Comprehensive Guide To Build Custom Retail Software

The retail industry has become more competitive and fast-paced due to the development of innovative retail technologies. Indubitably, these technologies have also created an increased need for efficiency. And custom retail software solutions in this regard can effectively and efficiently automate most of the routine in-store operations.

If you are thinking of developing retail software then you have landed at the right post because this post is going to explain what is custom retail software and how to develop one. So let’s begin with a short introduction to custom-built software specifically designed for the retail industry.

What Is A Custom Retail Software Solution?

Custom retail software refers to software that is designed to fulfill the specific need of a retail organization or store. Such a solution is specially created to address the users’ needs and wants better than other traditional widespread off-the-shelf software. 

Who Can Benefit From The Custom Retail Software Solution?

These software solutions have changed the landscape of the retail industry. Their ability to streamline day-to-day tasks has made them increasingly popular among the masses associated with the retail industry. Retailers, merchants, and b2c sales professionals can take advantage of software solutions related to retail for the efficient management of processes and simplifying tasks. 

How Do Retail Software Solutions Help You Gain A Competitive Advantage?

Certain statistics point out that the customer’s buying behavior has completely altered due to advancements in technology. And if you adopt a custom retail software that provides your customer with assistance and manages your product then you can retain your customers. As stats suggest:

• After three late or incomplete deliveries, 78% of buyers do not use the same retailer again.
• 30% of customers leave within two minutes if they can’t find the item they need in stock.
•  87% of the shoppers tend to leave the store if there is no assistant nearby.

Thus, you can retain as well as increase your customer base by taking the help of software related to retail that provides assistance and guidance ensuring enhanced customer dealing.

So it’s time to gear up and acquire retail-related software because the list of benefits below will tell you how much this software can help you.

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6 Benefits Of Using A Custom Retail Software Solution For Your Business

1. Automation

Yes, with the aid of a retail outlet automation system, you can automate in-store tasks such as inventory auditing, billing, reporting, payroll records pricing regulations, return processing, etc.

2. Improved Customer Service

By automating most store processes, your employees can give more time to assist customers. Moreover, embedded analytics can help create personalized recommendations for customers.

3. Real-Time Visibility

The retail software solutions provide you control of warehouses and shop floors in online mode. Also, helping you in comprehending your needs, thus enabling full control and visibility over your inventory all the time.

4. Supply Chain Management

With the help of a retail chain management system, you can execute tasks like supply chain transactions, manage supplier relationships, and control other associated business processes. 

5. Financial Management

The software aids you in the management of your finances and suggests cost-effective methods based on data too. For instance, there is AI-powered software that, after evaluating your financial conditions, suggests cost-effective methods.

6. Streamlining Marketing Campaigns

Retail management software can be highly advantageous as they provide actionable analytics based on which you can devise a marketing strategy. Thus, a robustly planned marketing strategy can help in increasing your sales and customer base. Moreover, depending upon your needs these software are of different types.

Types Of Custom Retail Software Solutions

The main types of custom retail software are:

1. Point of Sales (PoS) Software

The POS software solution is the software employed on hardware (computers, tablets, cash registers, and barcode scanners) to conduct sales on the spot. They are of various types like: 

• Self-service kiosks are widely used among restaurants allowing clients to order and pay without the cashier’s assistance. 
• The desktop POS systems are installed on computers in stores.
• The mobile POS solutions enable us to perform financial transactions on the go; mostly used by courier services.

2. Inventory Management Software

The inventory management software development controls the warehouse stocks and automates other processes like:

• The automatic synchronization of orders with stock allows the instant updating of inventories.
• Automatic report generation helps in gaining real-time insights that help you in planning sales.
• The invoicing system is time-efficient and makes the process of price formation and revenue transparent.

So acquiring this software can make retail chain store management or retail shop inventory management super easy.

3. Retail ERP Systems

ERP stands for “Enterprise Resource Planning” and its key principle is to consolidate the pieces of software you use throughout your business into a single one. 

