We have all heard the adage “a bird in the hand is better than two in the bush.” Although prospects and opportunities may be great, it is hard to argue against the assuredness of ownership or possession. As an example, retail industry software confronts you with two options. Either you can develop a custom program or choose from among the more (many more) than two canned solutions that are out there.
As with most choices, there are valid reasons to follow the crowd and use a prepackaged retail software program, just as there are for building a custom solution. The usual prevailing reasons for the former approach are a lack of expertise to develop the software or the perception that customization takes too long or is too costly. Legitimate concerns to be sure – but are they accurate? Let’s see if they are, but only after we fully establish why retail software applications are so powerful.
The Power of Retail Software Applications
Predictions for economic growth for 2020 seem to indicate a slight deceleration for the US, albeit still with good revenue and job growth. Global retail sales are expected to increase by slightly more or less than 5%, according to EIU. This is obviously good news for retailers. However, you should expect markets to be a bit more competitive than they were in 2019. Additionally, eCommerce continues to take market share from brick-and-mortar locations. eMarketer projects that eCommerce’s share of retail sales will climb above 15% for the first time this year.
The growth of online purchases speaks to the proliferation of web and mobile apps as a preferred method for shopping. Yet, e-commerce is just one of the many strengths of retail software applications. In addition to processing your e-commerce and/or POS transactions, retail software packages can include tools for managing inventory, employees and customer relationships (CRM). The better applications also include sophisticated and comprehensive analytics and reporting or business intelligence capability. They might also include automated product tracking to make stocking and order picking more efficient in your warehouse(s).
The question of whether or not to utilize a retail software application is basically moot. Instead, the question is how to best make use of the tremendous power of this type of application for your enterprise.
How to Best Harness Retail Software Applications for 2020 Revenue Growth
If you are only using retail software to automate your sales transactions then you are missing out. If developed and used effectively, retail software applications can help you grow revenue and pool of prospects, as well as faster ordering and delivery of your products. Besides revenue, retail software applications improve efficiency, provided that the application is customized or developed with an ROI-centric focus.
Advantages of Retail Software Application Customization
📈 Efficient Development
Since the program is targeted for your business, capabilities, and constraints are well-defined, which streamlines the actual coding and testing processes. This translates into lower development costs.
📈 Easier Operational Integration
With only one business environment to consider, the program structure can be built to work with software tools, computers, and peripherals that you already use or prefer. This will save on equipment costs.
📈 Branded UI/UX
Another advantage of custom software is the ability to brand interfaces and utilize the user experience for marketing.
📈 Flexibility and Scalability
A custom application provides flexibility to include functionality and capabilities that you want and exclude those you don’t. This streamlines development lowers costs and makes operations more efficient.
Upgrading your custom program is completely in your hands. This includes when and how to scale up. This means your program can always be optimized for your current needs and operational costs minimized.
By owning the program, you will be freed from the recurring licensing fees and can control when updates are done.
📈 Tighter Security
Instead of relying on generic security tools or protocols, security can be woven into the program itself. Additionally, the custom nature of your program makes hacking much more difficult compared with commercial software.
The list above clearly illustrates how customization of your retail software application development and usage can translate into increased revenue directly or indirectly into net profit. These results can be improved upon by following best practices for mitigating software development costs by outsourcing.
The power of retail software applications is best realized when you customize them. At BairesDev, we specialize in customized software applications built by the Top 1% IT talent in Latin America. To learn more, contact our team.