NetSuite Introduces PayPal Express Checkout Integration to Benefit Merchants and Shoppers
SAN MATEO, Calif. and LONDON—March 18, 2008— NetSuite Inc. (NYSE: N - News), a leading vendor of on-demand, integrated business software suites that include Accounting / Enterprise Resource Planning (ERP), Customer Relationship Management (CRM) and Ecommerce software for small and midsized businesses and divisions of large companies, today announced the introduction of two new vertical editions created specifically to address the unique business needs of ebusiness companies: NetSuite Ecommerce Company Edition and NetSuite Ecommerce+ Company Edition. In conjunction, NetSuite has also added new Web Store functionality including:
For more information about the new NetSuite Ecommerce Editions please visit www.netsuite.com/ecommerce
Ecommerce — Fast Growing Industry and Associated Challenges
According to a Forrester research report issued in January 2008, ecommerce has an exponential growth opportunity, projecting that the industry will add $30 billion per year for the next 5 years. The report also finds that the CAGR (compounded annual growth rate) for traditional retail is projected at 2.6% through 2012 while in comparison, CAGR for ecommerce is 14% due to the fact that online retail is less sensitive to economic shocks. To cope with this fast-paced growth, ebusiness companies need powerful software solutions to run their ecommerce businesses.
However, limitations in traditional software have forced many companies to build their own custom Web Store capabilities. Applications from vendors such as Microsoft and Sage were originally designed a decade before the rise of the Internet. As a result, it was and can be very difficult and costly to extend them to support ecommerce for a Web business. New applications from vendors such as Volusion and Demandware are designed specifically to build ecommerce websites, but result in isolated, bolt-on systems that are difficult and costly to integrate into core business processes such as accounting, fulfilment, inventory management, shipping and marketing promotions. In contrast, NetSuite was designed and built to support the end-to-end business processes of ebusiness merchants from the first marketing touch through the online experience to order processing, fulfilment, shipping and repeat purchases. And now with the two new vertical editions offered specifically for ebusiness companies, NetSuite provides more Ecommerce and business management capabilities than most other vendors, and often at lower cost.
NetSuite Ecommerce Company Edition and NetSuite Ecommerce+ Company Edition Meet the Needs of Ebusiness Companies — Small, Medium and Large
NetSuite provides extensive business management tools to manage an ebusiness company's online, front-office and back-office business processes with a single, real-time application. This is delivered to the market in the form of two vertical editions tailored with the terminology, business processes and workflows of ecommerce in mind.
NetSuite Ecommerce Company Edition is useful for e-tailers looking to grow beyond selling via stand-alone shopping cart solutions, eBay stores and Yahoo! stores. Merchants who need real-time inventory transparency on their Web Store along with more sophisticated ecommerce selling tools such as Amazon.com-like automated up-sell and cross-sell recommendations will benefit from the NetSuite Ecommerce Company Edition. B2B ebusiness organisations can find value in the contract-based pricing tools, invoicing, credit terms, affiliate management and commissions tracking capabilities offered by the NetSuite Ecommerce Company Edition. Finally, complex, global ebusiness organisations with multiple brands to manage will find the multi-site, multi-language and multi-currency capabilities of the NetSuite Ecommerce Company Edition invaluable.
NetSuite Ecommerce+ Company Edition is well suited for the challenges faced by e-tailers with substantial inventories of a large number of products spread across multiple warehouses. NetSuite Ecommerce+ Company Edition entails all the capabilities of the base NetSuite Ecommerce Company Edition plus the more sophisticated inventory and SKU management tools required by high-volume complex ebusinesses such as multiple warehouse management, serialised inventory, bar coding and labels, lot and bin management, expiration dating, auto-calculation of reorder points and preferred stock levels based on sales history.
NetSuite PayPal Express Checkout Integration Delivers Faster, More Convenient Web Store Payment Alternative; Reduces Shopping Cart Abandonment; Speeds Up Customer Acquisition
With PayPal Express Checkout embedded in NetSuite, ebusiness companies can now offer an alternative payment and shopping cart checkout option to buyers while providing a streamlined online shopping experience. NetSuite's integration of PayPal Express Checkout delivers an end-to-end online shopping experience, giving merchants vital tools to help increase shopping cart conversion rate, reduce shopping cart abandonment and increase customer acquisition. The addition of the PayPal Express Checkout integration supports payments in 16 currencies such as U.S. Dollars, Canadian Dollars, Euros, Pounds Sterling, Yen, and Australian Dollars (see accompanying release for more details).
New Functionality Brings More Power and Flexibility to Ebusiness Companies — Both B2B and B2C
With more than 1,500 ecommerce sites running on NetSuite which generated an aggregate of approximately $500 million of sales revenue at those sites in 2007, NetSuite is a leader in ecommerce software. NetSuite provides ebusiness companies with an on-demand solution for managing even complex ecommerce sites. And all of the ecommerce capabilities are pre-integrated with NetSuite's powerful CRM and ERP business management software suite. The new features announced today build on this solid foundation and give merchants the ability to:
"Ecommerce businesses face unique challenges that require them to deliver a great customer experience online while having complete visibility into their operations beyond the Web store," said Mini Peiris, vice president of Product Programs for NetSuite. "The new vertical Ecommerce editions from NetSuite provide ebusiness merchants with increased visibility across all their business operations and sales channels, allowing them to focus on growing their business rather than dealing with multiple systems and IT infrastructure."
NetSuite Inc. is a leading vendor of on-demand, integrated business management software suites for small and midsized businesses and divisions of large companies. NetSuite enables companies to manage core business operations in a single system, which includes Accounting / Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), and Ecommerce. NetSuite's patent-pending "real-time dashboard" technology provides an easy-to-use view into up-to-date, role-specific business information.
NOTE: NetSuite and the NetSuite logo are registered service marks of NetSuite Inc.