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Software Development for Retail

Executive summary

Retail is one of the most competitive industries. Customers’ habits are changing constantly and businesses have to adapt and create a better shopping experience to create loyalty. How to achieve this? In this article, you will find all the information about software development to improve your retail business!

Software development for retail

Software development is the creation of programs that can successfully achieve a person’s or business’s objectives. It is not only a codification of numbers and instructions; it also involves research, designing data and process flow, technical documentation, debugging and testing it to function correctly.

These commerce platforms adapt their performances according to their necessities and emerging technologies. To provide customer loyalty and centric shopping experiences is the primary function a sales software must accomplish.

Retail software solutions

Customers nowadays are pretty impatient. Because technology has provided consumers an easier way to see, compare, and buy products, e-commerces must adapt to their shopping habits and improve customer experience. Some challenges a specialized software for retail businesses must solve are:

  • to develop a security strategy to protect the database, as well as to anticipate and avoid digital threats,
  • to create an e-commerce platform that can track the inventory,
  • to increase profits by analyzing customer behavior,
  • to attach personalized discounts and offers,
  • to include a self-checkout system, and
  • to build an extensive experience for clients by enhancing retail services with user experience (UX) and user interface (UI) benefits.

What is the best software for a retail store?

Like clothing, food, smartphones, and other devices, many retail software delivery services are available. A retail software development company will help you manage your business to reach all your professional goals. Some of the most popular retail software development services are the following:

  • iQmetrix. It is a software development company with a cloud-based point of sale (POS) and a multi-location retail management solution. iQmetrix also offers unique integrations for payment processing, accounting, supply chain management, marketing, customer engagement, and big data analytics.
  • Dynamic RMS. This program is suitable for small and medium retail businesses that are looking for expansion and growth. It includes functions for inventory and delivery management and supervision and customized reporting.
  • LS Nav. This retail management system is recognized because it provides retailers with a full range of functionalities to satisfy the needs of the most ambitious retail environments. Moreover, LS Nav avoids keeping multiple applications and expensive interfaces while providing a centralized database and controlling sales channels from headquarters.
  • Springboard Retail. This software platform service has easy-to-use operational tools that adapt to modern retail industries. Its composition increases productivity, boosts sales and maximizes company resources. It also features immediate inventory monitoring, reporting tools, and portability for different platforms and devices.
  • Retail Pro. It is a retail management software that features POS, promotions, inventory management, performance, key performance indicators (KPI) capabilities, and customer management. Retail Pro can overcome data fragmentation while customizing it to your business needs, such as branding and workflow.
  • Chain Drive. This program suits retailers and wholesale businesses, and it is perfect for footwear, apparel, sports goods, jewelry, and department store. Some highlights are customer relationship management (CRM), merchandising, warehouse management, web-order fulfillment, POS, and financial management. ChainDrive has CRM features that allow retailers to collect personal data to create loyalty by designing targeted offers.
  • NetSuite RMS. It is one of the few retail software development services that deliver omnichannel shopping with POS systems to unify physical and digital purchases. It helps to provide engaging, personalized shopping experiences to existing customers by building loyalty with a single view of all financial transactions and interactions across touchpoints. 

Why is software development important for retailers?

In the first place, retail software development will help you start your retail industry quickly now that we live in the digital age. In addition, sales customers can buy your product 24/7 without a physical store, thus reducing operational costs. 

If you already own an online business, having custom software development will grant your business the same professional status as the big-sized competition. Therefore, it will also improve the public perception of your company. Moreover, software development will also provide the information to:

  • understand your target audience and confirm their needs as they change,
  • search for ways to improve your numbers if your rate is low or decreasing,
  • improve your ROI (Return on Investment),
  • accelerate business growth quickly, and
  • update instantly store duties such as inventory auditing, pricing regulation, billing, reporting, salary records, and refunds processing,

Imagine being part of a football team. But when the match starts, no one passes you the ball; you are invisible to the others. Consequently, your role on the team becomes insignificant, and your position can disappear. Something similar happens with e-commerce. 75% of virtual stores are retail businesses. Fitting software development for retail companies will grant a significant place in the competitive edge market, besides making you stand out from the competition. Leads will consider your products as a solid option to satisfy their needs and desires.

