RetailTech Software Development

What is RetailTech?

Retailtech, which is also referred to as e-commerce, can be defined as the use of digital technologies to increase efficiency of retail operations.

eCommerce retailers are using these tools to improve their customer experience and optimize their operations. Some of them understand that they must also maintain profitability in order for their businesses to grow and this is why some e-commerce companies have started turning towards D2C (direct-to-consumer) business models.

The retail industry is currently undergoing an enormous change as more and more consumers are shopping online. Retailers have to reassess their strategies in order to remain competitive, but also have to find ways on how best to optimize their operations, increase revenues and improve customer experience.

Retailers are now realizing the benefits of Retailtech – the use of technological innovations in retail operations such as predictive analytics, AI-based customer engagement tools, big data management systems and automation tools.

Why you should build a RetailTech product

In 2020, funds of 40.2 billion U.S. dollars went toward retail tech deals across all sectors.

Global retail sales are projected to reach $30 trillion by 2023

Retail tech companies have a combined total of €86 billion in value. The biggest categories are pre-transaction and transaction.

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How to Start a RetailTech Company

A lot of retail technology companies have emerged in the past years. So many that it is now hard to keep track of all the new players. The key to success with a retail technology startup is to find a business model that works for you, target your market and then think about how you can optimize your operations.

E-commerce has been an important part of building and growing a successful retailer. Because it provides you with an opportunity to reach multiple markets while keeping overhead low, there are many businesses that are moving towards e-commerce structures. However, this also means that e-commerce companies are expecting more from their operations teams in terms of optimization and control.

Recently, the retail technology space has seen new entrants with a few of these new players coming from the startup world. In this article, we are going to discuss how to start a retail tech company. We will provide insights on what you should expect in terms of investment and how you can optimize your operations while increasing revenue.

RetailTech Software Development Steps

Empathizing

  • Defining and understanding the participants and roles in the product being created – in the development process and in the target solution
  • Defining and understanding the end user

Problem definition

  • Defining the problem that exists in the market for a given user profile
  • Frame your problem statement according to specific users

Ideation

  • User story mapping. Defining the Product Backlog (scope of work) with the help of User Stories describing the processes
  • Sketches (low fidelity) presenting the user flow in the application
  • Definition of processes interacting with other modules

Building prototypes

  • High fidelity wireframes visualizing the graphical interface
  • Extending mockups with a clickable prototype
  • Database structure. Database model describing table and field structure

UI/UX Product Design

The key is to select the most important problems whose solution will significantly change the life of the target user. Thanks to such an approach, already at the stage of Discovery and Design, it will be possible to build a successful product on the market much faster. It is always worth asking yourself the question “what value does the feature give to our user? Is it worth the investment?”

Software building – Development stage

Currently, most solutions are designed in the mobile-first model, while assuming that the main device through which users will use the application will be a phone. Technologies available on the market nowadays enable very fast creation of cross-platform solutions, thanks to that while creating a mobile application we can prepare it to work on Android and iOS devices. If our MedTech solution will be used also on a computer, in a browser, it is worth considering creating a Progressive Web App (PWA).
Whether we build a mobile app or a web app, in order to use the server connection, we need to build a server app that is responsible for processing data and communicating with the other services.
Frontend application is simply what we see on our computer or phone screens - graphical interface. One of the parts of building software is to create front-end layer, which in communication with server application (backend) will display data to user and will allow to interact with whole system.

Our RetailTech Software Development Services

Web & mobile solutions

As the digital era continues to advance, more and more companies are starting to focus on creating digital solutions.

The web and mobile technologies are indispensable for this kind of market. This RetailTech Company has created both a web application and a mobile application for its customers.

The Retail Technology Company uses web and mobile solutions to increase revenues and optimize their operational efficiency. They have a website which has a web app, mobile apps, and a chatbot to provide instant customer service.

Internet of Things in RetailTech

The internet of things has a significant role in the future of retail. It is not just about selling products or services but also about building a sustainable relationship with customers and delivering personalized experiences to them.

IoT has become a means of connecting physical objects that are not currently connected. RetailTech has taken this opportunity by implementing a web app that allows their teams to collaborate on something new, without being physically in the same building.

Blockchain Solutions

As retail technologies have developed in the recent years, the need for blockchain solutions has increased rapidly. Retailers are looking to optimize their operations, increase revenues and use AI writing assistants to support their business needs.

Recently, a lot of retailers have shifted from brick-and-mortar stores to digital platforms where they can sell products directly to customers as well as offer them other services like ordering, payment processing, customer service etc.

Third-party Integrations

Third-party integrations can be beneficial to a startup or an existing business. They provide access to a broader audience and help minimize the time it takes for the business to grow.

RetailTech Company can create its own API which helps users with analytics, collection of data, tracking inefficiencies and more. Websites & mobile apps with an integrated API also provide added value.

Start working on your RetailTech App right away!

     
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    Q2 Smart Lockers

    I have worked with the GMI Group on many projects over the last 4 years. I have always been satisfied with the quality of the commissioned works, which were made by Mikołaj Lehman and his entire programming team.

    GMI has unique skills to translate ideas into reality. They are very efficient, discreet and, above all, trustworthy.

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    Budlex

    From the beginning, GMI was able to anticipate possible risks and interruptions. The design environment was adapted to our working mode and was simple enough for the product owner to meet his requirements and those of the development team.

    Thanks to the great attention to the quality of the code, the project was delivered on time and there were no internal complications associated with the product development. However, there were external complications (service providers), which GMI helped to solve with us.

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    If there is an opportunity in the future to jointly implement another project, we will definitely use the services of GMI again.

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    List of tools that we use for RetailTech software development

    Technologies we use