While the e-commerce industry keeps moving forward with technology, business owners need new, better ways to manage their internal operations
Retail Software Development
Over the recent decade, e-commerce and online retail have become increasingly popular among web users across the globe. But unlike the lion’s share of other industries, e-commerce, digital retail and, therefore, retail software development are currently on the hike even during the pandemic. What’s more – online shopping is expected to slice as much as 21.8% of the world’s retail sales by 2024 already (based on the latest research by Statista). At the same time, however, nearly 35% of SMBs globally are still getting by even without having a website.
Let’s face it – technology is the main player today. In retail, digitization supports explosive growth of the e-commerce industry using omnichannel distribution, tech modernization, and other emerging technologies that make things easier for the end-user. But today’s retail software development goes far beyond e-commerce, as business owners also need to manage and control their internal operations digitally. They use ERP, software automation, smart selling, and data analytics, combined with other technologies like Artificial Intelligence, AR and VR to transform digitally.
Why Go For Retail Technology
- Cost-efficiency: making lower cost of production, streamlining logistics, delivering better customer experience
- Availability: providing 100% available shopping experience 24/7/365 and keeping spend relatively low
- Precision: addressing human factor and saving tons of man-hours at the same time
- Automation: driving human involvement to the minimum, eliminating repetitive and redundant tasks
- Time-efficiency: confirming orders and notifying customers in a split second
- Potency: unlocking the potential of data analytics and predictive modeling.
Results Of Implementation
Predictive Analytics
Like any other industry, retail becomes more information-driven with the abundance of data. That’s why wise retailers who want to make better business decisions go for predictive analytics revolving mainly around the following factors:
- Customer Behavior. It’s much easier to stick to an optimal replenishment strategy, buying at a better price when you really know the tendencies. The same is true for purchase dynamics, warehouse/inventory management, and reporting.
- Trends & Patterns. Looking into trends and generating ideas on how to improve the bottom line is no more a shot in the dark. It can be sure-fire.
- Interests. Retail software built around Machine Learning makes it possible to focus on the right offers, loyalty programs, products/services, and the right customers.
Artificial Intelligence
In terms of user experience, Artificial Intelligence and Machine Learning systems show their best sides when it comes to smart chatbots (and even robotic cashiers), giving personalized recommendations, helping customers find the right sizes, making easy navigation across the physical store, and measuring customer preferences/satisfaction.
Outside UX, AI-driven retail software can lead to more optimal logistics and better stock management, streamline manufacturing, marketing, decision-making, and lots of other activities in the retail industry.
Software Automation
All retailers, from SMBs to mid-size companies and industry giants, always strive to find bottlenecks and streamline operations. Software automation offers inventory tracking and warehouse management tools that can greatly improve Supply Chain Management, Order Management, Stock Analytics in real-time, dynamic observations, and voice tasking.
CRM-Based Tools
From now on, conventional CRM platforms will become too slow and outdated for today’s busy world of shopping. Sales reps are no more bound to the desk with manual operations, such as uploading data by hand or looking for information on leads. List of common benefits:
- Using the email/purchase history for automatic data submission
- Big Data analytics and Natural Language Processing tools
- Automated follow-ups, confirmations, customer alerts
- Robots, chatbots, automated email reactivations.
Privacy & Security
Most consumers want to stay safe with all the data they leave behind on the internet, especially sensitive information like ID and payment information, location, medical records, purchase history, and much more. Companies also want to protect from hacker attacks and malicious activities with data. That’s why becoming a privacy-aware retailer, informing users about what you gather, providing at least some kind of data management options to delete or edit data would be another competitive advantage, indeed.
Is Your Retail Software Good Enough?
Hope this shortlist of retail software benefits finds you well. Feel inspired? Or just facing a specific software dilemma or facing certain issues throughout the process of development? If you are at a crossroads, check out retail software development services by Intellectsoft. They are full-cycle software developers who use top-notch digital technologies, creating unique digital products and offering professional consulting services.