How Custom Retail Software Solutions Can Help Retailers?
The retail sector is always bustling with countless sales, inventory management, and more. Over the years, it has experienced a technological revamp that has transformed the retail sector for good. The retail industry has integrated some innovative technologies that have made the sector extremely competitive. These changes in the technologies increased the demand for custom retail software development.
The retail sector has a number of operations that need to be handled daily; having a custom software solution enhances productivity and helps in customer engagement, which ultimately translates to significant revenues. Entrepreneurs are constantly investing in various custom retail software solutions as they know this market genre will roar in the coming years.
Custom Retail Software: What it is?
Customised software, it is also referred to as bespoke software, are the programs that are developed specifically for an organisation, person, or group. These types of software consist of custom features, functionalities, and much more that serve the requirements of a specific organisation or a person. Custom software is extremely popular in current times as everyone wants a name for themselves or their businesses. A software or an app perfectly tailored to your expectations will have a more significant impact on your users than a ready-made piece of software. It serves numerous sectors of the market, including retail.
Retail custom software solutions help many retailers across the world manage various aspects of their businesses, such as inventory management, payments, etc. With a custom solution, retailers understand the needs of their customers based on their shopping behaviour. This software helps retailers in managing their payments, enhance sales, streamline processes and much more. They are available according to different domains, a number of features and are fully customisable as per your needs.
Recommended Read – How to develop bespoke inventory management software?
What are the Types of Retail Software?
A custom retail software solution can change the pace of your retail business in terms of revenue and number of sales. Before investing in such development, you should be aware of the various types of available retail software solutions. Choosing the right software that meets your business’s requirements is the key to receive a great ROI. Here are some of the common types of custom retail software solutions.
AI-based Retail Apps
Artificial intelligence never fails to amaze us with its unending list of capabilities. The retail sector helps retailers bridge the gap between physical and virtual sales, reduce cost, improve efficiency, etc. It also enhances the speed of decision making which is a key factor in the retail world. Here’s what you can do with AI-based retail apps.
- Inventory planning
- Recommendation engines
- Upsell and cross-sell channel marketing
- Market segmentation
IoT based Retail Software
IoT based software is used in enhancing the overall customer experience right from the product selection to checkout, with the help of data collection and digital connectivity. Retail stores are being automated with the help of IoT and are known as smart stores. From smart carts to automated payments, these smart stores have it all. Here’s what you can do with IoT based retail software.
- Automated store checkout
- Beacon-integrated smart retail stores
- Supply chain software
Making better decisions instantly is the key to stay competitive in the retail sector. From offering relevant discounts, convincing customers, remembering their birthdays accumulates to a ton of data. Retailers use big data analytics software to streamline operations, improve business decisions, retain customers, optimise the supply chain, and ultimately save capital. Here’s what you can do with big data retail analytics apps.
- Insightful analytics
- Data aggregation tools for retail businesses
- Data analysis apps for targeted marketing
AR/ VR-based Retail Apps
Retail is indeed one of the most competitive fields of the world’s economy. Delivering AR and VR products and services have changed the way customers shop. Retail businesses with AR/VR-based apps have created deeper engagement, enhanced customers’ shopping experience, maximised ROI and drove up sales. Here’s what you can do with AR/VR based retail apps.
- Advanced In-Store Experience
- In-Store Navigation
- Unique Product search experience
- Home In-Store Experience
Machine Learning Chatbots
Advanced chatbots are creating opportunities for retailers to enhance their customer’s experience. Based on machine learning and AI, these smart chatbots help the users select the perfect product that suits their needs. With a ton of customer data, retailers can train them as per their specific strategy. Here’s what you can do with machine learning chatbots.
- ML Model development, training, and tuning
- Data aggregation, processing, and analysis tools
- Improved recommendations
- Enhanced customer service
Why Invest in Custom Retail Software Development?
The retail sector deals with millions of customers regularly and records over billions of sales each day. Serving so many customers daily with ease made possible with retail industry software solutions. Data suggests customers don’t want to wait for more than two minutes for their turn or to purchase a product. They don’t wait for a product to get back in stock for a longer time, and if the issue persists with a specific retailer, they don’t visit them again. These facts clearly show the importance of upgrading to a custom retail software solution to stay in the competition. Recent market surveys state, retail software development market size was over 23.1 billion US dollars in the year 2019 and will increase to 26 billion dollars by the year 2024. Constant innovations in the field of retail industry software solutions have increased the popularity of custom software development. If you are looking to start your custom retail software development process, this might the right time.
Custom Retail Software Solutions: How it can help Retailers?
Whether it’s retail or any other sector of the economy, the main intent is to enhance the return on investment. Custom software development helps in customising the way customers shop and present them with something unique to keep them interested. It not only increases the sales ratio but also leaves a remarkable effect on productivity that ultimately translates to increased annual revenue. The rate of net profit is directly proportional to the ROI; hence with an increase in profit, ROI will also increase.
Reduced Cost of Operation
It is up to the business what tasks they want their custom software to perform. Since it will perform some of the tasks on its own hence, the operation cost will decrease up to some extent. With efficient software, you can perform daily operations such as billing, recommendations, etc., with a fewer number of human resources. In various retail stores, the cashier’s job is done by smart software that exchange payments with customers. To make the most out of your custom retail solutions, ask your software development company to integrate the features required to perform certain specific tasks of your business.
Optimum Customer Satisfaction
Along with uplifting your sales graph, your custom software solutions will deliver an amazing shopping experience to the users, which compels them to visit again. These software allows you to track the movement and their browsing patterns to better understand their needs and pitch them the exact product they are more likely to buy. Getting custom recommendations will enhance the trust of the customers in your business. Apart from the right recommendations, automating the whole store will enable customers to check out faster, which will add an extra point in your business’s favour.
Extensive Promotion & Marketing
Promotion and marketing are mandatory in the retail sector as goods will not sell themselves until you promote them. If your marketing strategies are not that good, your business may experience a significant loss in revenue. With this custom software, you can get extensive promotions and marketing. Integrate the sharing feature and allow users to share their favourite products right from your app or software; it will get you free publicity that will generate significant customer engagement.
Smart retail solutions have come a long way in the last few years. Now you can monitor your business’s operations in real-time with custom made software. You can manage the billings, inventory, send notifications, and much more. Remote monitoring not only saves your time but also enhances overall productivity. You can ask your retail software development company to integrate a central dashboard in your software that allows you to monitor every operation from one place.
The world is shopping on ultra-realistic online platforms. If you want to stay in the competitive arena of the retail sector, it is better to take your retail store online. Customers find online shopping extremely feasible. With AR and VR integrations, they can try the products virtually for a better understanding. With custom software development, you can take your store online with e-commerce integration. Online stores have no geographical boundaries and allow you to cover a greater market. With correct software and effective promotion strategies, your business can make it to the top in no time.
The Final Takeaway
The retail sector has many challenges, and with custom software development, your business can gain the attraction of users and convert it into great revenue figures. Innovation is technology is simplifying every industrial process; make sure to use this to your advantage.
Matellio can assist you with effective custom retail software development. We have a team of proficient engineers and experts that are highly trained in their genre. We specialise in delivering custom solutions to businesses that match their expectations precisely. Our high client retention rate states the level of customer satisfaction we deliver. Transform your retail business with our custom solutions; book a 30-min consultation call now!