The retail industry has converged its way to the digital platform. In 2019, retail e-commerce sales worldwide amounted to 3.53 trillion US dollars and e-retail revenues are projected to grow to 6.54 trillion US dollars in 2022.
Now, traditional shops have transformed into online stores. On the digital platform, a wide range of E-Retailers have marked their presence which leads to high competition among retailers.
In order to stay ahead in the market competition, it is essential that online retailers should engage their users on their platform by offering them unique and next-generation experience. It is imperative that e-retailers should be upgraded with advanced IT retail solutions based on the latest technologies.
To attract users and with the motive to bring something distinct, IT experts are constantly enhancing the online retail industry. Some innovations have turned as a trend.
In this blog, let’s know the trends which have dominated the retail industry and turned as an essential feature for retail website and mobile applications.
Must-Know: Trends in Retail IT Industry
Retail Software Development
Customized Retail Software helps to sort out the various challenges of the retail market. The entire business can be run on the retail software which saves retailers from the hassle process such as inventory management, accounting, billing, and various store transactions. Retail Software helps to increase efficiency and turn the retail process into more accurate and reliable.
An advanced cloud solution helps to simplify the process for the retailers and helps them to manage, store and process the data. Cloud integration is helpful for retailers in many ways, as it helps to make better decisions, know customer behavior, and improve business performance. Hence, cloud organized and managed the data in a proper manner to attract the right audience.
Chatbots are in-store assistance and help customers to connect with the brand. Bots offer superior and personalized customer experience. It saves the time of the retailers as well as of the customers. Chatbots act similar as human and engage customers by providing them smart answers. Also, provide next-level experience to the users by helping them in their shopping offers recommendations from their last shopping experience.
Advanced Payment Solutions
To engage customers with advanced solutions, retailers should offer smart payment options to the customers. From cashless to credit cards, customers prefer to check out securely with only a few simple clicks on the mobile screen. Users demand to pay securely and faster without any complex and hurdle.
Retailers can integrate mobile wallets or third party payment method to the solution. With mobile wallets, customers can link their bank accounts to the website and mobile app or they can also integrate with third parties such as PayPal and Amazon pay. Third-party integration service helps to bring transparency and build the trust factor among users, which helps customers to engage more.
Loyalty coupons is a strategy to attract users or to bring customers back to the platform. It is designed in such a way to offer rewards or discount coupons to the customers as per their shopping activity. Research says loyalty coupons can change the shopping decision of the shoppers. Rewards and loyalty coupons offer an opportunity for retailers to increase sales and to maintain customer relationships for the long term.
Points of Sale
POS system turns the working process easier and brings the process into the advanced form. This retail IT solutions involves hardware as well as software components both. POS helps to manage multiple processes including Customer Management, Employee Management, Inventory Management, and Accounting.
It also manages the cast transaction process offers hardware devices to transact amount as well as accept different payment methods. Offers to manage easy return policy, no thefts, and increase the efficiency of the online stores.
As the competition has raised, it is imperative to opt for these trends in the retail business. But still, to earn higher revenue, it is imperative to introduce new technologies and with time offer some unique experience to the users. To stay ahead and to meet the steps with technologies opt for the digital transformation consulting services from the experts to partner with IT firm is really imperative to introduce new trends.