This software unites modules for controlling all the stages of business. 

• The product management module labels and categorizes the products by various criteria and controls their lifecycle with the inclusion of expiry dates.
• The supply chain management module establishes the balance between the orders and warehouses.
• Employee management manages internal communication and controls human resources.
• Customer management manages and stores customer data to improve marketing strategies.

This software built by retail software companies is highly customizable. You can add other software like retail shop accounting software, retail budgeting, shop stock management software, etc.

4. eCommerce Software

Many retailers are going for e-Commerce solutions because of the increase in online buying and selling. The features that have made the eCommerce platform popular are:

• Shopping cart and checkout option
• Search options and filters
• Product catalog and different payment methods
• Inventory maintenance and management etc.

5. Omnichannel Retail Platforms

Omnichannel commerce is a sales approach integrating multiple marketing channels that focus on providing a seamless customer experience whether the client is shopping online from a mobile, laptop, or in a physical store. The omnichannel platform is diverse because:

• It offers both online and offline sales.
• Provides synchronization and traceability across all media whether it is a website or a real store.

6. Retail Management Software

The Retail Management System (RMS) integrates various tools into one platform. This software contains a Point of Sales (POS) system, omnichannel software, etc can perform various tasks like:

• Managing products in your inventory.
• scheduling the employee shift to avoid any clashes and discrepancies.
• The administration of finances helps you in managing your finances efficiently.

How to Create Custom Retail Software For Your Business?

In just five steps you can have a software-related to retail that can simplify your business. So let’s proceed towards the first step:

Choosing The Right Team

Selecting the right team is the most crucial yet the most difficult step. 

• You can hire separate developers or assemble a team that helps you in handpicking the developers you need.
• If you want to hire services of offshore developers then you can hire a dedicated team of developers and get professionals with desired expertise although this is a cost-effective solution. 
• Or you can outsource your complete project to a software vendor.

InvoZone being the leading software development company with 200+ projects under its banner gives you these three options and you can choose the right team for software development as per your need. You can contact us here.

Planning and Budgeting

The next step is to draft a detailed plan stating the key features you need. And based on these planned features decide what type of solution you want. 

Remember to decide the solution as per the needs and demands of your business. Thus, going for a solution that fulfills your needs within your budget is the best choice you can make.

Design and Development

Now leave your work on the team of developers or on the software development company you have hired. Furthermore, for the effective implementation of software developed, you can arrange the training programs of your employees or you can also include the internal team of specialists that can participate in the implementation process.

Testing

The system or software requires continuous control and testing. Thus, most companies rely on continuous testing to make sure the process happens simultaneously upon integration. In the testing phase, numerous issues are resolved and adjustments are made. The main purpose of testing is to find out any mistakes and errors before the business goes live with the processes.

Maintenance

Let’s say that after going through the process of trials and tribulations the software is implemented. But after the implementation of the software, it must receive regular support and maintenance from technical experts or software providers.

It is of crucial importance that you perform all these tasks keeping in view your budget limitations. Here, you might be thinking how much is this going to cost anyway. Don’t worry we have this all covered for you.

How Much Does It Cost To Develop Retail Software?

The question which is most worthy of all is: “the cost for the development of the software related to retail.”

Well, the cost of the development of the software depends on the following factors:

• The number of features you want
• Hosting type and customization level
• Size of company and number of users
• License fee

Based on company size we have drawn a general idea of pricing for you:

• $5,000-50,000 for small companies
• $500,000- 2 million for medium companies to enterprise

In Conclusion

If you have decided to create a custom retail software solution then you must know that now is the right time to do so. And InvoZone being one of the leading software development companies can help you in this regard. As with us, you can hire a dedicated custom software development team under your command, or you can outsource your complete project to us as well.

You can get in touch with InvoZone to know more about our cost-efficient solutions that can surge your profits immediately by increasing your sales.