNorth is standing by to help your health & beauty brand migrate to NetSuite to kickstart your next phase of growth. If you’re interested in learning more about how NetSuite can help your business operate more efficiently and scale with ease, contact us today.