What are the types of software for retail?

Many types of custom retail software help accomplish specific functionalities for the retail sector, such as software for supermarkets, clothing stores, and other retail businesses. Retail software developments can fall into the following categories:

    • Payment Processing Software. This type of retail solution joins stores and banks’ payment systems. Some of its functions are:
      • credit card online payments,
      • customizable invoice production,
      • reliable storage of payment records,
      • creation of records about transactions and their statuses, and
      • bank reconciliation.
    • Omnichannel Retail Platforms. These are retail software solutions focused on online and offline purchases, and they synchronize and trace websites, apps, and physical stores. It is one of the most used retail solutions because it offers a wide variety of commerce services like product and order management, online customer support, and content personalization.
    • Inventory Management Software. It controls stocks and automates some processes such as:
      • synchronization of stock and orders that allows inventories to update while enabling informed supply chain decision-making,
      • insights for planning the acquirement, 
      • eliminating issues of delivering goods of poor conditions for enhanced customer satisfaction, and
      • management software integrated with barcode scanning, radio frequency identification (RFID), and tracking technologies.
  • Retail ERP systems. With this software, the customer management module collects users’ data (for example, gender, age, nationality, and purchase history) to improve marketing strategies. Also, its product management feature can categorize products according to different criteria. ERP solutions tend to be customizable so that retailers can integrate them with a third-party system to develop specific modules depending on their needs.
  • Point of sale or service (POS). Not only it scans the product to identify it, but it also charges the price, processes a refund, or handles an exchange. Moreover, it includes other retail business tools like inventory management, customer relationship management (CRM), reports, and other POS features like scheduling appointments. 

FAQ

  • What is ERP in retail?

An Enterprise Resource Planning (ERP) is a management software that takes care of all aspects of your retail business—manufacturing, accounting, delivery, inventory, advertising, and more. It offers entrepreneurs a better way to manage their retail stores. Many ERP functions converge with POS’s even though the most common use is to combine an ERP with a POS to create a successful performance. 

 

An ERP software takes a long time to execute. Therefore, they have a reputation for being expensive, inflexible, and complex. It may seem like that, but the reality is that ERP software is becoming more popular among small and medium businesses. Why? Because it saves workers and managers money and time by integrating significant operations. 

 

Here are some advantages of including retail ERP software in online corporate infrastructures:

    • It will improve your inventory management. An ERP software will store detailed data about every product in stock. The system will automatically update to inform you and your customers what items are available and need to be re-stocked.
    • Immediate sales recording. ERP software that includes a POS makes financial transactions quicker and reduces customers’ waiting time for purchase payments. Furthermore, this system will provide you with real-time insight into inventory, the money gained, and incomplete deals.
  • Trustworthy business information. Retail software development services with an ERP can gather all the data in a single integrated application.
  • Effortless pricing and discount administration. ERPs register the price of products with discounts, consequently making the process effortless and straightforward. 

 

  • What other software applications must you integrate with your retail management system? 

Competitiveness is critical for retail businesses’ success. Besides the retail solutions mentioned above, having the following features will make you outstand from the opponents:

    •  Universal Product Code (UPC). It is an identification system for your products that requires specific bar codes and numbering sequences.
  • Immediate customer service. Create a quality shopping experience by providing leads and users an online customer service. With it, customer engagement will increase faster once the system solves their doubts instantly.
    • Different types of purchases. By integrating online payments, seller account providers, or payment gateways, customers are more likely to purchase your products at the very moment they visit your network. Therefore, your numbers will rise, and your profits will increase.
  • Shopping cart. This feature is a common one nowadays. Nevertheless, if your custom retail software development lacks it, clients might lose track of the items they are interested in buying. A shopping cart is going to increase the chances for customers to purchase your products. Plus, it will help you detect if a sale is completed or abandoned.
  • Integrations.  An efficient information system tailored to any retail store needs will help you handle several tasks, including email marketing, payment processing, accounting, and order accomplishment. It will also allow you to do all the mentioned above with just one software.