Online Retail Software Development
Today’s Retail Industry Challenges
The world is growing – there are much more human than ever on the planet, which implies that industries catering directly to the needs of the masses continue to grow. One of such sectors is the retail industry! As per Statista reports, the global retail industry generated about US$ 26 Trillion in 2021 which is expected to increase to about US$ 30 Trillion in 2024. Despite the whopping growth figures, retail industry still continues to face several challenges. Some of the challenges occurring on part of the retailer-customer are:
- Customers today prefer multichannel buying as per their convenience; despite the fact that online shopping gaining popularity, brick and mortar stores are still doing good business.
- Modern day shopper wants a seamless experience and demands same level of recognition, shopping satisfaction and products regardless of mode of shopping (i.e., online shopping and in-store store shopping).
- Pressure on retailers to create personalized and optimum shopping experience for every customer to ensure repeated visits. Since, modern day retail works on reviews of people; and bad experiences of merely few customers can actually hit the business.
- The concept of value of money is not limited till the actual products, but the whole shopping experience of the customer too. Be it the user interface of the ecommerce site, convenience of online payment gateways, how the site facilitates the demands/likings of customers, and seamlessness of the in-store point-of-sales.
- Cut-throat competition – if you are lacking in facilitating your customers, there is already a business ready to take your market space.
The Right Dev Company for Your Online Retail Web Project
The websites and apps in an online retail business are one of the most important aspects of the brand’s online presence and it’s important that you design it right. You can also grow your bottom-of-the-funnel leads on your website in order to increase conversions. Your website is a reflection of your company’s image and all that it represents. As one of the first things people look at to learn more about a brand, it contributes to the formation of the first impression. As a result, creating a website that looks great and functions well is just as crucial as the quality of your actual goods. Therefore, it is essential that you choose the right company for your website development.
You need a company that:
- Understands the idea behind your brand and takes care of your brand image.
- Understands your aspirations, your competition and your goals in the online retail sector.
- Understands your customer’s mindset and optimize the website accordingly.
Retail Software Solutions our Developers can Build
There has to be a better way to run online retail stores. Retail software streamlines key business operations, grows productivity and cuts costs, just like you’ve always wanted.
- Online Retail Websites – listing and selling your products.
- Business Intelligence Software – sort customer data and helps understanding their demands
- Supply chain management systems – manage flow of goods, data, and finances which serves as the backbone of ecommerce industry.
- Point-of-sale solutions – keep track of data on sales, inventory, and customers buying trends.
- VR shopping – to provide an immersive shopping experience to your customers who want to experience in-store experience within convenience o home.
Pros & Cons of Retail Software Modernization
- Mitigating obsolescence – Online retail business is more than just running a code for the website for years. It is essential to service the code by professionals in order to ensure seamless shopping experience for your customers. Customers are always attracted to NEW in the market. Moreover, being the business owner you don’t want to be in the situation of having important business processes running on hardware and/or operating systems that their manufacturer no longer supports, or even if there is no manufacturer left to turn to. Therefore, periodic software modernization is essential for your business.
- Agility enhancement – Modernization eliminates the bottleneck and slowing down application responsiveness created due to traditional systems when increasing pressure is put on digital systems to service customers and business-critical tasks. Moreover, modern systems provide much higher flexibility at faster pace compared to traditional systems which is crucial for the business’s competitive edge.
- Ability of Integration – The complexity of the IT landscape’s components, including cloud, hybrid, and on-premises data centers, as well as the platforms It supports (such as social networks and mobile devices), have both increased. Flexible “plugin” integration, which is frequently impeded by traditional systems, is emerging as a competitive advantage in commercial terms.
- Mitigating misalignment – Today online retailers need to upgrade their systems to sustain their market value and fight off competition. Moreover, modernization of retail system becomes inevitable when there are certain restriction and/or regulations placed by governments and companies for the online mode of business.
- Increased capital investment and operational costs due to periodic modernization of the retail software. However, the feasibility for the increased operational costs and the value it would add to the business (i.e., increased sales/profits) can be drawn in order to better evaluate viability of the software modernization.
- Increased auditing in running and upgradation of the business, which requires professional assistance and can also contribute to overall running costs.
Retail App Development Technologies
Based on our previous experience, HR team capacity, popularity and availability on the labor market in Ukraine we can successfully search, validate and hire such web and mobile developers as:
- Python (Django, Flask, Tornado);
- PHP (Symfony, Laravel);
- Microsoft .NET (Core, ASP.NET, Entity, WPF), C#;
- Java (SE, EE, FX, Swing, Spring, JSP, GWT);
- IOS (Objective-C, Swift);
- Android (Java, Kotlin).
It can also be a combination of the technologies, so-called full-stack developers.
AI (Artificial Intelligence) in Retail
Digital transformation from brick-mortar stores to online mode of retailing is more than just connecting things. It involves turning data into insights that guide decisions and lead to improved business results. These insights are produced in large part by AI in retail, specifically machine learning and deep learning algorithms. For retailers, this results in amazing customer experiences, possibility of revenue boosts, quick innovation, and shrewd operations—all of which help set you apart from your rivals thereby providing distinct competitive edge.
Moreover, apart from the actual sales, AI acts as a catalyst of insights by gathering and converting enormous volumes of unstructured data into insightful knowledge. This can be done by means of edge computing and thus can be integrated with business analytics and supply chain management systems resulting in a seamless automated operation. Imagine automated shelf replenishment, audience-adaptive digital signage, and sensors that monitor consumer traffic to identify cross-selling and upselling opportunities. On the other hand, for the online retailing it helps identify customer’s site scrolling patterns and remembers their clicks/choices and gathers data for the business and marketing.
The Future of Shopping: Technology Everywhere
This video was published by McKinsey & Company (120K subscribers).
“The COVID-19 pandemic has reset the retail game board. The most successful retailers will be those that connect with consumers in new ways by leaning in on their digital, omnichannel, and in-store technology ambitions. In this edition, The Next Normal explores the coming decade in shopper experience and retail technology.”
5 Reasons to Choose Echo as Your Retail Development Partner
- First-Class Recruitment. We use a special sort of magic to find suitable candidates by the wave of the hand. Echo recruiters will find and hire the best software engineers to meet your requirements in no time. This usually takes 2 to 4 weeks.
- Vast Network. Thanks to our broad access to the tech talent pool, we immediately start looking for the right person to provide the first suitable candidates within two weeks.
- Talent Retention. You should try to establish a more extended collaboration with remote engineers. With this in mind, our HR and account managers know how important it is to retain each and every talent you hire with us.
- Direct Communication. By managing remote developers, you have complete control over the project’s quality. Get the fastest possible business growth with the right team control.
- Established Company. Our activity began in 2013, and since then, our team has remained flexible to attend to the needs of each client. At the same time, we are mature enough to be considered a reliable service provider.