Retail Digitalization: Strategies for Success in eCommerce
The estimated total value of retail sales is expected to reach $3.4 trillion globally in 2020. To be successful in retail sector and to be relevant in highly competitive and customer-oriented market, defining and delivering the best user experience is most important. Web applications and Mobile applications need to be focused on customer value to attract more customers and generate more revenue streams. Consumers now want to have an instantaneous, effortless, secure, round-the-clock shopping experience. Personalization across entire shopping experience is growing day by day. Customer now seek personalized shopping recommendations, personal delivery location etc. With the number of ecommerce platforms and solutions on the market, retailers have quite a choice of software vendors with expertise in keeping brands in front of customers’ eyes. Whizzystack recommends focusing on a software development partner that shares your approach will be crucial for success of your eCommerce solution.
Today shopper’s use multiple channels i.e. web, mobile, social media to connect, explore, share and for feedback raising their expectation for a better connect with retailer. All this has complicated the development and maintenance of multiple channels to connect with customers i.e. call center channel, digital marketing channel. The problem with these disintegrated channels is that they cannot project a unified picture of development and opportunities, challenges and growth in various channels and also posed the coordination problems. Reconciling data pulled from multiple systems become time-consuming, resource-draining process and also impact data integrity. Therefore there is a need for single interface that can be used to handle these multiple channels. Unified commerce is an integrated software platform to manage various systems important for retailers’ for their business using single interface.
Trading off between Value and Functionality
There is always a trade off between customer ease and the organization ease while introducing the technology in e-commerce solutions. Adopting the latest technology in digital transformation of retail sector put organization far ahead of their competitor. While introducing the latest technology organizations overlook the end users emotions, adaptability and acceptability of the introduced technology leading to product-market misfit. As a result an eCommerce platform may be packed with latest but inefficient features developed with useless value but of great cost. Therefore when outsourcing your eCommerce development, organization must search for a development partner who has great in-depth knowledge of industry trends and can suggest you about the functional utility of the features required in your organization.
Value is actually value for customer
Does your eCommerce solution meet a market demand? Creating value for your end customers is the source of generating new revenue and also the loyalty for your brand. However what is the value must be evaluated in the context of the problem faced by customer. The psychology and emotions of end user must be kept in consideration from defining the problem, developing idea as solution and converting ideas in solutions. All this need the validation of the idea which will be value for end user in term of feature of new eCommerce solution.
Checklist for validating your ideas:
Defining problem keeping perspective of customer in mind.
Evaluating developed solutions delivering ideas in term of viability, acceptability and adaptability in real situations.
Developing hypothesis based on viable ideas.
Testing hypothesis in real world through interviews and analytical tools.
Process your feedback and draw conclusions.
Developing value proposition and transforming then in to customer benefits.
Expertise in using IoT devices, machine learning algorithms, data analytics, and cloud computing becoming important in finding a reliable solution. As it involves cost also the capability of IT team or your IT outsourced partner become more important than ever.
Besides embracing basics of digital transformation businesses must also ensure employing best practices with respect to performance and security of digital shopping experience. The customer experience is key to success for the modern retailer. The prime focus therefore should be on delivering fast, scalable, and secure digital storefronts, to ensure successful digital commerce initiatives. Your digital transformation partner must be industry expert and should have knowledge of particular domain. It’s important to check the delivery capabilities of your digital transformation partner. Below are few capabilities must be evaluated.
Capability to develop cloud infrastructure i.e. reducing website downtime
Scalability of Application
Capability to develop cyber secure applications.
Application of AI for offer personalization (behavior analysis) and automatic responses i.e. chatbots etc.
Capability for developing data analytics tools.
Capability to develop secure and convenient online payment process.
Retail Agility become the top parameter for success in retail. The rapid expansion of sales and marketing channels will continue in near future. customers will prefer to patronize retailers who provide an integrated but distinct experience across channels. An agile approach is extremely helpful for those who want to get to the working version of a product and collect users’ feedback as soon as possible. An eCommerce software development partner that understands your company’s culture and shares similar values will guide you to the market quickly.
Advantage of agile software development:
A faster working version of ecommerce solution due to streamlined production
Customer feedback based precise and realistic market analysis.
A valued product based on constant market testing and flexible development
Higher customer loyalty due to their feedback based product.
It must be kept in mind that as agile approach is based on customer feedback and therefore need some time. The defined list of feature for the end version of platform and the final cost of solution development will depend on such feedback. A working version however with core features and agreed price can be easily developed and later additions can be done based on customer’s review.
Executive Commitment and digital skills
Finally, digital transformations need executive commitment and involvement of the right people or software development partner sometimes need radical changes in the organizational structure. The willingness, expertise, and experience is important for creating a customer friendly digital experiences, acquiring new and driving new revenue streams. Thus hiring expert great digital transformer is a key component for the success of digital transformation.
Digitalization has taken software development in e-com to a higher level of competitiveness. The quickest, easiest, and most cost-effective way to initiate – and successfully conclude – a digital transformation journey is with a partner. Partnering with software developers with strong Industry knowledge and expertise will be crucial for the success of digital transformation in retail sector. High quality and value solutions with high degree of flexibility to adapt them to market and end customers’ requirement will be utmost important. Whizzystack being world leader in retail digital transformation has developed innovative, industry specific and customizable solutions. Our solutions matches organization’s resources, capabilities, requirements and are based on end-users’ feedback. You can connect with our experts for further discussion.